Cost Of Cobra

carlybNovember 11, 2008

I have noticed time to time ?'s on Cobra. I took it so pre existing would be covered, just in case. Cobra is an extention of your previous work insurance paid by you, instead of your past employer. In my case the cost for myself at age 63 is $314.49 a month.

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Unfortunately NY is expensive becasue of state regualtion (policies have to cover evrything and evryone) -- more like 700/month.

    Bookmark   November 15, 2008 at 12:16PM
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It is important that you know both about the pros and cons of COBRA. Here are a few tips:

The lifesaving power of COBRA

* COBRA coverage empowers you to extend your existing individual or family healthcare plan for up to 18 months.
* In some cases, for example when your insurance coverage was through a spouse or a parent and that person dies or you are divorced, coverage could be stretched to 3 years.
* There are exactly 105 days from the time your employer notifies you about your eligibility for COBRA to start paying your premium, which gives you enough time to look for an alternative private health insurance plan or get a new job to pay your COBRA premium. Do not miss the deadline, because you can lose your access to coverage altogether.

The flipside of COBRA

* Your former employer is under no obligation to pay your premium once you have quit, which means you pay for the hefty premium out of your pocket.
* Even within the 18 month period, if you buy coverage with a private health insurance plan you lose the benefits of COBRA or the right to take it up again.
* Your COBRA benefits cease if your employer shuts down or discontinues a group healthcare plan for its employees.

    Bookmark   January 28, 2009 at 6:42AM
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