COBRA stands for Consolidated Omnibus Budget Reconciliation Act. COBRA gives workers and their families who lost their health benefits due to due to voluntary or involuntary job loss, death, divorce, and other life events.
COBRA coverage can last up to 18 months
Usually the company that you worked for must have at least 20 or more employees, to qualify for COBRA or continuation of health benefits coverage for those who lost there jobs.
Visit US Department of Labor for more details.
If you get your COBRA package, you will see the actual cost of your health insurance. COBRA allows you to continue using the same plan your employer originally had, the entirety of the bill is now in your hands.
For most who are still unemployed will not be able to afford paying hundreds of dollars a month to keep health insurance.
Lost your job? Worried about the cost of your COBRA?
Fill out the form below to get your affordable customized options.
Good news there a few other options besides COBRA. Even if you have a medical condition and/or high cost medications, you still have other options that might be less expensive than COBRA.
FACTORS to Consider to pay for COBRA or other health insurance:
► Your Doctors
► Your Specialist – specially if you have a medical condition.
► Local coverage vs national coverage.
► Monthly premium
► Copays – Usually what it will cost you for Doctor and Specialist visits, and medications cost.
► Deductible – the amount you pay before the health plan starts paying.
► Maximum out of Pocket for hospital, emergency, MRI, and other high cost health services.
► HMO vs PPO Network
Short-term health insurance offers a quick and less expensive alternative to those that have just loss their major source of income from their job. Usually Short-Term is less expensive than COBRA.
Short-Term Health Insurance usually last from 6 month up to 36 months (terms can change).
Warning: Short-Term Health Insurance can deny coverage if you or a family member (if applying for family coverage) have a medical condition and/or have expensive medications.
If you are healthy, Short-Term Health Insurance is a good choice.
Losing your health insurance or losing your job or getting COBRA does qualify you for a Special Enrollment Period to buy on the marketplace.
The Marketplace looks at 3 factors to determine your monthly premium.
3 Factors to determine Subsidy:
1 – Age or Ages of those needing health insurance.
2 – Family Size – if you have married and/or dependents add them to family size even if they do not need health insurance coverage.
3 – Income – Your household income.
All companies participating in the Marketplace can not deny coverage if you have a medical condition and/or have expensive medications (usually name brand medications).
All Marketplace health plans must cover 10 Essential Benefits.
An insurance expert, like myself Armando Wilson, can help you pick the right insurance coverage plan for you and/or your family. You will find that it helps to have plenty of options to choose from. Contact Armando