Is Cobra The Best Option For You?

Is Cobra The Best Option For You?

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When you leave your job, C.O.B.R.A. insurance might be the optimum choice to cover your family. It might also be a very big error. Knowing whether to accept a former company's C.O.B.R.A. offer might save you a lot of money. COBRA might be priced 2 times as much as similar non-COBRA insurance options that may offer nearly identical or sometimes better benefits.

C.O.B.R.A. may be your best option if:

Individual health cover isn't available to you

Private medical coverage would cost significantly more

You're assured approval from a medical coverage plan when C.O.B.R.A. ends

If you or a family member has a preexisting medical condition, accepting your C.O.B.R.A. option might be your best and only viable choice. Private health coverage might not be available to you and your COBRA medical cover plan will probably cover the medical care condition.

Usually COBRA health assurance costs more than a policy available to those who buy their assurance directly. This is because COBRA is an extension of your eligibility for your company's group health coverage policy and group health cover usually costs more than individual medical insurance.

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 may want to consider the C.O.B.R.A. option.

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

C.O.B.R.A. may be a pricey mistake in many other situations. This is because:

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

C.O.B.R.A. may cost you more than a individual medical insurance policy

The biggest issue with accepting COBRA isn't the cost when compared to a similar individual healthcare coverage policy. The biggest problem is the tens of thousands of dollars you could have to pay out of your pocket for health care after your COBRA ends. COBRA 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 healthcare condition during the time that you're covered by COBRA. This could cause any new assurance company to reject your application.

If you can purchase a policy that you can keep until you are eligible for Medicare while you're healthy, you might avoid this potential disastrous event.

Many people fail to even check prices for other medical cover options. C.O.B.R.A. medical care insurance is often the most expensive option. C.O.B.R.A. may cost much more when compared to a individual and family health care coverage policy!

you should shop around for prices and benefits. Very often your COBRA health plan insurer will have a similar policy non-C.O.B.R.A. policy that you are eligible for.

COBRA insurance might be an excellent choice in certain situations. However make sure to look at different options because purchasing COBRA if there are more competitive insurance options an option for you might be a expensive error.

About the Author:
A. J. Balkcom has an insurance agency in Connecticut and has helped many many families find health insurance coverage. He has been helping families find California home insurance quotes or Virginia health insurance



Article Originally Published On: http://www.articlesnatch.com


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