It’s important to compare individual market plans with the COBRA offer you receive.
In some cases, continuing your existing coverage via COBRA will be the best option.
With COBRA continuation coverage, you dont have to pick a new plan.
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There’s no starting over with a newdeductibleandout-of-pocket maximummid-way through the year.
No finding a new healthcare provider because your current healthcare provider isnt in-internet with your new health plan.
No transferring medical records or prescriptions.
However, not everyone is allowed to use the COBRA law to continue their health insurance.
Understanding whether or not youre eligible for COBRA health insurance will help you plan for a secure future.
Not all health plans have to offer COBRA continuation coverage.
Your plan does if its a group plan offered through a private-sector employer with at least 20 full-time employees.
COBRA also applies to most state and local government health plans.
Not all states have “mini-COBRA” laws.
You wont be eligible for COBRA if there is no health plan to continue because your employer went bankrupt.
Am I a Qualified Beneficiary?
Do I Have a Qualifying Event?
Someone has to tell the health plan administrator.
This is known as “giving qualifying event notice.
In some cases, you may be tempted to withhold notice.
Youd just continue on with spousal coverage as though youre a married couple.
But this is not allowed.
Yourerequiredto give qualifying event notice in a timely manner.
The health plan may demand reimbursement for the health care it paid for while you were receiving coverage fraudulently.
That said, you dont need to give notice while youre going through divorce, or legal separation proceedings.
Youre not obligated to give notice until the divorce or legal separation actually takes place.
How Should I Decide Whether to Continue My Coverage With COBRA?
You’ll have a 60-day window during which you’re able to sign up for COBRA.
So you’re free to take your time andcompare COBRAwith theoptionsthat are available in the individual market.
But once your COBRA election window closes, it can’t be reopened.
However,voluntarytermination of your COBRA plan would not trigger a special enrollment period.
Centers for Medicare and Medicaid Services.COBRA continuation coverage questions and answers.
Employee Benefits Security Administration United States Department of Labor.An employer’s guide to group health continuation coverage under COBRA.
Alliant Employee Benefits.Federal COBRA & State Continuation Coverage Chart.
U.S. Department of Labor.FAQs on COBRA continuation health coverage for workers.
Centers for Medicare and Medicaid Services.COBRA continuation coverage.
Kaiser Family Foundation.Employer health benefits, summary of findings.
healthinsurance.org.How the American Rescue Plan Act will boost marketplace premium subsidies.
healthinsurance.org.How sunsetting ARPs subsidy enhancements would affect ACA subsidy amounts.
Jan. 3, 2025. healthinsurance.org.Im leaving my job and will lose my insurance the last day of this month.
U.S. Centers for Medicare and Medicaid Services.COBRA coverage and the marketplace.
