When should you continue your group health plan benefits under COBRA?
Many people don’t realize that personal, individual health insurance coverage is often significantly less expensive that COBRA coverage or even group coverage at work (savings of 40-50% are common). However, there are times and situations when taking COBRA may be the best option:
You should continue your health benefits under COBRA if you…
* have had comprehensive benefits and don’t mind paying more for them.
* 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.
* are pregnant or planning to get that way.
* got a job and your new employer does not offer a health plan.
Also remember, you may elect coverage on yourself or any other family member now on the group coverage, and may do so “individually.” That is, maybe you’re in good health, but have a spouse with a health “issue.” You could elect COBRA on your spouse, but save money by purchasing individual health insurance on yourself.
The point? Don’t just automatically take the COBRA offer of coverage. Talk with a broker (like us) who specializes in health insurance and see what money-saving options are available.
As ever, please contact us with questions or to talk about your specific situation and needs. For a quick quote on available health insurance options, click here.