Will Insurance Deductible Rollover Or Start Over When COBRA Begins?
If I have already met my deductible and out of pocket for this year, do I have to start all over if my COBRA plan is the same insurance company? Or, will that deductible rollover, and show that I have already met these?
Your Insurance Deductible Will Rollover When COBRA Insurance Is ElectedYour election of COBRA is a continuation of the exact same health plan you had through your employer. Because it is the same insurance policy, if you’ve met your deductible already, you will not have rollback to $0 out-of-pocket after you’ve started COBRA. You will need to make timely premium payments or your insurance may be cancelled.
Electing COBRA To Continue Employer-Sponsored Insurance
As long as you were enrolled in a group health plan by your former employer, you are eligible for COBRA benefits. This means if you were only insured for 1 day and are let go, quit your job or have another qualifying event, you are entitled to keep the same health insurance after. Your application to apply for COBRA insurance comes as an election notice within 45 days of your insurance ending. You have 60 days to elect COBRA continuation or waive your right.
Continuation Insurance Premiums
After your workplace insurance ends and you pick up COBRA on the same health plan you were on previously, you are responsible for the entire premium. The expense of COBRA premiums are costly. If you have pre-existing conditions, you may be best off continuing the same plan until another qualifying event makes you eligible to obtain new medical insurance.
COBRA Third-Party Administrators
Your COBRA plan may be managed by a third-party administrator. Many employers work with the following:
- ADP COBRA
- BASIC COBRA
- BAS' COBRA Control Services
- BenefitConnect EHR
- BenefitSolver COBRA
- Burnham & Flower
- BRI COBRA (Benefits Resource)
- bswift COBRA
- COBRAPoint Benaissance
- Employee Benefits Corp (EBC)
- Lifetime Benefit Solutions
- Navia Benefit Solutions
- Optum Financial
- Paycom COBRA
- Total Administrative Service Corporation (TASC)
- WageWorks / Conexis
- WEX (formerly Discovery Benefits)
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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