You simply misplaced your job and your human assets consultant simply informed you about COBRA (Consolidated Omnibus Budget Reconciliation Act). In principle COBRA is superior (if you happen to qualify) it offers an individual who develop into unemployed a technique to keep lined by the outdated well being insurance policy.
There are two issues to recollect about COBRA.
1. You can solely take part and be lined for 18 months
2. In virtually each case, it’s important to pay 100% of the premiums as a result of the corporate would not assist pay for protection.
How does that break down for many Americans? Lets shortly study some info about the usage of COBRA and employer sponsored healthcare insurance coverage:
… An particular person pays about $600 to $800 a month for continued protection below the COBRA act
… A household pays roughly $1250 to $1500 a month for continued protection below the COBRA act
… The common particular person on unemployment insurance coverage clears $1334 a month
… Rather less than 20% of people who find themselves eligible for COBRA can afford to make use of it
… Most folks have no idea in regards to the COBRA “loophole” (Basically you could have 60 days to resolve if you wish to use the COBRA. Use can use the insurance coverage for 59 days.) In essence you will get $1200 to $1600 price of free healthcare insurance coverage protection relying how a lot the premiums price.
COBRA isn’t an actual reply, even for momentary medical health insurance; you will get inexpensive and cheaper protection. This is high quality healthcare insurance coverage protection. You should purchase your personal private or household well being insurance policy that that may be custom-made and can higher fit your wants