Health insurance options for the unemployed

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February 17, 2014 by Tony Novak

What’s the best choice for health coverage while unemployed? It is a simple question that can get very complicated.

From a financial planning perspective, cash flow planning is the most important. Professional advisers tend to be more conservative when it comes to expecting a new paycheck and benefits to kick in.

The insurance options are complex. We have to consider federal COBRA eligibility, state mini-cobra, exchange options (both Obamacare and non-qualified), Medicaid, other conversion options offered by the insurer, short term medical insurance, mini-med insurance, community based health plans and as a last resort the lowest cost limited benefit plans.

In some cases, being eligible for COBRA or mini-COBRA make you ineligible for other options. Also, consider that some temporary plans do not cover prescriptions so it makes sense to restock before the end of the month when the employer plan terminates.

Coming up with the best option can be a lot of work. can help if you get stuck.

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