Seven Ways to Keep Health Coverage If You Lose Your Job
KANSAS CITY (PRNewswire-USNewswire), March 20, 2009 - Laid off? Don't panic. The following summarizes a new list of suggestions on how to maintain health coverage from the non-profit, non-partisan National Center for Policy Analysis.
Here are seven options, provided by NCPA health economist and Senior Fellow Devon Herrick, Ph.D., you should consider as soon as possible after getting pink-slipped.
1. Use it before you lose it. One of the first things you should do after
getting laid off is ask the company HR person exactly when your
employer-paid coverage expires.
2. Stay in your employer plan by paying the (COBRA) premium. Be aware
that you must accept and sign up for COBRA within 60 days or lose that
option completely.
3. Apply for the federal (COBRA) subsidy. Under the new stimulus bill, you
may qualify for a 65% subsidy of COBRA costs for that first nine
months.
4. Choose a cheaper former employer plan. Ask your former HR
representative if the company offers a lower cost insurance plan that
would cost you less under COBRA.
5. Join a spouse's or parent's health plan. However, you need to act
quickly because federal law requires that you sign up within 30 days
from the date of a job loss.
6. Shop around for inexpensive coverage. There may be cheaper and better
alternatives to COBRA, especially if you have no severe health
problems.
7. If uninsurable (because of pre-existing conditions) you may still be
able to obtain insurance. 35 states have high-risk pools to insure
those who are turned down by commercial insurers.
Ask questions and don't procrastinate past your 62-day window. Even high-deductible, catastrophic coverage may prevent years of financial medical debts.
Devon Herrick, Ph. D., is a preeminent expert on 21st century medicine, including the evolution of Internet-based medicine, consumer driven health care and telemedicine and medical tourism. As a health care economist, Dr. Herrick is a preferred speaker on health policy issues.
The NCPA is a nonprofit, nonpartisan organization whose goal is to solve problems by developing and promoting innovative, market-driven solutions.
Six-in-Ten Workers Over the Age of Sixty Postponing Retirement
KANSAS CITY (PRNewswire-USNewswire), March 20, 2009 - While the economic crisis is being felt by nearly every segment of the working population, one group of workers is faced with particularly tough decisions regarding their futures.
Six-in-ten workers (60 percent) over the age of 60 say they are putting off their retirement due to the impact of the U.S. financial crisis on their long-term savings, according to a survey by CareerBuilder. The survey was conducted among more than 8,000 workers between November 12 and December 1, 2008.
Depleted savings accounts due to the economic downshift are causing older workers to stay in the workforce longer to make up for their losses. One-in-ten workers (11 percent) over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire, while 73 percent think it will take them up to 6 years of extra work to recoup their lost savings. Nearly a quarter (24 percent) feels they can make their money back by working an additional year or two.
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"Mature workers may be feeling the pinch of this difficult economy more than others because of their impending plans for retirement," said Jason Ferrara, Senior Career Advisor at CareerBuilder.
"Mature workers who are returning to the workforce to offset their retirement losses will likely encounter many of the same challenges that workers of any age are facing today. However, their level of knowledge and experience and network of professional contacts will work to their advantage in a competitive job market."
PrimeCB.com, CareerBuilder's job site for mature workers, offers tips for navigating through a difficult economy:
- Talk to your supervisor. Let your company know that you would like to
postpone your retirement, focusing on your strengths and value you
bring to the organization. Come prepared with ideas for new revenue
opportunities, operational efficiencies or creative executions and
volunteer to head up new projects.
- Track market trends. Keep the changes in the job market on your radar
if you are concerned about layoffs at your organization and know you
need to keep working. Study areas that are showing growth even in a
down economy and research how you can transfer the wide set of skills
you already have to opportunities in those fields.
- Network offline and online. Throughout your career, you've likely
built a large network of professional and personal contacts. Add to
this network by joining various social networking sites such as
BrightFuse.com and Facebook.
- Be resilient. As a mature worker, chances are you've been through an
economic downturn in the past. Use what you learned in previous
recessions to help the company weather the storm and serve as a
reassuring presence for others within the organization.
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