Seniors Need Not Lose Insurance When Out of Corporate Job

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According to statistics, some 1.7 million people who are age 55 or older are unemployed and seeking a job in 2014.

For them, they are often concerned about finding a job that will provide benefits, especially health insurance.

Finding affordable coverage is an issue that many of them face and is made worse by the fact that they don’t have a steady paycheck to help cover the cost.

While many continue the job hunt, others have decided that the corporate world does not offer them enough security; therefore it is time to start a home Internet business.

Starting a Home Business

If you find yourself in the process of starting up a home Internet business, make sure you note the following:

• What area of expertise am I best at and what is most needed in the marketplace in 2015 and potentially beyond?

• Will I need sufficient capital to get this business off and running or do I look to perhaps a business loan, friends and family, or tap into some of my savings?

• Will my family at home (if applicable) understand my need for space (figurative and literal) so that I can work out of the residence?

• Should I set aside tax money each quarter in order to lessen my yearly tax burden or just plan on paying a lump sum when I do my taxes next spring?

Once you’re able to answer these and other related questions, you must not overlook your health insurance needs, especially as you age.

Medicare

One option if you are over 65 is to sign up for Medicare.

Many people today that reach retirement age continue to work because they cannot live on their retirement benefits. However, those people can qualify for Medicare even if they are looking for a job.

Medicare doesn’t pay for all expenses but it can reduce the amount you have to pay out-of-pocket for many health care costs.

Once you find a job with benefits, you may still want to take advantage of an employer’s health plan even with Medicare.

Medicaid

While Medicaid if often seen as a government-based program for the elderly or children other people may qualify as well.

To receive health care benefits from the program, you cannot have any savings and very little income. The limits vary by state, but it can be a viable option for those who fall below the poverty limit due to unemployment.

Short-term Insurance

If you have recently lost your job, still have much of your savings intact and are hopeful that you will find another job soon, short-term insurance may be the answer. While many people do not want to pay the cost of Cobra while unemployed, short-term insurance can be more affordable.

Temporary health insurance is usually limited to one year or less.

It also doesn’t usually cover any pre-existing condition. However, it can give you peace of mind for any major illnesses or injuries that may occur after you are unemployed.

Private Insurance

According to the article, “Health Insurance for the Recently Unemployed,” one option is to seek coverage with an employed spouse.

While you may have to pay out-of-pocket for the premium, it is often cheaper than seeking insurance on your own.

You may be limited to when you can make changes in the plan, so checking that out should be your first course of action. This is often the most economical choice for health care coverage.

The other option is to find your own plan.

Private coverage is usually not cheap, especially once you reach a certain age. However, you do have several options.

You can seek coverage only for major medical expenses. This is often less expensive than other plans since you will be paying for most doctor visits, prescriptions and standard tests.

There are numerous health care insurance options for those working for themselves or unemployed for the time being.

Some you will not qualify for unless you are over the age of 65 or financially destitute, but it pays to know the cost, limitation and benefits to know your choices.

Finding health care coverage does take time, but it is time well spent.

Photo credit: Image courtesy of stockimages at FreeDigitalPhotos.net

About the Author: Joyce Morse is an author who writes on a variety of topics, including seniors and healthcare.

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