To COBRA or Not to COBRA...
Whether you are a victim of downsizing, a company merger, or if you are finally making the move to starting your own company, continuing quality health insurance is a major concern.
In some situations, you will be eligible for COBRA Continuation (Consolidated Omnubis Budget Reconciliation Act of 1986).
This means you are able to continue your current group health insurance coverage for up to 18 months in most situations. You are responsible for the entire premium without assistance from your prior employer. This can be a great option in some situations. If there are pre-existing health conditions that would either be excluded by a new individual insurance policy or make you ineligible for coverage altogether (diabetes, stroke, heart attack, recent internal cancer, etc.) then COBRA is probably the right choice. For those that are healthy enough to qualify, purchasing an individual health insurance policy that could be continued indefinitely usually makes more sense.
An individual health insurance policy is not tied in with any particular employer so it is portable. You own your coverage. Most insurance companies will guarantee that the only way your policy will be cancelled is if every policy in the state in which you reside is cancelled. Some insurers will not raise rates unless all policies in your class are raised accordingly. This pooling offers a tremendous amount of protection not usually associated with individual health insurance policies.
The best news is that the premiums for individual policies are typically lower. Sometimes a lot lower.
So the real question is…If you are healthy enough to qualify today, why not secure permanent coverage at an affordable rate?
To receive a personalized quote outlining your options, click here, or call us at 888-293-7923 to speak with a health insurance specialist.
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