I had to decide whether or not to sign up for COBRA coverage from my former employer. COBRA, or the “Consolidated Omnibus Budget Reconciliation Act” allows former employees under certain conditions to continue to receive certain of their health benefits for a defined length of time, normally 18, or 36 months. Here are some links explaining it:
FAQs about COBRA Continuation Health Coverage
An Employee’s Guide to Health Benefits Under COBRA
I am fortunate in that my former employer is continuing to subsidize my insurance for several months, which means I can continue to pay the rate I had been paying a little while longer. I have to pay the full amount afterwards, for up to 18 months, until I can get covered for health insurance at my new employer, or else sign up for benefits at HealthCare.gov (Obamacare).
I registered on the HealthCare.gov website so I could see the level of benefits and costs. For the next several months the choice is easy, keep on COBRA and continue current costs. If I still need it in a few months, will have to decide to stick with COBRA or sign up for Obamacare.
From what I can tell, comparable plans cost just about the same to the full amount I would pay under COBRA. Problem is I’m above the cutoff in pay, so I’m not eligible for subsidies to help pay for insurance. So, in a few months I’ll have to look more closely at it. Maybe I’ll stick with COBRA so I can keep my same level of health insurance. Maybe Obamacare will be cheaper and better. Will see…
To those in the same boat, I would encourage to examine all your options.
