If your job ends, COBRA assurance can be the best option to cover yourself. It may also be an extremely pricey mistake. Knowing if you should accept a previous job's C.O.B.R.A. offer might help you save you a lot of money. C.O.B.R.A. might have a cost that is hundreds more each month when compared to similar non-COBRA insurance options that offer similar or sometimes better benefits.
If your job ends,
COBRA assurance can be the best option to cover yourself. It may also be an extremely pricey mistake. Knowing if you should accept a previous job's C.O.B.R.A. offer might help you save you a lot of money. C.O.B.R.A. might have a cost that is hundreds more each month when compared to similar non-COBRA insurance options that offer similar or sometimes better benefits.
COBRA could be the right choice when:
Individual and family medical care coverage isn't an option for you
Individual and family medical coverage would cost much more
You are guaranteed approval from a healthcare coverage plan when COBRA ends
If you or a family member has a preexisting condition, accepting your COBRA option may be your best and only viable choice. Private healthcare cover might not be available to you and your COBRA medical care insurance plan will probably cover the health care condition.
Usually COBRA health coverage costs more than a policy an option for those who purchase their insurance directly. Since C.O.B.R.A. is an extension of your eligibility for your company's group health coverage policy and group healthcare assurance usually costs more than individual health cover.
However, in certain scenarios, C.O.B.R.A. will cost less than a plan that you may purchase on your own. If that difference is great enough, you may want to consider the C.O.B.R.A. option.
If you're guaranteed acceptance into a quality health coverage policy when your C.O.B.R.A. eligibility ends you avoid the biggest pitfall of C.O.B.R.A. healthcare coverage. Often people who are perfectly healthy when they sign up for COBRA won't be when their eligibility ends. This can mean that their home or other assets are used to pay for health bills that are incurred after their C.O.B.R.A. policy ends.
C.O.B.R.A. may be a expensive mistake in many other situations. This is because:
Accepting COBRA now may mean that you won't qualify for other assurance when your C.O.B.R.A. ends
C.O.B.R.A. may cost you more than a individual medical cover plan
The biggest problem with accepting C.O.B.R.A. isn't the cost when compared to a similar private medical assurance plan. The biggest issue is the tens of thousands of dollars you may have to pay out of your pocket for health care after your COBRA ends. C.O.B.R.A. will typically end 18 months after your employment ends. If, for example, you will be eligible for Medicare when your C.O.B.R.A. ends, this issue shouldn't concern you. However, there is always the possibility that you will develop a serious health condition during the time that you are covered by COBRA. This might cause any new insurance company to reject your application.
If you can acquire a policy that you can keep until you are eligible for Medicare while you're healthy, you may avoid this potential disastrous event.
Many people fail to even check prices for other medical care insurance options. COBRA medical insurance is often the most expensive option. C.O.B.R.A. may cost much more when compared to a individual and family medical care insurance plan!
you should shop around for prices and benefits. Very often your COBRA health care plan insurer will have a similar policy non-C.O.B.R.A. policy that you're eligible for.
COBRA coverage might be the right choice in certain scenarios. However be certain to investigate other available insurance choices because purchasing C.O.B.R.A. when there are more competitive insurance options available to you might be a expensive mistake.
