When should you elect COBRA benefits?
After a qualifying event, many families have to make hard financial choices. Health insurance is a must and the decision to stay on your former employer’s group health plan needs consideration of your medical needs and the cost of insurance.
When should you continue your group health plan benefits under COBRA?
You should consider continuing your health benefits under COBRA if you:
- Have had comprehensive benefits and don’t mind paying a higher premium
- Want continual, guaranteed coverage at a higher cost.
- Have had recent health problems.
- Have had ongoing health problems.
- Are taking expensive medications.
- Have been declined for private insurance recently.
- Have a history of medical problems.
- Have had an accident within the 60 day window of enrollment.
- Are pregnant or planning to become pregnant.
- Got a job and your new employer does not offer a health plan.
When Should You Consider an Alternative To COBRA?
- Have no pre-existing conditions
- Want continual coverage at a lower cost
- Have had no health problems
- Have not received any advice from medical professionals advising you to undergo a medical procedure in the future.
- You are not pregnant or plan on becoming pregnant soon