As the ranks of the unemployed continues to swell each week, thousands of American's are searching for ways to make their money go further.
For families, often one of the most frightening realities they face is when they are told the cost to continue on their employers' health insurance through COBRA.
In regards to medical insurance, COBRA or Consolidated Omnibus Budget Reconciliation Act provides for a continuation of group health insurance following the end of employment.
This is a welcome relief for many people because it means that finding alternate medical insurance coverage is less pressing than it would otherwise be.
COBRA generally lasts for up to 18 months and is at the expense of the individual.
While the group rate you had while working is still in effect, under COBRA you must pay the employee and the employer amount.
For those whose company heavily subsidized healthcare, the amount may seem very high.
Many people blindly accept COBRA coverage and pay the high rates associated with it because they believe that the only affordable medical insurance option for Americans is through group coverage.
These individuals spend much of their time off work seeking other employment that includes group medical insurance benefits.
Many people will accept a lower salary in exchange for benefits such as health insurance.
These people would be happy to learn that there are other more affordable medical insurance options available.
Employer sponsored group insurance is not the only way to get the benefits of group insurance if you are someone who needs the advantages of a group plan.
If you happen to be a member of a professional association, an alumni group or any other organization, check to see if there is a group insurance plan that you can join.
If you are health, you should check the prices for individual health insurance plans.
You will often find that individual health insurance is less expensive than group policies.
This is because your policy is not helping to cover the cost of health insurance for someone else who is less healthy, the way it would in a group plan.
The only way to find out for sure whether your most affordable medical insurance option is group or private insurance is to compare prices for both.
You can get a variety of prices from top insurers offering health insurance coverage in your area by getting online quotes.
It is the most efficient way to compare benefits and rates, and ensures you select your best option for your needs.
It saves you a great deal of time because you can compare plans and rates from many insurers without having to contact each company individually.
Unemployment is hard enough without the added pressure of carrying the expense of your employers group health insurance plan.
Take just a little time and figure out which type of coverage would be the best for your family and get an affordable medical insurance quote today.