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Think COBRA insurance is too expensive?
We Have Good News for you!
Preventing a gap in your coverage may cost less than you think with private insurance.
What is COBRA?
COBRA’s primary purpose is to prevent a lapse in health insurance coverage. COBRA is a law that allows someone who has recently lost their job to maintain their original coverage provided by the previous employer. This extends for 18 months, however, there are exceptions as to who is qualified. Nearly all employers have group health plans that offer such an option to their employees.
What Are Alternatives to COBRA Insurance?
You can replace your current or COBRA healthcare plan via the marketplaces we represent, or via a new employer. You can ask us for a quote via our website!
Lost your job? Worried about your Insurance options?
*Reminder: Our Plans are private health-oriented services and are NOT affiliated with the Federal COBRA law.
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Do I qualify for COBRA?
Three important factors must be satisfied to qualify for COBRA insurance. If you meet said requirements and have filed correctly, someone who has already lost their job can still continue with the same health coverage. The factors are:
If you have lost your job recently
If you have had your hours substantially reduced
If you have left your current job and lose your health coverage, you qualify for COBRA.
The only exception to this rule is if the loss of employment was based on gross misconduct (i.e. a firing based on bad behavior) or committing of a crime.
COBRA Insurance Explained
The loss of employment (or a significant amount of liquidation posed by an unfair and unforgiving job market) can bring about stress and uncertainty. According to recent statistics, over 40 million individuals have suffered the loss of a job and have filed for federal unemployment. Think that’s scary? It gets worse: up to six million people, thanks to the recent pandemic, file for unemployment every week. This will account for one in every four adult U.S. citizens by the end of the fiscal year! Hiring has shriveled up; worthwhile jobs are scarcely reopening; and Indeed, as an example, has shifted to 100 percent remote job postings, leaving many inconvenienced.
If you feel you don’t need health insurance and do not need to contact us, think about your future and how an insurance lapse could affect you down the road if you choose not to continue with your insurance. Our COBRA Alternative insurance service offers a way to avoid this stark reality, and we can help you uncover your options in five minutes or less.
Your Family Can Be Covered Under COBRA If:
If your employer’s health plan covers your spouse and children, then they may also qualify for COBRA. However, if your work-based plan was an individual plan, only you would be able to enroll. Below are some common special situations in which families are covered under COBRA:
If you pass away:
If you pass away, your health plan can still provide for your family; your family may qualify for COBRA.
If you get divorced:
If you and your spouse have gone through a divorce while under a family plan, both parties can use COBRA.
If you move to Medicare:
Even if you switch to Medicare, you and your family can get coverage under COBRA’s system.
If your child or children turn 26:
Once your child reaches the age of 26, they are legally responsible for their own coverage. However, COBRA can be utilized to prevent a gap in coverage for long-term plans.
Your group plan qualifies under COBRA
No matter which way you look at it, and no matter the country you work in, almost all employers that offer health benefits to their employees are 100 percent required by COBRA law to offer it as a plausible option once they leave their position. The only exception to this rule are (A) if the company has under 20 employees, and/or (B) if the company is dissolving as a corporate entity.
How much does COBRA cost?
Once your hours are officially cut and you have left your job, (or are let go from it), your employer is unfortunately no longer responsible to contribute to your health plan. Most individuals are not aware of how much a health plan policy costs due to such a dissonant tactic. Though COBRA does allow you to continue using the same plan you originally had, the entirety of the bill is now in your hands. Yes, that is the reality. Your monthly payment, or premium, of which would be through COBRA, will be the total of your overall contribution, plus a 2 percent administrative fee. In other words, the premium you are responsible for will be 102 percent more than what you previously paid. Does this make sense? Through COBRA insurance, if you previously paid $270 a month for an individual plan, your new premium would be approximately $545 a month. Note that this could be more if your employer contributed more than 50 percent of the monthly premium. If this confused you, contact us now!
How long does COBRA continuation coverage last for?
Thankfully, you will have plenty of time to decide whether COBRA is the right choice for you to take, and that is why we urge you to contact us for a brief overview of how we can help. When you lose coverage, you have sixty days to sign up for COBRA continuation coverage. If not within that time frame, you do not have that option. So you need to get things moving if you feel you are about to lose health insurance. If you do not enroll in time, you have to wait until the next open enrollment period to be issued. Medical bills will pile up, so let us help you find a way to do this without going crazy!
How long can I take to sign up for COBRA?
Thankfully, you will have plenty of time to decide whether COBRA is the right choice for you to take, and that is why we urge you to contact us for a brief overview of how we can help. When you lose coverage, you have sixty days to sign up for COBRA continuation coverage. If not within that time frame, you do not have that option. So you need to get things moving if you feel you are about to lose health insurance. If you do not enroll in time, you have to wait until the next open enrollment period to be issued. Medical bills will pile up, so let us help you find a way to do this without going crazy!
How do I decide between COBRA and my other options?
Whether you are trying to choose between health insurance plans or what to eat for dinner tonight, it is always important to have plenty of viable options. As we stated earlier, what do you have to lose? Contact us so you can learn more about how we can set you up with COBRA insurance.
If you’re still on the hunt for a new job, decide to go into business as a sole proprietor, or need insurance to bridge the gap between health care benefits and that new job, you’ll most likely find that buying health insurance from the standard marketplace is less expensive than COBRA. We will help you decide which health plan is best for you.
1. KNOW YOUR MEDICAL NEEDS.
As we all know, we all behave and function differently. You and your family are different, and may require more specialized medical care than others. An example is health insurance plans, which often cover only specific attributes. What happens when you need something you are not offered? Just remember to be as educated as possible in your medical needs so we can select the right plan. Contact us for help!
2. UNDERSTAND THE DIFFERENCES BETWEEN PLANS.
Things can get overwhelming when you are trying to figure out all of your health insurance needs and requirements. Some might even say that choosing a proper healthcare plan is impossible without a little help. Your doctor might have been in a network through a different PPO (preferred provider organization), or you may be under a different health maintenance organization (HMO) plan network that is no longer available to you. It may cost you a bit more to see your doctor if you go with the HMO, as an example. In that case, you need to do some soul searching and ask yourself how much you actually like your doctor! These are details you should think about as you decide on your course with COBRA insurance. Different plans have different coverage options, so know what you are signing up for!
3. WEIGH THE COSTS.
COBRA insurance is often more expensive than typical marketplace insurance, partly because there is not much government assistance available to help you pay for those hefty COBRA premiums. So, if you choose a plan from the marketplace, you can always check with an independent agent that will allow you to shop around a bit more successfully. This will save on those monthly payments. Who doesn’t want that? Furthermore, more and more Americans are turning to what are called HSAs (health savings accounts) and high deductible health plans (HDHPs), which often have lower premiums than the others amidst the marketplace. Using an HSA can be a great way to save money on health insurance costs.
Work With An Independent Agent.
When the time comes to pick the right insurance coverage plan for you and your family, you will find that it helps to have plenty of options to choose from. Thus, partnering with an insurance expert will lead to a much broader pool of options, allowing you to find the one that fits you the best. If you are leaving an employer and your insurance needs are changing, it’s very important that you connect with an agent as soon as possible so they can evaluate all of your insurance needs and make sure you are covered properly. Ready to get started? Reach out to us!