Understand all of your options for Alaska COBRA insurance
Losing, quitting, or even retiring from a job can be a stressful time for any family and having to make important decisions about health insurance can make that time even more difficult. However your Alaska COBRA insurance decisions do not have to be stress inducing if you know what options you should consider and understand how both federal and Alaska COBRA Insurance work. Exploring each individual insurance option will allow you to compare the pros and cons of each policy and find the right one for you. Additionally, knowing the difference between different policies and exploring all your options will help you save money because you can find the policy that works best for you.
Then most common option for Alaska COBRA insurance is federal COBRA insurance. In 1986, the United States government passed the COBRA insurance legislation which allowed individuals and their families to continue their group health insurance for up to 18 months in most cases given they met certain criteria. The main criteria that people must meet to sign up for COBRA insurance are working at a company with at least 20 employees and not having lost their health insurance due to gross misconduct (like theft) at work. When you sign up for COBRA insurance your health insurance remains exactly the same as it was when you were employed. This is true because it is simply an extension of your health insurance not a new health insurance plan. The one major difference with COBRA insurance is that you are responsible for paying for the entire premium plus a 2% administration fee. Since employers normally pay for 50%-90% of health insurance costs, most people see their health insurance costs skyrocket if they choose COBRA insurance. However there are more affordable options out there.
In most states if you find you do not qualify for federal COBRA insurance there is a state sponsored COBRA insurance plans that extend benefits. Unfortunately there is no Alaska COBRA insurance options for people who work at smaller companies or do not qualify for COBRA for other reasons.
One often overlooked health insurance option is private individual or family insurance. People mistaken believe that no one can afford to buy private health insurance, but for people and families who are generally healthy, private plans can actually be much more affordable than COBRA and offer similar coverage. In fact, most people find they save as much as 65% of $600 monthly by choosing a private plan. To start learning about private plans, get a free insurance quote. It will show you the options for you and your family as well as the price ranges available.
Lastly before signing up for COBRA health insurance or private insurance, it is always smart to find out if you qualify for any type of federal or Alaska government health insurance. In many cases if you have limited income you will qualify or your children may qualify. These plans offer free or very affordable health care options.