Understand how to enroll in COBRA health insurance
The act of enrolling in COBRA health insurance is a surprisingly simple process in most cases. However, before you enroll in COBRA insurance there are many considerations to think through. Weighing the pros and cons of signing up for COBRA insurance to maintain health insurance coverage is very important to ensure you get the best plan for you and your family since there are many health insurance plans on the market that offer a plethora of coverage options at many different price points.
Anytime you are considering enrolling in COBRA health insurance, there are three important questions that every individual or family should consider to make sure that COBRA health insurance is actually the right option.
What are the health needs of you and your family?
Perhaps the most important question that you need to consider when considering enrolling in COBRA insurance is what are the health needs of your family. The general rule of thumb is that COBRA insurance is best for anyone with preexisting health conditions or serious medical needs since it is likely that they may be denied from a new plan or it will be extremely expensive. However for people with fewer medical needs, many times other plans are less expensive and may offer similar coverage.
What is your monthly budget for health insurance
This is an extremely important question, especially after job loss for many people since COBRA insurance can be very expensive. When determining your monthly health insurance budget, make sure to consider the cost of prescriptions, co-payments, and deductibles.
Which health insurance plan is best for each family member?
The last question to consider is probably the most difficult, however it is important to keep in mind that you can continue COBRA insurance coverage for some family members and not others. The first thing you should do here is to explore multiple COBRA insurance alternatives and get free quotes to understand the plan details and costs. Then compare each plan to COBRA for each family member. This should help you ensure you get the best plan for each family member at the right cost.
If you do decide to enroll in COBRA health insurance, the process is relatively simple. Your employer is required to provide you with an election form within 14 days of the last day of your health insurance coverage. After you receive the election form, you have 60 to decide if you would like to enroll and submit the enrollment paperwork. You also must pay the COBRA insurance premium with the paperwork, retroactive back to the day your insurance ended.