Q: Is it true that I don't pay on Cobra unless I have a situation that I need medical attention? I have changed jobs and will be w/o insurance for one month. I am unclear about when I sign up and pay. I have heard that Cobra is retroactive if/when I need health insurance. Is that true? Thanks.
A: Well, since the employer has up to 45 days to get COBRA information to you, and you have 60 days from the day that form was sent to you to elect COBRA, you may have time to get other coverage within that time. If you do not need to seek medical treatment with in the time of your qualifying COBRA event and the day you start your new group health insurance, you may choose not to elect that continuation coverage. One thing to think about is that if you will need a certificate of credible coverage from the insurance company stating that there was NO lapse in coverage. There are lower cost short term medical insurance options out there that can give you credible coverage.
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