COBRA is a Federal Law. Not a company.
When should you elect COBRA benefits?
COBRA Insurance is a continuation of employer-sponsored “work” insurance. This allows individuals and their families to continue their traditional major medical plans, if their insurance would end.
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 you elect to continue your workplace insurance, you pay the full premium. This may cost around $400/per month, per individual.
A short-term health insurance plan can fill gaps until your next major medical insurance begins. Depending on your age and the state you live in, these plans may be as low as $80/month.
When To Choose COBRA
- 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 To Choose Short-Term Health Insurance
- 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.
Why Short-Term Health Insurance Is Better Than COBRA
When you’re facing a loss of medical coverage due to temporary gaps in employment or another factor, purchasing COBRA coverage could initially seem like the right choice to protect your health and finances. Consider these three reasons why temporary health insurance is better than COBRA.
Alternatives To COBRA
Get Short Term Health Insurance
The COBRA Insurance website helps workers with their insurance options while in-between jobs. If you need further assistance, please speak with our Licensed Insurance Experts.
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You may also begin to compare insurance plans and enroll in a variety of plans.