4 Big Mistakes to Avoid When Unemployed and Looking for Health Insurance

Looking out for health insurance may be hard when you're unemployed, but don´t worry! We will give you some tips to help you out!

Nowadays, the whole world is facing one of the hardest times of our decade. COVID-19 has come to change everyone’s lives. People´s economy has been affected and thousands of people all around the USA, and as a consequence, have lost their employer-sponsored health insurance when they need it the most. 

If you are one of those affected people who has lost their job and are looking for a health insurance quote in Arkansas, keep reading this article. We will give you four huge mistakes that you want to avoid when choosing your insurance.

For more information about Health Insurance Plans, call us today at (870) 523-6771.

  1. Don’t Automatically Enroll In COBRA.

COBRA health insurance coverage can be very expensive. It’s the federal law allowing you to continue coverage under your typical employer-sponsored health plan temporarily, at your own expense. If your employer went out of business, you wouldn’t be qualified. However, if you qualify, you will have sixty days to apply. 

Even though COBRA is a good option for some employers, it’s way too expensive; you will surely find other insurance covering the benefits you need at a lower rate.

  1.  Don’t Forget To Review Your ACA Coverage Options.

Affordable Care Act (ACA) Health plans are likely your best avenue to coverage. ACA is the law that governs single or family health insurance plans that you may buy on your own. 

If you have had employer-sponsored coverage for a long time, this could be a brand new experience for you, but it isn’t hard to research on your own and apply.

  1. Don’t Overlook Federal Subsidies If You’re Eligible.

Subsidies could save you a lot of money. Some ACA plans can be bought with the federal subsidies´ help that reduces the amount of money you will pay towards your monthly premium, making insurance coverage very affordable. The qualification for these subsidies depends on your income.

  1. Don’t Go Uninsured If Avoidable.

Doing this could make a time of hard finances even harder. Monthly health insurance premiums could feel crazily expensive when you are unemployed, but having health insurance will help you to protect your finances in the future when they are fragile. 

M&P Insurance, The Place To Feel Safe

Suppose you are looking for health insurance agencies in Arkansas. In that case, M&P Insurance is the N° 1 provider for health insurance policies in Arkansas, don’t doubt to contact them to learn more about the health insurance plans they offer. They will be happy to assist you. Contact them now. 

For more information about Health Insurance Plans, call us today at (870) 523-6771.