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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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Surviving a layoff

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If in doubt, please send a new question or ask for an update.

Q: I have been laid off from my job and cannot afford COBRA coverage. I need to consider a lower priced alternative or go without coverage until I find a new job. I am 56 and in excellent health but have nine years until being eligible for Medicare.

A: It is especially important to keep some type of health insurance at this time. You are at a much higher risk, based on past studies, to incur medical expenses following a layoff above age 50 then you would have been if you had remained at the same job. The change of lifestyle and related stress may be contributors to this strong trend. While you feel perfectly healthy now, please heed the warning indicated by medical statistics that this is the wrong time to go without coverage. Any of the low cost temporary health insurance policies listed at will provide protection in the short term and a "Certificate of Creditable Coverage" that will be important to you in the long term.


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article: "Surviving a Layoff"