Insurance questions

downsouthMay 6, 2007

My husband is retiring at age 61 and I am disabled. The insurance dept. at his work said we will have six more months of health insurance coverage then we have to make a decision. At that time they said I need to sign up for Medicare Part B and then I could be on the Cobra plan with my husband. (I was told I have to be on Medicare before I can get Cobra.)

I'm really confused about Cobra. Our son says he would not advise us to get Cobra. It's the same plan his dad has now without the life insurance and without disability insurance. He said Cobra is not a good health insurance plan and we could find a much better plan on the internet.

The main advantage we see with Cobra is we will still have the same deductible we have now which is $300, have dental and vision coverage (not much, but better than nothing) and have prescription coverage that is fairly good.

Our son says paying $571 a month is too high and we can do better by finding a plan on the internet. He did say the plan would have a much higher deductible. Why would we want to do what he is suggesting when we can get Cobra (at least for 16 months) with a lower deductible, which will get my husband a little closer to age 65 when he also will be eligible for Medicare and then we can get a supplemental plan for both of us?

Am I missing the picture? Can anyone shed some light on Cobra?

Thanks, Dee

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I was under the impression that COBRA is essentially a stop gap insurance plan. Someone will chime in here, but I think COBRA has an 18 month span normally, but there are "qualifying events" that change the length. I only know it from folks who were downsized, etc. and were entitled to pay for COBRA while looking for a new job, new healthcare provider, etc.

There is a wealth of info on Google - the COBRA Ins. FAQ's would be a good place to start.

    Bookmark   May 7, 2007 at 4:07PM
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Talk to an independent sales agent or Blue Cross. I am not familiar with Cobra--Is it a insurance company and is it licensed to be sold in your state and will it be recognized in every state? Buy medical insurance off the inter net is too risky, because many companies are not even in the US, or are the licensed to sell in the US or even in your state. Talk to a Blue Cross/Blue Shield rep first. Does your son really know insurance plans for your age, or is he just fishing off the net to find the cheapest, but not the best.
Another thing, check with your Dr's medical insurance dept for additional guidance.

    Bookmark   May 25, 2007 at 5:09PM
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COBRA is a legal act: Congress passed the landmark Consolidated Omnibus Budget Reconciliation Act (COBRA) health benefit provisions in 1986. The law amends the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code and the Public Health Service Act to provide continuation of group health coverage that otherwise would be terminated.

Go here for more information:

Here is a link that might be useful: COBRA

    Bookmark   May 26, 2007 at 9:09AM
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