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Losing your Job and Company Health Insurance

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This page provides information to Canadians about company health insurance benefits and what to do when losing a job.

In today’s economy, layoffs and job loss has unfortunately become the norm. There are record numbers of people claiming unemployment, while numerous others are uncertain of their job future. In many cases, losing your job also means losing company health insurance.

Do Not Cut Corners on Health
If you are self-employed, you are well-aware of the high cost of healthcare insurance. If you have recently lost your job and are now looking into health insurance programs, you may find the prices shocking, especially if you are supporting a family.

When you are losing your job, many things are going through your mind. The top three worries are: finding another job, paying the bills, and being able to continue to feed and provide for your family. Health insurance should also be an immediate concern when you no longer have company insurance benefits.

Nevertheless, many of the newly jobless opt to go without healthcare coverage in order to place their money elsewhere or to put some aside. There are other ways to save money - neglecting your health or that of your family should not be one of them. If you have lost your job or are about to lose it, along with your company health insurance, it is wise to gather much information before purchasing health insurance.

Tips on What to Do
Company Health InsuranceIf you are part of a union, inquire as to what kind of benefits are available to you. Some insurance companies offer what is called ‘gap’ insurance, temporary coverage for people who are most likely going to be re-employed within a short amount of time.

Take advantage of your company health insurance while you are still covered. Make dentist, optometrist, and doctor appointments, or get a massage to relieve some of that stress.

Take some time to figure out the type of insurance coverage you and your family need. It will make your research easier as different companies offer different benefits. It is important to choose a health insurance plan that best suits your budget, and the needs of your family

Keep three questions in mind when looking for a new health insurance plan:

  • How much are the premiums?
  • What is included?
  • What is not included?

When you are losing your job, the internet may be the best place to examine the various plans offered by different insurance companies. The amount of information available is endless and you do not have to wait for people to call you back.