Should I take COBRA or get individual health insurance?

Question

I am 60 yrs old and have high blood pressure. My spouse is 62 and smokes. Under COBRA, we would pay $836 a month for medical and dental. That coverage started in February but I have until May to decide if I want COBRA or not. At this point, if I choose COBRA, I have to pay for the months of February and March which have already passed. It’s a federal law which makes no sense. But anyway, that’s $1672 out the window. Am I better off using my money to get individual health insurance? My concern is that I don’t know how having high blood pressure and my spouse being a smoker will affect things. Also, I recently had some dental work done and told them they may have to file a claim through COBRA if I do get it. The billing lady told me that they have problems with billing to COBRA because it’s taking COBRA 60 to 90 days to pay a claim which will incur interest for the patient. Has anyone experienced this? I'm just so confused about all this. I'd appreciate any advice.

Answer 1

You should only keep COBRA if you can't get individual coverage. . Your medical conditions described here are not that big of a deal. You may want to consider an HSA.

You are running our of time to find an individual policy and get approval by may 1st. You will need to get you application in ASAP.

I suggest using yellowpages.com to search for health insurance brokers in your area. A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state. Don't call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in health insurance. These areas of insurance even require separate licenses.

If you live in MD, VA, DC feel free to contact me.

PS. Based on the info provided A Blue Cross HSA in VA for you would cost Approx $440 per month with a $6,000 deductible.

Answer 2

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Answer 3

COBRA is a joke, you are much better off trying and finding individual health insurance.  It may take awhile but be sure to look around, there are some great companies out there.

Answer 4

Short Answer: Take the COBRA, pay the back premium, and when you turn 65, hop on Medicare A, B, D and Medigap.

Long Answer:  It is very difficult, if not impossible, for a high-blood pressure, secondhand smoker at age 60 to find individual health insurance that will cover what you want it to cover, and chances are good that it will be more expensive than COBRA.  $1672 for two months of back pay may be difficult to swallow, but nothing like a $30,000 bill will be if you wind up in the hospital without insurance.  Take the COBRA while investigating your own individual Health Insurance.  If you can find something less expensive: Awesome.  THEN you can ditch COBRA.  Until then, stick with the federally supported plan.

Be aware that unless you had dental coverage before you parted ways from your last job, you won't have any now either.  Enrolling in COBRA will cover you retroactively to the date your coverage was terminated, exactly as it was.  Depending on what state you are in, it may not be LEGAL for the dentist's office to charge you interest once the claim has been submitted, so if they try it, check with a licensed representative before you just pay it.  On the other hand, it may just be simpler to pay the dentist and then submit to your insurance for reimbursement, but that is up to you.

Answer 5

Has an insurance company actually agreed to OFFER you coverage?  

My guess is, at 60 with high blood pressure, you're NOT going to find anyone to give you health insurance, for both of you, for even $1,200 a month.  Oh, and it wouldn't include dental, either.

My advice - take the cobra, for as long as you can.  I strongly suspect you won't get coverage anywhere else at twice the price.

Answer 6

Finding an individual policy that will accept you and your husband with pre-existing conditions will be difficult (if not impossible). Why not go to an Independant Agent in your area to find out? He (or she) will be able to tell you if you will be able to get past the underwriting. However, it wil take time to go through that process and get approval. AND if you had the dental work done in Feb or March, YOU will be liable to pay for it-since you did not pay for COBRA, you have NO coverage (unless you decide to pay the back premiums now).

Chances are, you will have to pay the COBRA rates.

Answer 7

i agree, bite the bullet and pay for past few months of cobra. insurance companies are worse than las vegas - they always play the odds. you're really going to have to do some looking and most individual plans won't cover dental with extra high premiums. it does take cobra a long time to pay, but tell your MD that it's going through cobra or write than on any bill you receive plus the HR or cobra admin's phone number so you can get some help. good luck!

Answer 8

It sounds like you are in "the gap."  No longer working but not yet eligible for Medicare.  I would recommend taking the COBRA coverage for now (it only lasts 18 months) while you investigate individual coverage.  I fear that you're going to find individual coverage difficult to obtain:  very expensive with exclusions for existing conditions.  But the COBRA will give you some time to investigate.  Good luck.