What To Do After COBRA?

Question

My wife takes PLAVIX and was told by insurance companies that they will probably not cover her even though she is covered under COBRA now. This is crazy. We are willing to pay a hefty premium with a high annual deductible; we just want the peace of mind that we have coverage so we don't risk losing everything we worked so hard for, for the past 40 years. Please let us know if you have iny ideas or suggestions. Thank You.

Answer 1

Did the underwriters at the insurance companies tell you they probably wouldn't cover her or did a sales person tell you? There is a difference. Also, it's different if she is taking the medication as a preventative measure or if she has already had a stroke or heart attack.

Visit a local independent agent that works with all the major companies in your area. The agent can contact the insurance company's underwriters to find out a probable result to her application. Depending on the situation and your state there may be plans available other than HIPAA.

If not, remember that you must exhaust COBRA and have the new HIPAA policy in place within 63 days. Also, one mistake some people make is getting a short term policy to hold them over while they're looking for a policy. A short term policy will void their HIPAA guarantee.

Answer 2

If you wife carries her COBRA the maximum of 18 months. She will then be HIPAA qualified for guaranteed health coverage. This guarantee is only good as long the new plan is in effect within 63 days of COBRA expiring. If she goes 64 days without coverage after COBRA expires she will loose the HIPAA guarantee and may not be insurable.

The HIPAA qualified premiums will be high, but you are on the right track with the high deductible. Depending on where you live Blue Cross may be the best place to start. If you couple the high deductible plan with a Health savings account you can create some tax savings on your medical bills.

You can apply for coverage 30 to 60 days in advance, this would be a good idea to make sure you don't have a lapse in coverage.

I suggest you use 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