Earlier this year, Congress and President Obama passed a landmark economic stimulus bill. While the bill’s main purpose was to jumpstart the economy, it also gave relief to millions of Americans have lost their jobs during the recession and are in danger of losing their COBRA subsidy, which pays for 65 percent of a laid-off workers’ COBRA premium. The government assistance is significant because COBRA premiums can reach up to $1,000 and beyond for families.
To take one example, an average Michigan family who currently has COBRA continuation coverage pays $358 per month for their portion of the premiums with the subsidy. The catch is that the subsidy only lasts nine months. Once the subsidy expires, the premiums go up to $1,023 monthly.
And even that coverage only lasts another nine months. There are a couple bills being considered in Washington to extend the subsidy, but there’s no guarantee that the proposed legislation will pass.
Once the nine-month subsidy is gone, millions will wonder what they should do. It seems that there should be a better deal than $1,000 a month — and there is.
After running a simple search for health insurance quotes on GoHealthInsurance.com, several affordable options are available. The quotes were run for a family of four in the Grand Rapids, Michigan Zip Code of 49501. The primary applicant is a non-smoking male with a non-smoking wife, both 30 years old. The family has a two-year-old child and three-year-old child.
One affordable health plan from a major carrier costs only $227.99 per month. The plan also has a $2,500 deductible and a $35 copayment for routine health care services.
When compared to the average Michigan family on COBRA, the family who searched for a plan at GoHealthInsurance.com can save $130.01 a month compared to COBRA premiums with the subsidy and a staggering $795.01 without subsidy.
It always pays to explore all your options. Shoppers can get free health insurance quotes at www.gohealthinsurance.com.
