Yes and no. So consider your circumstances before discontinuing your COBRA coverage, or you may end up without health insurance coverage. It depends on your individual circumstances. Enrolling in ACA health insurance also allows you to pick a different health insurance plan, which can be useful if your previous employer-sponsored one is no longer the best one for your health needs.
For others, enrolling in COBRA health insurance to stay on your previous plan may be the most financially sound choice and can be the easier route, especially if you expect to be on another employer-sponsored health insurance plan soon.
Make sure to explore your ACA health insurance options and find out if you qualify for a subsidy before comparing it to your COBRA health insurance option. ACA plans are the more affordable option for most people. COBRA does recognize the out of pocket expenses paid. If I am under my parents health insurance and if I am going to be 26 years old I know I can do cobra does that mean I have to pay the whole entire health insurance plan? I recommend you see plans and prices at healthsherpa.
I worry the ACA plan puts me at great risk if the program is dismantled. I cannot afford this after the six month reimbursement period. However, six months will take me through January of So I would like to stay on it as long as I can. Dear HealthSherpa: I have a similar situation as that described above.
I will loss my job next month and will be covered by Cobra for 18 month but my employer only subsidizes the cobra for 12 month which will be August , 5 month before annual enrollment period of ACA for Or do I have to stick to Cobra paying the higher premium till the end of the 18 month?
Many thanks. Come look at plans and prices at healthsherpa. I will be quitting my job in Illinois in October I will be moving from Illinois to Florida anytime between October to February I anticipate either way I will need to enroll in Illinois during this period for coverage, correct? I understand that it is difficult to randomly stop Cobra and obtain ACA Health Insurance; best to transition during open enrollment? Is this correct? Please advise me on the best way to proceed with my Health Care coverage.
Thank you, Lisa R. You have a couple options: 1. You can just enroll in your new state when you know your moving date. Hope that helps! Give us a call at if you need help enrolling or have more questions. I just lost my job Oct I also just reached my deductible.
I have a serious medical condition. I was in the process of getting pregnant authorization for a very expensive medication that would have been covered under my insurance company. Please advise me of what I should do. Thank you. Go to healthsherpa. I recommend you give us some info so we can tell you how much an ACA plan would cost you, and then compare that cost to your employer based health insurance.
I could be paying a couple thousand monthly for one prescription. There may be other Marketplace plans that cover your medication better than the Kaiser plan. This may be especially important if you have a chronic health condition or take medications on a higher drug price tier. As with most things related to health insurance, there is no right or wrong answer. It all depends on your individual circumstances. COBRA is a provision of a federal law that allows you to continue your current job-based health insurance for a period of time if you lose or leave your job.
However, COBRA can be costly since your employer will no longer be contributing to your monthly premiums. COBRA insurance can also affect your income taxes, since your contribution will no longer be deducted from your paycheck pre-tax.
If the cost of COBRA is unmanageable, you can often find lower-cost coverage on the health insurance marketplace enacted under the Affordable Care Act, and you may even be eligible for a premium subsidy to further reduce your monthly costs. You can also speak with someone at the agency by calling If you're losing an employer-sponsored health plan that has worked well for you, it's reassuring to know that, in many cases, COBRA gives you the option to continue that plan for at least 18 months.
But since COBRA costs can be expensive, it's also good to understand what other options are available so that you can make the best choice for yourself and your family. If you need more information about the individual health insurance marketplace, you can call the hour hotline at Sign up for our Health Tip of the Day newsletter, and receive daily tips that will help you live your healthiest life.
Department of Labor. Updated Published December Kaiser Family Foundation. Published October 8, Qualifying life event QLE. Premium tax credit. Department of Health and Human Services. Patient protection and Affordable Care Act; HHS notice of benefit and payment parameters for and pharmacy benefit manager standards. May 5, Norris L. Involuntary loss of coverage is a qualifying event. In: Healthinsurance. Enter for a chance to win Christmas cash! Losing your job or getting your hours cut at work can feel like a punch to the gut.
You probably received a letter from your employer letting you know that you qualify for COBRA insurance. Two questions probably popped into your head as you tried to make sense of it all: What in the world is COBRA insurance? Do I need this? A medical emergency can happen at any time, so you have to get this stuff figured out now. Before you decide if COBRA insurance is right for you and your family, there are some things you need to know.
You would also be eligible for a special enrollment period on the federal exchanges. COBRA health insurance, which came from the Consolidated Omnibus Budget Reconciliation Act, lets you temporarily keep usually for up to 18 months the same employer-based health plan you had at your old job. Most employers with group health plans offer this option to employees.
And trust us, you do not want to have a gap in coverage! If you meet the requirements, you can keep your insurance assuming you want to stick with the same health plan and benefits you received at your old job. If you decided to leave your job, had your hours reduced, or got fired and lost health coverage, you qualify for COBRA continuation coverage. That rules out the possibility of enrolling if you had previously opted out of employer-based coverage.
The amount a qualified beneficiary must pay may not exceed percent or, in the case of an extension of continuation coverage due to disability, percent of the cost to the Plan including both employer and employee contributions for coverage of a similarly situated plan participant or beneficiary who is not receiving continuation coverage.
If you elect continuation coverage, you do not have to send any payment with the election form. However, you must make your first payment for continuation coverage not later than 45 days after the date of your election. This is the date the election notice is post-marked, if mailed. If you do not make your first payment for continuation coverage in full not later than 45 days after the date of your election, you will lose all continuation coverage rights under the Plan.
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