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  4. Keeping COBRA and New Employer Insurance

Can I Keep COBRA When My New Employer Offers Health Insurance?

I resigned from my job. I now have a temporary per diem position. This company does offer health insurance if I want it. Am I still eligible for COBRA?

Yes, you can keep COBRA coverage even when your new employer offers health insurance

The decision to retain COBRA or opt for the new employer’s plan depends on your personal circumstances, such as comparing benefits and costs. There’s no federal mandate to cancel COBRA upon obtaining new job-based insurance. 

In a scenario where someone has already met their out-of-pocket maximum on COBRA coverage from their most recent employer, maintaining COBRA might be beneficial if a costly medical procedure is upcoming. The new employer’s plan may not coverage as much for the procedure, resulting in higher out-of-pocket costs. Staying on a  COBRA health insurance plan can provide substantial savings on imminent healthcare expenses. 

Should I keep COBRA or start on my new employer’s plan?

When choosing between COBRA and your new employer’s plan, consider these factors:

  • Coverage details and the network of providers
  • Premiums for COBRA are more expensive than employer insurance
  • If you’ve already met your out-of-pocket maximum on your COBRA plan

Can I Have COBRA And My Spouse’s Work Insurance?

Is it possible for me to opt into COBRA while also being covered by my partner’s workplace insurance?

Yes, you can have COBRA and be covered under your spouse’s work insurance plan. This flexibility allows individuals to tailor their health coverage to best suit their needs, balancing factors like cost and benefits coverage.

Can I Use COBRA From An Older Employer?

I left a job and started COBRA and stopped it after starting my new employer’s health insurance. I’ve quit that job. Can I restart the COBRA I had with the last job? It was much cheaper.

No, once you’ve canceled your COBRA coverage to switch to a new employer’s health insurance plan, you cannot restart COBRA from the previous job. The option for COBRA continuation is only available through your most recent employer’s group health plan. Once you cancel COBRA coverage for a new employer’s plan, you can’t reactivate COBRA from a previous employer.

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How To Obtain New Health Insurance

  • Enroll in an employer-sponsored health plan through a full-time job.
  • Purchase a qualified health plan via the health insurance marketplace.

Open Enrollment Periods

You may only start a new traditional health insurance plan during an open enrollment period. The federal open enrollment periods begins in November. Employers will have special open enrollment periods for new employees and an annual open enrollment for all workers.

Under the Affordable Care Act, businesses that employ 50 or more full-time workers must provide health insurance to 95% of their employees. with 50 or more full-time employees (or the equivalent in part-time employees) must provide health insurance to 95% of their full-time employees. Those that do not comply with the law face may face penalties from the IRS.

Health insurance marketplaces, both federal and private, have major medical plans available. These plans provide comprehensive coverage for surgical procedures and pre-existing conditions. Many provide a prescription medication benefit.

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