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What to Do When You Lose Your Health Insurance

by Eric

In order to take care of your health and wellness, you always need to have a valid and current health insurance plan. This is the plan that you need to get to the doctor whenever you need care. Without coverage, you’ll pay so much more for your healthcare needs. As a result, losing your coverage can also present a significant blow to your life and finances. But you do have options. We’re happy to explain. Whether you need financial help or more savvy in dealing with insurance companies, the points in this article will point you in the right direction.

Assess Your Reason for Losing Health Insurance:

First off, the reason you lost your health insurance matters and will dictate your next move. Many people each year lose their policies due to non-payment. You may also get dropped for certain life changes that occur, or due to leaving a company that you bought the insurance through. By first assessing your circumstances, you’ll be better equipped to make a decision that counts.

Consider Programs Intended to Help:

Thankfully, there are programs in place to help people that lose insurance. The most common program is the Continuation of Health Coverage (COBRA). This program was put in place to help individuals and households keep their insurance coverage if they lost it for any number of reasons. Under the COBRA plan, you might be eligible if you were laid off, had your hours reduced, were furloughed, or are dealing with a divorce or other circumstance.

Consider looking into a COBRA health insurance plan to get your coverage back on track, and read through all pertinent information to make certain you’re eligible.

Search the Market for Health Insurance Equivalents:

You may also be able to purchase a third-party health insurance plan or equivalent after you have been dropped from your policy. In many situations, you may have higher premiums or deductibles but will have recourse to provide for you when medical emergencies arise. Even though these insurance policies might not cover you for everything, it’s better to have some coverage than none.

Appeal Your Lost Health Insurance:

Never forget that appealing your health insurance company’s decision is a right that every policyholder has. If you feel that you were unfairly dropped from your plan, make sure to file a complaint or appeal in a timely manner. Put this in writing, and keep copies for your own records, and in the event that you need to retain a lawyer. Your insurance company will have a specific amount of time to get back to you on their decision. The company might offer to reinstate your coverage policy if you put together a financial plan for paying it back. You can also take further action if your appeal was denied.

Study These Tips and Get Financial Help When You Need It:

When you want to manage the most important matters in your life, it starts by having the right insurance policies. If you happen to lose your insurance, all is not lost. Use the tips above so that you can get back on track.

Check out more of our posts related to business and financial help.

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