How Much Does COBRA Insurance Cost?
I’m interested in getting COBRA Insurance. How much is COBRA?
On Average, The Monthly COBRA Premium Cost Is $400 – 700/month Per Individual
Continuing on an employer’s major medical health plan with COBRA is expensive. You are now responsible for the entire insurance premium, whereas your previous employer-subsidized a portion of that as a work benefit. Often times there is a 2% administration fee that may be legally added on.
COBRA Insurance is actually the name of a federal law and not a company. All employers with 20 or more full-time workers are required to offer COBRA, which is the same work health insurance you had.
As COBRA is the same work health insurance you had, the plan continues to be managed by the employer.
Average Cost Of COBRA Insurance In 2022
Health insurance plans through an employer are ACA Certified. They cover pre-existing conditions and have prescription medication benefits. COBRA is a continuation of that same work health insurance.
According to the Kaiser foundation, the average cost of individual health insurance in the United States is $438/month in 2022. Not all states are close to equal. In Colorado, the monthly average premium is $358, for example. Whereas in West Virginia, individuals may pay over $750 per month for health care coverage.
Do You Qualify For COBRA?
If you are unsure if you qualify for COBRA, please try the Quick Check Eligibility Survey.
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COBRA Eligibility
What Is COBRA?
COBRA is a federal law that requires employers with 20 or more employees to offer the same group health care coverage after you’ve voluntarily or involuntarily left your job or have had your work hours reduced. Because COBRA is simply the same coverage you had through a previous employer, you would need to contact the COBRA Administrator at your previous employer to begin or cancel coverage. Typically, the COBRA Administrator is in the HR department or the company that sponsored the insurance may use a third party administrator.
Licensed Insurance Agents
Do you have more COBRA questions? Try contacting a healthcare.gov certified insurance specialist. These COBRA customer service agents are licensed in all 50 states. They can offer advice and alternative plans that best suit your needs.
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Common Third-Party Administrators
Your COBRA plan may be managed by a third-party administrator. Many employers work with the following:
- WageWorks / Conexis
- BenefitConnect EHR
- Discovery Benefits / WEX
- TASC
- Employee Benefits Corp (EBC)
- Lifetime Benefit Solutions
- Navia Benefit Solutions
If you are unsure who your plan administrator is, reach out to the human resources department of the company that provided the health insurance you had.
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Temporary health insurance is a popular, affordable solution to cover gaps in coverage while you are between Major Medical plans.
*Eligibility for short term medical insurance is based on age and state availability.
