A question we recently received from a reader…
Dear COBRA Insurance Benefits,
My father recently retired but isn’t yet qualified for Medicare. He is moving into our home and I will be paying all of his expenses since he lost his retirement account. I know under tax law I can count him as a dependent since his income is below the threshold and I will take care of him full time. Can I also sign him up for my COBRA insurance plan so he has health insurance?
Answer: Under most health insurance plans, since he is a dependent, he would be able to enroll in your COBRA health insurance plan. Depending on the insurance plan this might only be able to happen during open enrollment but in other plans you may be able to add him at any time. The easiest way to make sure you can add him as a dependent under your COBRA insurance plan is by reaching out to your health insurance provider.
Many people these days are considering early retirement as they contemplate their future. In determining if you are financially able to retire early, there is one key expense that many people forgot to include when they calculate their budget and monetary needs – health insurance. Given that health insurance is extremely expensive if you do not yet qualify for Medicare, this can be a deal breaker when making the decision to retire early.
Quitting your job and deciding to open your own small business can be a very exciting time for many. Although many people who follow this path can elect to have COBRA health insurance for the first 18 months, many are faced with a difficult health insurance decision when COBRA ends. If you are someone in this position, follow these 5 tips to choose the best health insurance for you.
Unfortunately according to the 2010 Census data, the number of health insurance companies who are offering health insurance benefits to employees is falling. It is down about 1% from 2009, to 55.3%, and has been steadily dropping since 2001. This drop in employer based health insurance programs is causing a couple of things to happen. First, more people are signing up for government based health insurance programs like Medicare and Medicaid. Additionally, more people are signing up for private health insurance plans and paying out of pocket. The final consequence, and the most detrimental, is that more people are going without health insurance.
A reader recently wrote to us wondering what he should do when his COBRA insurance runs out. Him and his wife have been on COBRA insurance for the last 17 months and have about 30 days to make a plan for when their insurance stops. They are both in their fifties and they have a daughter for is 24 who is also on their health insurance plan with COBRA.
Due to the economic recession and the large amount of people who found themselves unemployed, the government passed laws to create a COBRA insurance subsidy for people who needed COBRA insurance but were not able to afford the expensive premium. This COBRA insurance subsidy paid 65% of the premium for anyone on COBRA who was unemployed and met certain conditions. The government renewed this subsidy three times to extend its length and continue to assist people.
Although for most people COBRA insurance coverage will only last 18 months, there are some situations where COBRA health insurance can actually extend beyond the typical 18 months. Knowing what these circumstances are can save you and your family from having to switch insurers or experiencing a lapse in health insurance coverage.
With the unemployment rate still hovering at 9% this month, that means that thousands of folks are finding themselves needing a sound health insurance option for themselves and their families. Knowing this and know how complicated it can be to determine what health insurance plan is right for you, here are some of the key factors to consider when looking into health insurance options for you and your family. And the best way to make a decision, make a chart, include the following information, and weigh out your options. At the very least you should compare COBRA health insurance, individual health insurance plans, and short term health insurance plans (also known as catastrophic or high deductible plans. To get this information fast, use online insurers and request quotes – it’s the fastest way. You can find this links on our website under COBRA insurance alternatives.
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