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Started By
Message
How does COBRA work?
Posted on 2/12/15 at 8:10 pm
Posted on 2/12/15 at 8:10 pm
how long does it last? And do you have to pay up front the whole thing or does it go by monthly payments?
15
Posted on 2/12/15 at 8:11 pm to Double Oh
Posted on 2/12/15 at 8:11 pm to Double Oh
18 months, I had to pay monthly, but that was 10 years ago
Posted on 2/12/15 at 8:16 pm to Double Oh
Posted on 2/12/15 at 8:21 pm to Double Oh
Standard is 18 months.
You can get an 11 month extension if you are deemed disabled by Social Secruity, but you must submit that award letter within the first 60 days of COBRA election.
You can have a 36 month COBRA if it was your spouses plan and they (1) died or (2) are divorcing you.
You have to pay your first months payment within 45 days of election, and then pay the premium monthly like you would any other bill.
You can get an 11 month extension if you are deemed disabled by Social Secruity, but you must submit that award letter within the first 60 days of COBRA election.
You can have a 36 month COBRA if it was your spouses plan and they (1) died or (2) are divorcing you.
You have to pay your first months payment within 45 days of election, and then pay the premium monthly like you would any other bill.
Posted on 2/12/15 at 8:24 pm to Double Oh
Lol. Youre unemployed.
Posted on 2/12/15 at 8:24 pm to foreverLSU
quote:
Standard is 18 months.
You can get an 11 month extension if you are deemed disabled by Social Secruity, but you must submit that award letter within the first 60 days of COBRA election.
You can have a 36 month COBRA if it was your spouses plan and they (1) died or (2) are divorcing you.
You have to pay your first months payment within 45 days of election, and then pay the premium monthly like you would any other bill.
this and you probably will not receive a bill each month for it. You will need to remember to send payment by the date each month on your own. If your payment is late, your coverage is over. I had cobra for about 15 months but dropped it for Obamacare this year and am saving almost $500 a month.
Posted on 2/12/15 at 8:32 pm to Double Oh
Thinking about becoming an international terrorist eh?
Posted on 2/12/15 at 8:34 pm to Double Oh
You bend over and then they go in dry.
Posted on 2/12/15 at 8:36 pm to Cosmo
Cosmo I'm still employed. I'm just preparing for if I do get laid off. Thanks for your concerns
Posted on 2/12/15 at 8:41 pm to Double Oh
You would probably do better with an individual policy
Posted on 2/12/15 at 8:55 pm to Tigerpaw123
That's another option tiger paw I was just wondering really how long Cobra lasted. I checked around for a family of 4 and it's around $1000 a month
Posted on 2/12/15 at 9:03 pm to Double Oh
quote:
You would probably do better with an individual policy
Posted on 2/12/15 at 9:05 pm to Tigerpaw123
quote:
You would probably do better with an individual policy
Not really, and not worth the effort for a few months.
Posted on 2/12/15 at 9:09 pm to CajunAlum Tiger Fan
quote:
quote:
You would probably do better with an individual policy
Not really, and not worth the effort for a few months.
How is it not worth the effort, it is a simple process, can be done on line or at just about any insurance agents office, fill out demographics, state if you smoke or not and pick a plan
Posted on 2/12/15 at 9:20 pm to Double Oh
18 months in the case of a typical termination. If your coverage on the active company medical plan terminates at the end of the month, and you elect COBRA, you will start paying 100% of the premium beginning at the 1st of the next month. It's the same plan as your active group plan, you are just paying all of the premium. If the group decides to switch carriers, they will have to offer it to you as well. If it was you and your kids on the active plan, then only you and the kids can elect COBRA. You pay monthly. Some administrators will send you a monthly payment notice, others make it your responsibility after you receive the first COBRA election notice to know when your payment is due.
Honestly it may be cheaper to get an individual plan.
Honestly it may be cheaper to get an individual plan.
This post was edited on 2/12/15 at 9:25 pm
Posted on 2/12/15 at 10:46 pm to Tigerpaw123
quote:
How is it not worth the effort, it is a simple process, can be done on line or at just about any insurance agents office, fill out demographics, state if you smoke or not and pick a plan
Because it's not that simple for a family of 4 and there are no significant savings for the effort. He won't find anything comparable for less than what his cobra premiums are.
I just went through this and it was much cheaper sticking with cobra than getting an individual family plan with the same coverage: $875 a month vs. over $1100.
Posted on 2/13/15 at 3:43 am to CajunAlum Tiger Fan
quote:
How does COBRA work?
quote:
How is it not worth the effort, it is a simple process, can be done on line or at just about any insurance agents office, fill out demographics, state if you smoke or not and pick a plan
Because it's not that simple for a family of 4 and there are no significant savings for the effort. He won't find anything comparable for less than what his cobra premiums are.
I just went through this and it was much cheaper sticking with cobra than getting an individual family plan with the same coverage: $875 a month vs. over $1100.
Family of 4 is around $1000 give or take. No idea what COBRA will be because im still employed.
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