Why get Cobra insurance if it costs at least 2x?

Question

I recently left my job, and I received a Cobra notice in the mail that I qualify for Cobra for around $400 per month (health, dental, vision) But when I search the web, it seems like I can just buy my own policy for less than $200 per month. And it appears to be the exact same Blue Cross plan I was on. Am I missing something?

Thanks

Answer 1

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Answer 2

Cobra usually requires you to pay your share AND your previous employers share.

You can get your own personal policy for cheaper than a group because the risk pool is greater.

Example: At your previous job there were probably about 50k employees.  The insurance pool was 50k.  Private insurance has a pool about 1 - 2 million in size.  Bigger pool, more premiums coming in, less claims, lower premium.

Answer 3

Because you just got knee surgery.  You'll want the COBRA until all is clear and then you can try to get an indiviudal policy....

http://www.InsurancePickle.com  

Answer 4

If you are young and healthy and don't plan to have a baby, go for it.

If you are old, have pre-existing health conditions or might need maternity coverage, your COBRA was a better plan.

Answer 5

OK, when you search the web, it only gives you price.  It does NOT guarantee, that they will actually write you a policy.

A private insurer does NOT have to give you  a policy, and they do not have to COVER all the stuff that's currently wrong with you.  If you're pregnant, they flat out won't give you a policy at all.  That's the problem with buying your coverage off the internet.

SO.  The point in Cobra, is that it WILL cover all the stuff that's wrong with you, it WILL cover your pregnancy, etc.  IF you're perfectly healthy and nothing is wrong with you, take the private plan at half cost.  If you have something you currently take meds for, apply for the coverage, and see what they offer you  - or how much they're going to charge you, BEFORE you decline the Cobra.  

People take Cobra, because that's the ONLY way to cover, for example, their depression meds.  Or their pregnancy.   Or their diabetes.  Or their Crohn's Disease.  

Answer 6

If you qualify for the individual Blue Cross plan you will likely save money over the COBRA offering however it is not likely the same health coverage and most certainly does not include dental or vision coverage. As an agent I helped many clients save money by purchasing individual coverage.

However, be very sure that you are approved for the new coverage before you reject COBRA. You don't want to find yourself in a position where you reject COBRA and not qualified for the Blue Cross individual plan.