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Lay Offs and Your New York Health Insurance

 

If you have just been laid off or are facing the possibility of being laid off, you are most likely worried about your New York health insurance. This is a major concern, but you should rest assured that there are options open for you and your family. As you look for a new job, there are ways for you to continue your group New York health insurance as well as options available for an individual policy.

Here are some of the options that are available to you.

 

COBRA New York Health Insurance

If you qualify for COBRA, then you will have New York health insurance for a period of time after you are laid off. The main criterion to be eligible for COBRA is that your employer has at least 20 employees. COBRA will continue your New York health insurance plan for up to 18 months.

Once you have been laid off, your group New York health insurance will most likely run through the end of the month and you will then be covered under the COBRA plan which is the same coverage as you had before. The big difference is that you will have to pay for all of the premiums as well as administrative fees.

COBRA also may include your family members. If the premiums are too expensive, you can cut back on the coverage to make it more affordable. In addition, a new law now allows for the government to subsidize 65 percent of the health insurance premiums for the first 9 months you are on COBRA. Afterwards, you are responsible for all costs. 

 

New York Health Insurance and HIPAA

HIPAA is an act of Congress that helps workers and their families in case job loss results in a loss of health insurance benefits. This is a federal law and so applies to New York health insurance as well. To qualify for HIPAA you need to meet the following criteria:

 

  • COBRA coverage has been exhausted
  • 18 months of health insurance with no lapse and the last day of which was under a group health insurance plan.

 

Both of these criteria must be met. HIPAA can help in various ways, one of which is to limit New York health insurance providers from placing exclusions on your health insurance policy.

 

Individual New York Health Insurance

Seeking out an individual New York health insurance policy may be the next step for you if you are having trouble finding employment with a company that offers group health insurance. You will have to shop for these policies on your own, though if your COBRA continuation is helpful, you will at least have the time to do so.

In the state of New York, all health insurance providers must offer you health insurance. The caveat is that the state does not put a cap on the monthly premiums that you may be charged. In addition, exclusions can be placed on the policy to rule out coverage of pre-existing conditions. So, while it is possible to get an individual policy if you are laid off, the policy may be too expensive and/or not provide you with the coverage you need.

 

Shopping for the Best New York Health Insurance Policy

If you decide to shop for an individual New York health insurance policy, you can do so much more easily than you may think. Websites allow you to now get online rate quotes from reputable New York health insurance companies. By doing this you can quickly get 4 or 5 rate quotes on policies from various companies and compare the prices.

Not only will you be able to see which company will offer you the best rates, but you can also change policy variables such as co-pay, deductible and co-insurance to see just what type of policy you can afford. It is the most convenient method of shopping for New York health insurance.

 

 

 

 

 

 

 

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