The days of working for a company for 30 to 40 years are over. According to the Labor Bureau of Statistics, people stay in their jobs for an average of four years. However, this longevity varies by age and occupation: The median tenure for workers between 25 to 34 years old is 2.8 years. Do you fall within this statistic?
Most people have a part-time job or are 1099/contract employees. The majority of these jobs do not offer employee benefits. If you are fortunate to work for a company that provides benefits, that’s great! But do not rejoice too soon, for when you leave that job for another one, retire, get laid off, or just quit because you find that you have had enough of the stress of that job, you will no longer have insurance. If they allow you to keep it, you probably can’t truly it because you’re no longer a part of the group, meaning you will not get the group rate. For example, when you worked there, you paid $125 a month for health insurance. Now, when you leave, you’ll pay the COBRA rate. Are you wondering what COBRA is?
COBRA is a federal law – not a company. The Consolidated Omnibus Budget Reconciliation Act or “COBRA” is a law that grants workers and their families the right to keep their employer’s group health plan after that insurance ends due to job loss or changes in the immediate family. To learn more about it, click on the link here
The cost for COBRA could be 3-5 times more than what you would usually pay. I’m a witness to the price increase. When my husband retired, it would have cost us $12,000 a year to keep his health insurance. That money could go towards my retirement, not paying for health insurance.
Most insurance outside of work will cost you more or lose coverage when you leave, get fired, or are laid off, such as life insurance, disability insurance, vision, and eye coverage. You should also be prepared for the benefits to change, meaning you might only have an option for HMO coverage, not PPO. HMO coverage allows you to see the doctors in the network provided by the insurance company. PPO, on the other hand, allows you to see any doctor of your choice.
It’s essential to protect you and your family from some of the issues you may face when working for someone else. Do your research and make sure your coverage at work is worth it. If you work at a job that does not offer insurance benefits, please get health, life, hospital, and disability coverage. In the event you’re unable to work due to illness or injury, you will still be able to maintain your everyday life without draining your savings or borrowing money.
Here are some insurance coverages you can get outside of work if you do or do not have the coverage.
- Health Insurance – this coverage allows you to see a doctor, specialist or go to the hospital and get a prescription for meds.
- Disability Insurance – due to illness or injury, this coverage will pay you a monthly income for 12, 24, or 36 months.
- Hospital Insurance – in the event that you have to go to the hospital for observation, day procedure, surgery, or illness, this coverage will pay you an income for each day you’re in the hospital. There are companies besides Aflac you could consider. Aflac requires you to work for a company or be a part of a group. If you are self-employed, this does not apply to you.
- HMA Health Matching Account – EVERYONE needs this! The HMA® (Health Matching Account) is the ultimate medical savings account available that will bring you life-changing health and financial benefits. The HMA® will allow you to not only be able to save money on your-of-pocket, medical expenses that your health insurance and Medicare does not cover, but through the medical benefits you are earning each and every month, over time, you can also secure the ability to save money on your health insurance or Medicare plan. To learn more about it, click here
- My family has used this product for years. I can answer your questions and get you signed up if you want the coverage. If you need a free quote or more information, please book time with me Here