If you've lost your job, don't panic yet about losing your health coverage, too. You could be eligible for the continuation of your benefits. However, the law grants an exemption to the District of Columbia, federal employees, certain church-related organizations, and firms employing fewer than 20 people. The IRS has said that employers must figure part-time workers into their employee total to determine if they can claim exemption. Even if you work at a small company that is exempt from federal law, you might not be completely out of luck.
Cost is another major factor.
And don't forget to add as much as 2 percent on top of that for the administrative fees. For disabled beneficiaries who receive an additional 11 months of coverage after the initial 18 months, the premium for those extra months may be increased to 150 percent of the plan's total cost of coverage. And keep in mind that you can take a tax deduction on your medical and dental expenses that exceed 7.5 percent of your adjusted gross income. You'll be responsible for paying the full amount, plus an administrative fee of up to 2 percent. You'll have to weigh your ability, and desire, to pay the extra expenses against your and your family's need for health coverage and the financial dangers of going without it.