Better Than Cobra?

When you leave your company, COBRA coverage may be the best option to insure your family. It might also be a very expensive error. Knowing if you should accept your former employer's COBRA offer might save you a lot of money. COBRA may have a premium that is much more when compared to similar non-C.O.B.R.A. options that offer similar or sometimes better benefits.

COBRA can be the optimum choice when Individual health care coverage isn't an option for you. You may also benefit from this option if private medical insurance would cost much more than COBRA. It can also be a good option if you're guaranteed approval from a medical insurance plan when C.O.B.R.A. ends.

If you or a family member has a major illness, accepting your COBRA option can be your best and only viable choice. Private healthcare coverage may not be an option for you and your C.O.B.R.A. medical coverage policy will probably cover the health care condition.

Usually COBRA health care insurance costs more than a policy available to those who acquire their insurance directly. Since C.O.B.R.A. is an extension of your eligibility for your company's group healthcare insurance policy and group health insurance usually costs more than private health care assurance.

However, in certain situations, COBRA will cost less than a plan that you may purchase on your own. If that difference is great enough, you might want to consider the C.O.B.R.A. option.

If you're guaranteed acceptance into a quality health coverage plan when your C.O.B.R.A. eligibility ends you avoid the biggest pitfall of COBRA health insurance. Often people who are perfectly healthy when they sign up for COBRA won't be when their eligibility ends. This might mean that their home or other assets are used to pay for medical bills that are incurred after their C.O.B.R.A. policy ends.

COBRA might be a pricey error in many other situations. This is because:

Accepting C.O.B.R.A. now may mean that you won't qualify for other cover when your COBRA ends.

COBRA might cost you more than a family medical care assurance policy

The biggest problem with accepting C.O.B.R.A. isn't the cost when compared to a similar individual health care coverage policy. The biggest problem is the tens of thousands of dollars you could have to pay out of your pocket for medical care after your C.O.B.R.A. ends. C.O.B.R.A. will typically end 18 months after your job 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 chance that you will develop a serious medical condition during the time that you're covered by C.O.B.R.A. This could 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 are healthy, you can avoid this potential disastrous event.

Many people fail to even check prices for other health cover options. COBRA health coverage is often the most expensive option. C.O.B.R.A. can cost twice as much as an individual health care insurance policy!

You should shop around for prices and benefits. Very often your C.O.B.R.A. medical care plan insurer will have a similar policy non-C.O.B.R.A. policy that you're eligible for.

C.O.B.R.A. insurance may be the right option in certain scenarios. However you should look at other available options because purchasing C.O.B.R.A. if there are more competitive insurance options an option for you might be a very expensive mistake.

About the Author:
COBRA may not be your only option. It usually isn't the cheapest. You can find personal health insurance quotes https://lovetherates.com/Health/index.htm and dental insurance quotes https://lovetherates.com/vision-insurance-plans/ on the Author, Alston j. Balkcom's website.

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Tags: COBRA health insurance