Insurance Options for the Unemployed
If you have recently experienced job loss, you may need health and life insurance. Below are options to consider.
COBRA is paid out of your pocket, but is a continuation of the employer-provided health insurance coverage to employees who have voluntarily or involuntarily lost their job.
You should contact your employer's Human Resources department regarding COBRA health insurance.
State Paid Healthcare
You may be eligible for state paid healthcare. Below are the basic parameters:
- If you began work for the State of NC prior to 10/01/2006 as a permanent employee working at least 30 hours per week for 9 months or more per year - you may be eligible
for fully-funded retiree health coverage if you worked for the state at least 5 years.
- If you began work for the State of NC after 10/01/2006 as a permanent employee working at least 30 hours per week for 9 months or more per year - you may be eligible for
fully-funded retiree health coverage if you worked for the state at least 20 years.
- State Employees are vested in the Retirement System and eligible for some retiree benefits after working for 5 years.
For detailed parameters contact your department's Human Resource Representative.
Spouse's Health Insurance
You may also want to consider being added to your spouse's group health plan if the option is available. Loss of your job and loss of COBRA benefits are considered qualifying
events, which are typically required to gain coverage through a spouses plan. Your spouse should talk to his/her Human Resource Department to find out more detailed information
SECU Health Insurance
SECU has three individual health coverage options available with office visit co-pays beginning at $15, deductibles ranging from $1,000 - $20,000, a range of co-insurance
options and prescription drug coverage. Premiums vary based on the coverage options of the plan chosen. To learn more about SECU options visit our
page or visit your local branch
Retirement System Death Benefit
- Participants in the Teachers' and State Employees' Retirement System become eligible for a death benefit after one year as
a contributing member. This benefit is paid if the death occurs within 180 days of the last day for which salary was paid.
Group Life Plans through Employment
- Typically, group life plans available through employment cease upon job termination. Your Human Resources department
can determine if this is indeed the case.
Term Life Insurance
- A good choice for primary insurance protection is individual term life insurance. It is the simplest and often most affordable type
of individual life insurance available. To learn about SECU options visit our Life Insurance
page or your
Risk in Waiting for New Employment
- Being uninsured or underinsured for life insurance between jobs certainly poses some risk for dependents. Additionally,
there is the possibility that access to group life insurance may not be available upon new employment.