Help Finding Medical Insurance

Medical insurance is a valuable form of financial protection for many who have it and a cause of concern for those who don't. Without adequate health coverage you're responsible for the costs that can come about as the result of a sudden illness or ongoing medical condition. But whatever your health status is, there are medical insurance options available if you know where to look.

Employers

• If you're employed, your employer is probably your best source of medical insurance. The group plans that employers offer as employee benefits have a lower cost that individual plans because they distribute the risk of illness over all employees in the company. Most employers also pay the majority of the cost of coverage, so your contribution is kept to a minimum. During an open enrollment period, compare your employer's health care options and select the plan that works best for you and your family. If you and your spouse are both employed, the best option might involve separate plans through your respective employers.

Continuing Coverage

• If you lose your job or change jobs, you can continue the medical insurance that you received through your employer. The Consolidated Omnibus Budget Reconciliation Act, or COBRA, allows you to keep the insurance you have when you leave your job, though you'll pay the full premium yourself. This gives you up to a year and a half to find another insurance provider without losing any of your health benefits.

Private Insurance

• Private insurance companies offer individual health plans to buyers regardless of employment status. These plans usually cost more than group coverage, even when you extend group coverage and pay the full premium yourself. Your age, health status and gender will play a role in determining your premiums. This means that individual health plans are a better option for young people and those without preexisting conditions. Some states have laws that require private health insurance companies to offer coverage even to individuals with preexisting conditions. Health insurance comparison websites can help you compare rates and find plans available to you in your region.

Government Sources

• State and federal government programs are a legitimate source of medical insurance, and not just for people with low incomes. Your state's Department of Health and Human Services website can teach you about your health insurance rights under state law and may provide a list of health care providers based on your employment status or health condition. If you are experiencing financial hardships, your state's Medicaid program offers low-cost or free medical coverage for families with expanded coverage for pregnant women. Finally, the federal Medicare program offers coverage for senior citizens and disabled workers who paid into the system during their careers.