When To Continue COBRA Insurance Coverage

The Consolidated Omnibus Budget Reconciliation Act of 1985, otherwise
known as COBRA, continues to be a very helpful law to many. This law
makes it possible for most individuals to continue their health care
coverage from their employer for up to 18 months if for some reason
the individual had a change in employment status such as a layoff,
reduced work hours, or a termination of employment by the employee or
employer. This continuation of COBRA insurance coverage is available
to the individual, their spouses, and dependants.

COBRA insurance coverage lets one continue their employers' health
insurance plan, which can be a real benefit to many, especially when
one could have a hard time qualifying for private insurance (unlike
the insurance provided by one's employer, one must usually have to
qualify for private health insurance plans and their premiums would
usually be based mostly on their health status) or would have a gap in
health insurance coverage for other reasons.
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But, in order for one to continue their employers' health insurance
coverage through COBRA, they must pay the complete monthly insurance
premium instead of the discounted premium current employees get. That
can add up to a costly monthly premium.

Now, with the help of the internet, most people have access to many
health insurance companies. With this larger access comes more choices
and of course, more choices gives consumers the advantage of
comparison shopping. Although continuing COBRA insurance coverage
through one's employer is a good option for many, it may not be the
best choice for everyone. Depending on one's health status, finding
private insurance to fill the gap may provide adequate coverage
without the costly price tag of COBRA insurance.

Who then should continue COBRA insurance coverages from their employer?

1. People who have health problems that they are currently being
treated for or pre-existing health conditions, should strongly
consider the COBRA insurance option from their employer. It is very
difficult and costly to get private health insurance with current
health problems or pre-existing conditions and if one did find it,
those conditions would either be excluded or the premium would be very
costly.

2. Also, persons who know that their next employer will not have
health insurance available should also consider continuing the COBRA
insurance coverage, at least until they can provide themselves with
another health insurance option. This is also important because it is
much better to not have any gaps in health insurance coverage when
shopping for new coverage as one is less risky to the new health
insurance company when they have had continuous health insurance
coverage.

On the other hand, if one is a young, healthy individual with no
previous serious health problems, it may pay to shop around a little
to find some type of temporary health insurance coverage instead of
choosing the COBRA insurance option from their employer. But again, it
is important even for these individuals to avoid any gaps in their
health insurance coverage in order to obtain the best rates for their
new policy.
10 Key Considerations When Comparing Health Care Plans