Archive for the ‘COBRA’ category

What Are My Options When My COBRA Health Insurance Ends?

February 16th, 2012

If you are currently on Federal COBRA and it is coming to an end, you have some options to get health insurance and to also save some money.  Federal COBRA lasts for 18 monhts, and sometimes you can get an extension if you have a qualifying event to get another 18 months.  However, if you were on COBRA for that long of a period, chances are that you were over paying for your individual health insurance.  Employer sponsored plans can get pretty expensive once you go on COBRA because you no longer have the benefit of the employer contribution to your monthly premium.  To state the obvious, landing another job that offers health insurance would be the best bet as sometimes employers cover the entire cost of health insurance. 

Another option would be to shop and compare individual or family health insurance plans.  By visiting our website, www.healthinsuranceoutlet.com, you can easily and quickly compare hundreds of plans and filter the search results to pick the right plan that works for you.  Many times, individual health insurance plans will be less expensive than COBRA plans and you would be making the right choice to explore your options.

Is COBRA Right For Me?

February 8th, 2012

Many people are faced with this question when they are no longer working for their company; is COBRA right for me?  It is actually not as easy to answer as you might think.  COBRA is basically federal law that mandates employers to offer coverage through their group health plan to people once they leave the company.  The laws are a little different depending on how many employees are in the company as well. 

COBRA offers protection to the former employee because it allows no break in coverage.  For instance, if you have a pre-existing condition, it might be best for you to stay on COBRA.  Also, if your pregnant, then taking advantage of COBRA is the best bet.  However, the downside to COBRA is that it can be quite expensive.  The health insurance coverage no longer has contribution by the employer so the monthly premium you are used to goes way up.  Shopping around to find cheaper health insurance coverage might be a great option for you.