Carmen does not know how long she may be without insurance. She is aware what kind of financial burden she could insure if she goes without. But, after loseing her job as a sales person she is forced to look at all the options she has open to her.
COBRA is mandated for employers with 20 or more employees. It mandates that they must allow past employees maintain their health insurance for at least 18 months if they so choose. This option tends to be very costly however!
The reason COBRA is expensive is due to a few things. First, you pay the total premium (what you had paid, plus the employer contribuation). Second, they often add administrative fees on top of that.
When looking into your options there are a few things to consider. One is your pre exisiting conditions. If you have an illness that requires medical attention or medications. Then you should opt for COBRA.
Since Carmen has a pre exisitng condition she would want to take advantage of the COBRA option. Because tempoary health insurance excludes any pre existing conditions.But, if she would like to save money she could find a alternative for her healthy husband.
There are a few factors to consider besides health. Although health is a very important one. Here are a few things to consider as well:
1. Temporary helath insurance is just that....temporary. So if you purchase 6 months and then find you need it 12 months you may be trying to find more coverage at the last minute. So you should consider this.
2. Because temporary health insurance does not cover any pre exisitng conditions, ignoring this fact could cost you big time. You should also keep in mind that if you take a temp plan and then get sick, once the term is the new condition is then called pre exisitng and will not be covered if you have to extend the term.
3. Temporary health insurance will not cover things like office visits. You will have to pay for that out of opocket due to the high deductible you have to meet. This insurance can keep you out of financial debt incase something really costly happens however. - 16036
COBRA is mandated for employers with 20 or more employees. It mandates that they must allow past employees maintain their health insurance for at least 18 months if they so choose. This option tends to be very costly however!
The reason COBRA is expensive is due to a few things. First, you pay the total premium (what you had paid, plus the employer contribuation). Second, they often add administrative fees on top of that.
When looking into your options there are a few things to consider. One is your pre exisiting conditions. If you have an illness that requires medical attention or medications. Then you should opt for COBRA.
Since Carmen has a pre exisitng condition she would want to take advantage of the COBRA option. Because tempoary health insurance excludes any pre existing conditions.But, if she would like to save money she could find a alternative for her healthy husband.
There are a few factors to consider besides health. Although health is a very important one. Here are a few things to consider as well:
1. Temporary helath insurance is just that....temporary. So if you purchase 6 months and then find you need it 12 months you may be trying to find more coverage at the last minute. So you should consider this.
2. Because temporary health insurance does not cover any pre exisitng conditions, ignoring this fact could cost you big time. You should also keep in mind that if you take a temp plan and then get sick, once the term is the new condition is then called pre exisitng and will not be covered if you have to extend the term.
3. Temporary health insurance will not cover things like office visits. You will have to pay for that out of opocket due to the high deductible you have to meet. This insurance can keep you out of financial debt incase something really costly happens however. - 16036
About the Author:
Are you are need of temporary health insurance or need to know more about your options contact Broker Jeff Cline. He is an professinal at COBRA alternatives. Are you decide you would like permanent individual health insurance he can help you with that also. He can be reached anytime at his toll free number 866-526-9669.
