8:37 PM
John Kumar
If you're new here, you may want to subscribe to the RSS feed to keep up to date on all new posts and information. If your COBRA is within 63 days of expiring, your ability to get guaranteed major medical insurance is running out! Contact Cobra Help Center today!
COBRA (The Consolidated Omnibus Budget Reconciliation Act) was passed in 1986 and provides for the continuation of group health plan and insurance coverage when an individual loses his/her job for 18-36 months. COBRA offers an alternative to an individual or family health insurance plan. Though COBRA may seem scary, it is but one of your numerous options to keep you and your family continually insured after you lose your job or your benefits.
What is COBRA and what does it cover?
With COBRA insurance, you will receive the same coverage and benefits you received under your former employer’s health plan. The key difference is that the former employee now has to pay the full cost of the health insurance coverage.This can be up to 102% of the monthly premium.
Short Term Insurance Policy
Many people turn to Short Term Health Insurance Policies to cover their needs from one job to another. This option, though a good one if the situation needs it, can lead to some bad things. First, many of these short term policies are not HIPAA certified, meaning you may face waiting periods or a decline if you apply for coverage after the short term policy expires. Second, some employers may impose a waiting period, as well as some carriers, if you are coming from a short term policy or even COBRA. With a Short term policy, you may not be able to extend the coverage, leaving you uninsured while you wait for coverage.
Pre-Existing Conditions
COBRA is a safer bet for people who have pre-existing conditions and may not otherwise pass medical under writing for health insurance coverage. Additionally, if you will be undergoing a major medical operation or have been diagnosed with a medical condition, COBRA may be your best option. Even if you are in good health, taking COBRA can be a safe option, just incase you have a condition that you are not aware of, that makes you uninsurable.
Learn How to Shop for Insurance:
There are several key things to look for when shopping for insurance. First, don’t compare your current plan to another plan that does not offer the same benefits. Some people will see a lower cost option and assume it is the same coverage they previously had. That may not always be the case, and in most cases isn’t. Secondly, always consult the full plan outline and make sure there aren’t any loop holes that an insurance carrier can use to exclude a condition. Finally, look at all your options. Just because an agent says that the carrier they represent is the best thing out there, does not make it true. Always seek out brokers, or people who represent many different carriers, and weigh all your options thoroughly.
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