The Unemployable Life
We know all too well the drama of toxic work environments (been there, endured that), and we're on a mission to turn that around. Armed with savvy advice, nifty tools, and resources that cover every workplace plot twist, we're all about empowering the underdog.
Think of us as your workplace fairy godmother, sprinkling a little self-care magic and bold confidence into your daily grind. Ready to shake up the workplace dynamics? We thought so.
Visit https://www.theunemployablelife.com/ for more!
The Unemployable Life
COBRA INSURANCE: It's Worse Than You Think
COBRA insurance—three words that cause terror in anyone who has recently lost a job. Why is it so expensive? Who determines the prices? What are your choices if you cannot afford it? In this episode of The Unemployable Life Podcast, we delve into the intricate details of COBRA insurance, revealing the hidden expenses, the roles of employers and insurance companies, and the systemic reasons driving America's healthcare crisis.
🤔 What can you learn from this video?
~ What is COBRA Insurance?
* COBRA stands for Consolidated Omnibus Budget Reconciliation Act of 1986.
* It allows employees to keep their employer-sponsored health insurance after quitting their employment, but at their own expense.
~ Why is COBRA So Expensive?
* You are responsible for paying your half of the premium as well as your employer's share, plus a 2% administrative charge.
* Retroactive coverage requires paying for missing months all at once, leaving many people in financial distress.
~ Who Funds COBRA?
* Individuals cover the majority of the expenses, with limited government support from agencies such as the Department of Labor.
* Employers have only the responsibility to notify eligible employees; they do not reimburse COBRA expenses.
~ Alternatives to COBRA:
* ACA Plans: Subsidies for those earning less than $47K (individual) or $97K (household) can help lower expenses.
* Medicaid provides free or low-cost coverage depending on income and state eligibility.
* Not Opting In: If you are healthy and have low medical expenses, avoiding COBRA may be a realistic alternative.
~ Systemic Issues in the U.S. Healthcare:
* 58% of small businesses do not provide insurance, showing larger salary and benefit discrepancies.
* Healthcare costs in the United States account for 40% of total domestic spending, which is 5% higher than in other wealthy nations.
* A "sick treatment" approach stresses reactive care over preventive efforts, resulting in even higher expenditures.
Have you ever dealt with COBRA insurance? Please share your experience in the comments below!
If you found this video helpful, do not forget to subscribe on all the major platforms as it means the world to us. Might as well turn on your notifications so keep updated with our future uploads. Stay tuned for more unfiltered discussions about the work world in America.
🔔 Subscribe for more: https://www.youtube.com/@TheUnemployableLife?sub_confirmation=1
👍 Follow us on social media:
https://www.instagram.com/theunemployablelife/
https://www.facebook.com/TheUnemployablesHQ
#Theunemployablelife #healthcarecosts #affordablecareact #healthinsurance
