After my daughter's husband lost his job, the company wanted almost $1500 to COBRA his health plan for her husband and herself. After doing some research, they learned that they could save a tremendous amount of money by purchasing a catastrophic health insurance plan with a HSA. It had a $2500 family deductible with no coinsurance after the deductible was met. Additionally, they contracted with a concierge physician and have 24/365 unlimited access to impeccable care. The guy even makes house calls!
In total, they now spend about $700 per month for their family to have top-notch care. The concierge MD has saved us thousands more by providing us with free samples, substantially reduced lab costs, and intervening on a weekend when a bad case of the croup would have normally landed her in the ER with a $1,000 bill.
Recession-related job losses are threatening health coverage for many families. To help workers maintain their health coverage while they are between jobs, the American Recovery and Reinvestment Act (ARRA) provides a 65% reduction in the premiums payable by involuntarily terminated workers and their families for health care continuation coverage under COBRA. This premium reduction will last for up to 9 months.
basically- you paid 35% and your old company will paid 65% of the premium for up to 9 months.
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