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Health Insurance in a Covid-19 Economy

by | Aug 22, 2020 | Health Insurance, Articles | 0 comments

Should you cancel your health insurance plan to cut down on expenses?

We are living through history. A global pandemic in the modern world. As of August 2020, there have been more than 22 million cases worldwide, not counting the under-reporting due to lack of resources in developing countries. The far-reaching impacts of this will be studied and written about for years to come. But what about right now? According to Forbes, more than 50 million Americans have filed for unemployment since March 2020. 

Based on this data, it is increasingly likely that the Coronavirus pandemic has resulted in you losing your job, or at least, in the reduction of hours and/or benefits. Not surprisingly, your concerns might be all about the here and now, not the distant future. If you have been offered COBRA coverage as an alternative to your employer sponsored benefits, this article is definitely for you. Read on to discover your benefits and coverage options below. 

Although many Americans went back to work in May, many more millions are still filing for unemployment benefits. The CARES Act (which aims to provide emergency assistance to American families and businesses as a response to the pandemic) has done a decent job of keeping many afloat while the country and the people recover. Still, it may not be enough. In fact, at the end of July, there were many changes in benefits and the expiration of such benefits. This Forbes article outlines some of those changes, and addresses the mysterious second stimulus check. 

According to a chart in LinkedIn News, data from Doxo indicates that paying for utilities is a concern for 60% of Americans. Sure, rent, mortgage, utilities are all priorities of course. But, if there’s one thing this pandemic has taught us… shouldn’t it be, that our health needs to be a focus? Our bodies and our minds cared for better? Health insurance is increasingly showing up on people’s radar as the pandemic has displayed how costly, yet how necessary it can be. 

We, as Americans, are collectively thinking about finances and doing major re-budgeting. During this inevitable process, I encourage you to focus on your health insurance. Don’t neglect this vital area of your life, when more affordable options may be available to you. At the very least, find out the choices that are open to you, before making the decision to go without. I offer this service so there’s nothing stopping you from reaching out to take advantage today.

The biggest takeaway from this unprecedented global phenomenon could be that our health is always vulnerable. At least, that’s one of the lessons I’ll be taking away from this experience, and sharing years from now with my son who was born into a lockdown, socially-distanced, mask-wearing world. It’s our duty to take care of our minds and body because we never know what’s going to happen. In the middle of a pandemic, you’re going to be glad you invested in health insurance, over, maybe, iPhone insurance in case you crack a screen. Or ordering take-out more than you should. We’re all cinching our belts a little tighter lately, but there are always things you should not do without. From my personal experience, one of those things should be health coverage. And not just any old plan, but a customized policy for your lifestyle and budget that steps up when you need it to.

I would not go a day without health insurance. What use is my premium home, or luxury car if I’m blindsided by a viral epidemic, and cannot enjoy all I’ve worked so hard to build? The most prudent course of action is to consider all of your options before cutting out that health insurance expense from your budget. And when you do move forward with reviewing what’s available to you, please use a licensed health advisor (like myself) before you make any decisions. Why does it truly make a difference, and how can it affect your options (like cost)? Find out here. If you don’t have health insurance, let this be a wake-up call to check out what your options are and what type of a plan might be suitable for you, and your family.

If you’ve always had health insurance, but just need to reduce your expenses, talk to me to find out if there’s a plan that can still serve your needs and save you money. Some of the recent clients with whom I’ve been speaking are so glad they reached out to have a discussion about their coverage. Many realized that they could be taking advantage of a different policy at this stage of their business. Once we laid all the options on the table, they discovered that making some policy adjustments would be more beneficial for their business in this uncertain economy.

Maybe you’re used to having health insurance paid for by your employer but are now experiencing a reduction in benefits (or facing COBRA options). If you’re shocked by the price of your health insurance in COVID-19 times, talk to me. I can help you find more affordable, customized alternatives. A significant outcome of the Covid-19 economy is that employers are downsizing, and that trickle-down is having an effect on employee benefits. This sudden change may allow you to still have your health insurance benefits, but at a much steeper premium price point. Moreover, that coverage will be available for a maximum of 18 months. Watch this video to learn more about COBRA, and how it affects you. 

I’m licensed to consult in 30 states across the nation. I’m proud to help advise individuals, families, and business owners on personally-customized health insurance in COVID-19 circumstances and otherwise. I’d love to connect with you and have a discussion on YOUR current situation and see how I can help YOU. Schedule today!

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