COBRA Health Insurance Alternatives
COBRA (Consolidated Omnibus Reconciliation Act) is a federal law which allows people to keep their group health insurance coverage from their employer in the event of a job loss. However, COBRA is not always the best option, for these reasons:
- COBRA is only temporary and usually only provides 18 months of coverage
- COBRA, in most cases, is expensive because, as an ex-employee, you have to pay 100% of the premiums
- COBRA benefits cannot be changed to meet your individual needs
COBRA may be a good option for someone that has serious pre-existing conditions or ongoing health problems. Obtaining new coverage in these instances can be difficult. However, you should always know your options.
As noted above, COBRA typically runs out after 18 months. If your health changes for the worse during that 18 month period, you could face more serious problems obtaining individual coverage when your COBRA coverage ends. By purchasing your own individual health coverage instead of COBRA, you are eliminating that risk.
Having your own individual or family health insurance as an alternative to COBRA provides the following advantages:
- Individual health insurance plans are usually much less expensive than COBRA, providing a better value
- You can customize your policy to meet your needs (such as selecting your deductible, coinsurance, etc...)
- Eliminate the risk of becoming uninsurable during your 18 months of COBRA coverage
Contact Vincent Blair today, and we will help you determine if a COBRA alternative is appropriate for you. If so, we will help you choose which individual or family policy will provide the coverage and premium that best fits your needs. Free Quotes Available in Missouri and Illinois.
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