Health Insurance Just as you may be put out of business by a large legal judgment against you if you don't have adequate liability coverage, the same thing could happen because of a prolonged hospital stay or medical treatment if you lack sufficient health insurance coverage. Sources of coverage. Look in "your own backyard." Before you run out to purchase your own health policy, make sure that you haven't overlooked alternatives that may be close at hand: coverage under your working spouse's employer-provided plan, or your former employer's COBRA coverage . If you can get coverage under your spouse's employer-provided plan through a larger payroll deduction from his or her paycheck, this probably will be your least expensive option. Continuing medical coverage (known as COBRA coverage) that a former employer must, by federal law, make available to you for a period of time following your separation from employment may be more expensive than some policies available through other sources. But COBRA coverage definitely makes sense in these two instances: if you are uninsurable because of poor health, or if your coverage is almost expired and you don't know if you can get new coverage before the old coverage lapses. In most cases COBRA coverage lasts for 18 months after your separation from employment. Professional, business and trade associations. You may belong to an association that offers health insurance. If so, take a look at the coverage available. It may or may not be a good deal. And if an association that you don't belong to offers good coverage at a reasonable premium, it may be reason enough to join! HMOs. Health maintenance organizations (HMOs) are managed care organizations that you may be eligible to join. They aim to offer quality health care services at affordable premiums, but to do so they markedly decrease your choice of doctors and hospitals that you can use. Because HMOs typically require rather minimal payments (such as $10.00) for preventative and routine care provided at a member doctor's office, the HMO co-payment provisions are usually not very significant other than for "out of the ordinary" medical expenses or procedures. PPOs. Preferred provider organizations (PPOs) are also managed care organizations. If you are a member, you can go to any doctor or hospital for any covered care, but the amount that the PPO will reimburse you will be lower if you choose a doctor or hospital that is not on the PPO's list of preferred providers. Individual health insurance policy. Whether, and at what cost, you can obtain an individual health policy from an insurance company will depend on your age, health, lifestyle and family history. More flexibility may be available with the purchase of your own policy. You may be able to significantly lower your premiums if you will agree to a high annual deductible amount, such as $1,000 or $2,000 per person. Although the prospect of having to pay the first $1,000 or $2,000 of medical expenses... | 
