Understand your options for COBRA insurance if you live in Arkansas
For anyone who has recently lost, quit, or retired from a job you are probably thinking about Arkansas COBRA insurance and what options you have to make sure you and your family have health insurance moving forward. Given the importance of health insurance, this is a critical decision for most families and also a decision that usually has a financial consideration as well given the high cost of COBRA insurance. Learn about what your options for Arkansas COBRA insurance are, as well as how you may be able to save money, over 65% by considering a private health insurance plan.
The first option to explore for Arkansas COBRA insurance is to find out if you are eligible for federal COBRA insurance. Most people are eligible for COBRA insurance if they quit, lost, or retired from their job and worked at a company that insured 20 or more full time employees. Under federal COBRA insurance you are able to continue to use the exact same health insurance plan you had with your employer for up to 18 months in most cases. To keep the exact same coverage, you will have to pay 102% of the cost of the health insurance premiums. For most people this means double to triple the cost for health insurance monthly since most employers pay for at 50%-90% of health insurance costs.
Many states also offer what are commonly known as mini COBRA plans to help state residents who do not qualify for federal COBRA insurance. These plans usually extend to people who work at companies with between 2-19 employees and allow them to continue their group health insurance plan. Unfortunately the state of Arkansas does not currently offer Arkansas COBRA insurance.
Another option for health insurance after being laid off, quitting, or retiring is finding a private individual or family health insurance plan. Many people are scared of the high price of health insurance but actually find that when they get health insurance quotes, their rates are much less than COBRA insurance. In fact, the average healthy individual or family can save over 65% by signing up for their own plan. This is mainly because employer plans cover both health and not so healthy individuals and when you get your own plan, you are only covering yourself and your family. If you have a preexisting condition you can also look into PCIP plans.
The last option for Arkansas COBRA insurance is to find out if you or your children qualify for any governmental health insurance. For most of these programs there are income limits that determine if you are eligible for the program. Many children will qualify for health insurance from the state or federal government so it is always important to call and find out.