ody Q: I will be leaving my current job in Indiana on April 8th and relocating to Mississippi. I would like to purchase COBRA insurance, but I’m a bit confused. If I select COBRA, does my current insurance plan carrying over? Do I continue my current plan but I pay the amount instead of my employer? Or would my insurance with Cobra be completely different than what I currently have? Should I speak with my Employer about Cobra,and do they need to do anything or can I sign up without my employer knowledge?
A: Yes, COBRA is simply a law that allows you to continue on your employer’s group health plan, but where you would pay up to 102% of the premium (the 2% is an administrative fee).
If you are moving out of state though, sometimes COBRA isn’t the best choice. Because COBRA is a continuation of the exact same coverage you had through your employer, you may be limited to a network in that state, and that coverage would be able to cover doctor visits or services in your new state. This does all depend on your plan though. You will want to read your policy carefully to see if it will be worth it.
You should definitely speak with your employer about COBRA to see if it’s a good option for you.
COBRA continuation is very expensive. There are alternatives to COBRA continuation available. Click href=”http://cobrainsurance.com/ here for a quote, or call us at 1-877-279-7959 (8am-5pm CST) and we can help you find an alternative plan.