Many people do not realize one unique and beneficial feature of COBRA insurance – you can stop it at any time. So why does this matter? It means a number of things but most importantly that COBRA insurance can provide the perfect short term health insurance option while you look for new employment and/or seek out the best health insurance plan for your and your family. This means you can sign up for COBRA insurance while you seek out a new health insurance plan better suited to your needs and budget without having to be without health insurance for any period of time. This is a great option for anyone who can’t afford COBRA insurance long term but wants extra time to truly explore their insurance options.
Once you determine an alternative health insurance plan that is better suited to you and your family’s needs, it is easy to drop your COBRA insurance plan. Simply reach out to your health insurance provider and/or former employer and follow the specific steps required by the insurance company. Most companies will stop coverage at the end of the billing cycle so whenever possible, plan on dropping your COBRA insurance and beginning your new health insurance plan at the end of your billing cycle.
Many people who are just entering retirement have lots of questions about health insurance, especially if they are not eligible for any government sponsored health insurance. Although COBRA insurance is not a long term solution for those who are retiring, it can provide the right interim coverage while you shop for the right long term plan. It also, given the current laws, will ensure you don’t experience a lapse in health insurance coverage which can later deny you for an independent health insurance plan. So what should you do if you are retiring and concerned about health insurance.
Unfortunately due to the current economic climate, not to mention recently losing a job, many people find themselves in a position that they may not be able to pay the full monthly premium under to continue their COBRA insurance health care. Normally, under the current laws, if you do not pay the premium within the 30 day grace period, you will lose your COBRA insurance coverage and not be eligible to sign back up for it again. However, there are some things you can do if you find yourself in this situation.
Many people find themselves considering moving when they lose their job and are continuing their coverage under COBRA health insurance. Whether or not you are able to continue to maintain your health insurance coverage under COBRA insurance laws is 100% dependent on your current health insurance plan under COBRA, which is the same as you had with your previous employer.
Since COBRA insurance is a continuation of your previous health insurance plan, under the COBRA insurance laws you will be able to continue to see the same doctors and specialists as you previously had at the same expense. This means that any doctor that you were previously covered to see with your health insurance plan will still be covered.
Losing your job or having your spouse lose or quit your job while you are pregnant can be extremely stressful, however under the COBRA insurance laws, as long as you are eligible for COBRA insurance, you and your soon to be infant can still qualify to continue receiving health insurance under COBRA insurance laws. The COBRA insurance law works in a way that any health insurance coverage you would have received while employed or covered under your spouse’s plan will still remain as long as you qualify and enroll in COBRA insurance.
If you are going through a divorce and are currently covered under your spouse’s insurance plan as a qualified beneficiary, you are eligible for COBRA insurance just like someone who lost or quit their job and lost health insurance coverage. Since you are getting divorced and no longer eligible under your spouse’s insurance plan, you will receive a COBRA insurance notification form from your spouse’s health insurance provider. It is important that you make sure your spouse informs their company of this change.
COBRA Insurance can be a tricky process and you may run into problems and questions throughout your time enrolling or being covered under COBRA medical insurance continuation. Here are three common problems and their solutions so you know what to do if you experience this (although hopefully you won’t).
We all wish that signing up for COBRA insurance was smooth sailing, but sometimes we encounter problems along the way. Learn how to deal with three common COBRA Insurance problems if you happen to run into them.
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