Ever Deal with COBRA?

[x86]

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

 

[iGary]

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

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.

 

[ejb190]

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!!!!

 

[superbovine]

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!!!!

tis very good advice.

 

[Counterfit]

I had to deal with COBRA once. It did not end well.

 

[Chip NoVaMac]

tis very good advice.

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.

 

[x86]

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...

 

[Chip NoVaMac]

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...

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

 

[quigleybc]

Yo Joe!!!!!!!

 

[Thomas Veil]

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.

At my old job, I was told it would be $700/mo. Needless to say, I didn't take it.

 

[LethalWolfe]

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