Ever Deal with COBRA?

Discussion in 'Community Discussion' started by x86, Jun 23, 2006.

  1. x86 macrumors regular

    x86

    Joined:
    May 25, 2006
    Location:
    Dearborn, MI
    #1
    Hello All,
    Today is my last day at my current job and I'll be starting my new position on Monday. The problem is that I won't be getting any health insurance until my 90 days are up at the new place. Have any of you used COBRA before to extend your insurance coverage? I've heard that it’s pretty expensive. Any guesses as to what the cost would be for a single person?

    -Thanks
     
  2. iGary Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #2
    You need to make sure you tell them you want COBRA before you leave...

    The cost will depend on how big the company you work at is, what kind of rates they get, etc.

    But you have to tell them you want it....generally you pay them directly at the beginning of the month, and you receive the same coverage. You can even keep the coverage for up to 18 months. You may want to see what type of coverage your new employer offers before you bail on your old policy.
     
  3. ejb190 macrumors 65816

    ejb190

    #3
    Yes, COBRA can be very expensive.

    You might find you can get a short term policy for a lot less. Talk to an independent insurance person about a lower cost plan. If you are healthy, young, and single you might not need extensive coverage, just enough for piece of mind.

    Good luck with the new job!!!!
     
  4. superbovine macrumors 68030

    superbovine

    Joined:
    Nov 7, 2003
    #4
    tis very good advice.
     
  5. Counterfit macrumors G3

    Counterfit

    Joined:
    Aug 20, 2003
    Location:
    sitting on your shoulder
  6. Chip NoVaMac macrumors G3

    Chip NoVaMac

    Joined:
    Dec 25, 2003
    Location:
    Northern Virginia
    #6
    Have to be careful on not taking COBRA. COBRA, IIRC allows for pre-existing conditions to be covered till your new work policy takes effect. And requires them to cover per-exsisting condition IIRC at your new job.

    A cautionary tale. My ex was trying to decide on whether to COBRA or not. I convinced him to do it. Lucky for him, since he had to have his appendix removed. The high cost of the premiums was out weighed by this "surprise" surgery.
     
  7. x86 thread starter macrumors regular

    x86

    Joined:
    May 25, 2006
    Location:
    Dearborn, MI
    #7
    Yeah, I really want to get it because my current coverage is pretty good, but if it's like $500 a month then I'd rather try something else. In Michigan, (not sure if it's any different in other states) you get 60 days to decide if you want to elect COBRA or not. So if I have some sort of emergancy within that timeframe, I can always elect it and it will cover me up to that point. At least I think...
     
  8. Chip NoVaMac macrumors G3

    Chip NoVaMac

    Joined:
    Dec 25, 2003
    Location:
    Northern Virginia
    #8

    Talk with your old job's HR department. They should be able to answer more directly than we can here.
     
  9. Thomas Veil macrumors 68020

    Thomas Veil

    Joined:
    Feb 14, 2004
    Location:
    Reality
    #10
    At my old job, I was told it would be $700/mo. Needless to say, I didn't take it.
     
  10. LethalWolfe macrumors G3

    LethalWolfe

    Joined:
    Jan 11, 2002
    Location:
    Los Angeles
    #11
    I would "coast" on the COBRA for your 60 day window, then buy 1 month of short term insurance just to cover "big stuff".


    Lethal
     

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