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Cobra insurance anyone left - longtimer
Posted: Mar 29, 2015
Has anyone ever left a company and did Cobra for the insurance? Trying to get an idea of how much the premiums increase, don't want to ask because I don't want them to know I am thinking of leaving but would like a general idea if anyone knows what percentage it might be? I figure it would at least double.
You could call the insurance company...SM - Old Anon
[ In Reply To ..]or go on-line as if you are shopping for insurance and look for a plan comparable to what you have now and find out what the premium would be private pay. That might give you a pretty good idea. I know mine was close to $500 per month. I did it for a month, then dropped it and crossed my fingers. I got a job pretty quickly so only went a few months without insurance. I'm wondering if you have to do Cobra or can try get insurance through ACA if you will be unemployed and may be eligible for a subsidy.
from ACA website - see message
[ In Reply To ..]https://www.healthcare.gov/have-job-based-coverage/if-you-lose-job-based-coverage/
If you lose your job-based health insurance, you have 2 main options for health insurance coverage: a Marketplace plan or COBRA continuation coverage.
Losing job-based coverage
Option 1: Get a Marketplace plan
If you leave your job for any reason and lose your job-based coverage, you can choose to buy coverage from the Marketplace. This is true even if you leave your job outside the annual Marketplace Open Enrollment Period. Losing job-based coverage qualifies you for a Special Enrollment Period that allows you to buy insurance outside the regular Open Enrollment period.
When you apply through the Marketplace, you'll learn if you qualify for lower costs on your monthly premiums on private insurance. You could also qualify for lower out-of-pocket costs.
Through the Marketplace you'll also learn if you qualify for free or low-cost coverage from Medicaid or the Children's Health Insurance Program (CHIP).
Option 2: Get COBRA coverage
You may be able to keep your job-based plan through COBRA continuation coverage. COBRA is a federal law that may let you pay to keep you and your family on your employee health insurance for a limited time (usually 18 months) after your employment ends or you otherwise lose coverage.
Learn more about your options for changing to a Marketplace plan if you have COBRA continuation coverage.
Cobra - longtimer
[ In Reply To ..]Thanks for the info, would actually like to Cobra if not outrageous because I have met my deductible. I had ACA before becoming and employee and it was horrible, even with subsidy cost me more than mine does now and got notice the premium was doubling for 2015, would not pay for my meds until deductible was met and just had a terrible time getting it to pay for anything outside of office visits.
Check again. - see message
[ In Reply To ..]Perhaps a different plan will meet your needs better. I had a lot of plans to choose from. Also, your income and/other circumstances will probably change that will affect your premium/subsidy.
Box 12 of your W2 - see message2
[ In Reply To ..]Your W2 should show how much your insurance actually cost, which is what COBRA would be. Our family coverage would have cost us about $18,000 per year. Crazy!
If we lost this, I did check the ACA and I could get family coverage for about $6,000 per year adjusting for income change and subsidy qualification.
Cobra - marge
[ In Reply To ..]I think it really depends on if you pay the premium now or if you only pay a portion and how much of a portion do you pay. When I left the hospital I worked in mine ran about $150 a mo. (my portion). My Cobra was approximately $1200 per month. :( Not even doable. :(
COBRA - sm
[ In Reply To ..]When I left my company in 2014, I promptly got a letter from HR offering continuation of coverage through my employer-sponsored plan OR going through ACA for competitive pricing. The letter was strongly suggestive of going through ACA, but I chose to use COBRA at a cost of $500/month (single, no dependents) for a couple of months. The insurance company demanded that the premium be withdrawn directly from my checking or savings account instead of mailing them a check. I elected not to take COBRA for the third month and crossed my fingers, although I could possibly have had the option of retroactively taking the third month if something had happened (not certain about this). By "retroactively," I mean that I would have had to do it very quickly and not let a full 30 days pass (read the paperwork VERY carefully; there is a grace period I believe).
BTW, the 2nd premium was automatically withdrawn from my savings account. The insurance company couldn't guarantee that they wouldn't automatically withdraw a 3rd payment, even though I cancelled the policy (I had new coverage by then with a new employer), so I simply closed out my savings account and started a new one so they wouldn't have access. I didn't want them to withdraw payment without my approval and then have to fight to get it back.
COBRA is worth it if you can afford it. I had met deductibles, and the coverage was pretty good. I used COBRA one other time some 12 years ago, and at that time it was ~300/month, so $500 was pretty reasonable, IMO.
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