COBRA Health Coverage for loss of dependent child status?

Question

I've been reading about contiuation coverage through cobra for dependent child status, but I'm still unsure about a few things. I'm 22 and my family has Tricare insurance through the military, but when I turn 23 my coverage will stop. I will still be in school when I turn 23 and will still depend on my parents financially, so does that make me eligible for COBRA coverage until I am done with school? Is there any age limit for this type of coverage? If anyone has had experience with this type of coverage I would appreciate some feedback.

Answer 1

Lori S is right, COBRA is usually only a good idea if you have a serious medical condition. If you are healthy you defiantly need to find an individual policy on your own.

If you have already run some on-line quotes you already know that there are many insurance companies to choose from and then each company offers 3-7 different plans. This can be pretty confusing.

I suggest using yellowpages.com to search for health insurance brokers in your area.

Don't call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in health insurance.

A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state. A good broker will ask you a few questions then make a recommendation on the company and plan that may fit your needs.

For a typical college student who is healthy and has a limited budget I usually suggest a plan with a higher deductible and a lower premium

Answer 2

You would be eligible for COBRA because you are losing your status as a dependant child. However, COBRA is expensive and you might be better served getting your own individual policy since you are young and probably healthy. My advice is to find an independant agent in your area and see what that would cost you. since you would be obligated to pay up to 102% of the premium (the employer will no longer be paying their portion of it).