Have you ever used COBRA insurance?

Question

Has anyone you know made use of it or have you found it really just been a peice of mind thing?

Answer 1

Cobra is the law that allows you to continue your companies insurance for 18 months after you leave your job(see below link). It is costly since you pay the full amount the company charges for your catagory(eg single,married,married with kids etc).I have paid COBRA protection 2 times and most recently opted to take my chances and not have health insurance(couldnt afford it). Health Insurance is scary - check out Michael Moore's latest documentary SICKO...It is a true horrow movie!

Answer 2

COBRA is worth getting if you can't qualify for less expensive coverage.  That's what consumers do.  Although some don't realize alternatives are available and I commonly find people with expensive COBRA coverage instead of a less expensive plan.

Answer 3

I work with the COBRA law every day.  Whether or not it is worth getting depends on the insurance your former employer will be offering you under COBRA.  Generally, the way to decide is whether your anticipated medical expenses each month will be more than the insurance premium.

Additionally, COBRA's election period allows you to play a time game.  Under COBRA, you must have at least 60 days to "elect" COBRA, and then you get another 45 days after electing to make your first payment--if you max both of these out, that is 105 days.  Often, when you leave one job for another, you have a 90 day wait before new benefits kick in--less than 105 days!  So, I often advise people to max out their 60 and 45 days; around day 100, look back and decide if you've had medical expenses that are more than the premiums, and if so, pay the COBRA premium.  But, if not (maybe you only went the doctor one time), just pay the doctor and don't pay for the COBRA coverage.  Just because you elect doesn't mean you're required to pay.

Answer 4

COBRA is temporary, so in my mind it is a last resort.  I recommend that unless you know you will have coverage from another group soon, that you consider a permanent plan in the individual market.

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