Are You Between Jobs?

Meet Ryan. He’s Between Jobs and Looking for Low Cost Health Insurance.

Man looking for job in newspaperWhen the recession hit, Ryan’s job as a machine shop operator at a small tooling business was in jeopardy. He managed to avoid being laid off for the last few years, but the loss of a big customer recently means he’s out of work for at least six months, maybe more. He’s got some money saved and is taking on side jobs as a handyman to make ends meet, but is confident he’ll be back to work soon.

In the meantime, he has no health insurance. His monthly income is limited and he is trying not to use his savings. At 32, he’s healthy and without medical problems. But he knows that an accident or serious illness can happen anytime, so he’s looking for low cost health insurance to protect him financially from a major health emergency while he’s out of work.

Here’s What Ryan Needs

  • Low cost health insurance
  • Dependable basic coverage
  • Protection from unexpected healthcare emergencies

What’s the Right Plan for Ryan? Answer: Basic Coverage.

There are many types of health insurance plans and every health insurance company has different products. But, most offer low cost health insurance that’s commonly known as a “basic” health plan.

Sometimes they go by “budget,” “value” or “economy” plans, but they all typically offer the lowest premium. Some insurance companies market “temporary” or “short-term” policies to the unemployed, but any health plan can be cancelled at anytime, so there is no advantage to buying a product with a set time period. There is a typical coinsurance amount and deductible he’ll have to pay for a basic plan, but that’s why the premium is lower. For people between jobs, like Ryan, who just need essential coverage at a low price, a basic plan is the best choice.

Are you between jobs? Can you relate to Ryan? Every person and every lifestyle is different. But, if you can identify with the financial struggles and worries of Ryan, a healthy unemployed person on a tight budget, a basic plan may be right for you, too.

Another Good Option for Ryan

Since Ryan has some savings, there is another option for him. He can also choose what’s commonly called a “high-deductible health plan.” These types of plans typically feature more comprehensive coverage than a basic plan, should he need it. There is a higher deductible requirement for this type of plan, but, in return, he’ll pay a lower premium. Alternatively, Ryan can look at any health plan with more coverage that offers the option of a high deductible amount, even though it may go by a different name than “high deductible.”

Explore how a deductible can lower your premium in our Health Insurance Education section.

Find the Right Plan for You

What’s most important is that you find the right health insurance for you and your lifestyle. If, for example, Ryan had some health issues or simply wants more coverage and can afford higher premiums, most health insurance companies offer plans with more comprehensive benefits. Use the tools on this site or discuss your unique needs, financial status and health coverage concerns with your insurance agent or one of our company representatives to make sure you find the right plan for you.