Is COBRA healthcare coverage the best deal?

COBRA could be the right choice if:

Private health care insurance isn't available to you

Individual medical care insurance would cost significantly more

You are assured approval from a health care coverage plan when C.O.B.R.A. ends

If you or a family member has a pre-existing health problem, accepting your COBRA option might be your best and only viable choice. Private medical care insurance might not be an option for you and your C.O.B.R.A. medical care insurance plan will probably cover the medical condition.

Usually C.O.B.R.A. health care coverage costs more than a plan available to those who acquire their insurance directly. Since C.O.B.R.A. is an extension of your eligibility for your company's group healthcare insurance policy and group health coverage usually costs more than individual and family medical assurance.

However, in certain scenarios, C.O.B.R.A. will cost less than a policy that you might buy on your own. If that difference is great enough, you might want to consider the C.O.B.R.A. option.

If you're guaranteed acceptance into a quality health care insurance policy when your C.O.B.R.A. eligibility ends you avoid the biggest pitfall of C.O.B.R.A. medical assurance. Often people who are perfectly healthy when they sign up for C.O.B.R.A. won't be when their eligibility ends. This may mean that their home or other assets are used to pay for health care bills that are incurred after their COBRA plan ends.

C.O.B.R.A. could be a pricey mistake in many other scenarios. This is because:

Accepting COBRA now might mean that you won't qualify for other insurance when your C.O.B.R.A. ends

C.O.B.R.A. might cost you more than a private health coverage policy

The biggest problem with accepting COBRA isn't the cost when compared to a similar private health coverage policy. The biggest issue is the tens of thousands of dollars you may have to pay out of your pocket for medical care after your COBRA ends. COBRA will typically end 18 months after your employment ends. If, for example, you will be eligible for Medicare when your C.O.B.R.A. ends, this issue shouldn't concern you. However, there is always the chance that you will develop a serious health care condition during the time that you are covered by C.O.B.R.A.. This may cause any new insurance company to reject your application.

If you can acquire a policy that you can keep until you are eligible for Medicare while you are healthy, you can avoid this potential disastrous event.

Many people fail to even check prices for other health insurance options. COBRA medical care coverage is often the most expensive option. COBRA can cost hundreds more each month when compared a private health care cover policy!

make sure to shop around for prices and benefits. Very often your COBRA health plan insurer will have a similar policy non-COBRA policy that you're eligible for.

C.O.B.R.A. insurance may be the right option in certain situations. However be certain to investigate multiple insurance options because purchasing C.O.B.R.A. if there are more competitive insurance choices available to you can be a costly mistake.

Is COBRA healthcare coverage the best deal - To learn more about this author, visit Alston Balkcom's Website.

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Alston Balkcom Subscribe to Alston's articles (Visit Alston's Website) Alston J. Balkcom has been a licensed insurance agent since December of 1985. His health insurance agency services Connecticut residents who do not qualify for health insurance through an employer Alston Balkcom is a Platinum author on EvanCarmichael.com

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