Aa
Should I take the risk?
I recently quit my old job and went to work for my dad's company. Luckily my last day the previous job was June 1, because I had company-paid coverage for this month. However, I will not be covered under my dad's group plan until 9/1. COBRA at my last job would've been $800/month. I didn't feel like shelling that out.
My doctor supplied me with enough Prevacid to keep me going until I'm covered again, and he said he'd phone in one more refill on July 9. So for August I guess I'm going to have to pay out of pocket to see a doctor and get the prescription. Clonazepam is only 30 bucks, though. My last doctor said he charged $120 or something like that for an appointment, but it may be higher up here. Still, $1600 for insurance. I'm just going to hope for the best, I guess.
I could get a personal policy for something like $400 a month (31 years old, smoker, pre-existing conditions won't even be covered). Or do they even do policies for that short amount of time?
My doctor supplied me with enough Prevacid to keep me going until I'm covered again, and he said he'd phone in one more refill on July 9. So for August I guess I'm going to have to pay out of pocket to see a doctor and get the prescription. Clonazepam is only 30 bucks, though. My last doctor said he charged $120 or something like that for an appointment, but it may be higher up here. Still, $1600 for insurance. I'm just going to hope for the best, I guess.
I could get a personal policy for something like $400 a month (31 years old, smoker, pre-existing conditions won't even be covered). Or do they even do policies for that short amount of time?
With something this important, it's always good to have affirmation. Thanks for the post.
You're absolutely right. I just implemented COBRA administration for an exiting employee (very small office with almost no turnover, so it's not something we come across a lot) and I learned directly from the insurance company what you discovered--COBRA is set up in a way so that if you are going to a new job and will be getting insurance within three months or so, you really don't need to pay for it because you're free to elect it in the event of an emergency. He and his wife were flat-out told by the HR department at her company that as long as they'd be covered at his new job (they were both quitting to move out of the area and he had a new job waiting) to NOT pay for COBRA, wait it out, and only elect it if there was an emergency.
Of course this isn't as beneficial for someone who isn't going immediately to a new job, but it's a nice "free crossover" for someone who is.
Of course this isn't as beneficial for someone who isn't going immediately to a new job, but it's a nice "free crossover" for someone who is.
I've learned a lot in the last couple days.
First, this is universal throughout the United States. COBRA is labor law and while in some states COBRA might be better/cheaper/whatever, the rules (as I understand them) are as follows:
Within 14 days of your insurance coverage ending, you must be mailed a letter that states you can elect to take COBRA coverage. From that time, you have 60 days to accept it. If you do not, you're no longer eligible.
If you do elect to take COBRA, a bill is due in 45 days from the date you elected to take it.
In my situation, I still haven't received the letter and 60 days from now I'll be covered by a new group plan. So I am covered. I've already been told that the plan I was on would cost something like $700-800/mo., so there's no way I'm electing to take COBRA unless something bad happens. From what I understand, if I'm hit by a taxi next week and I've received the letter, all I have to do is respond and say "yeah, you bet I elect to take COBRA", and then I'm covered. If I'm incapacitated, then I guess my next-of-kin would do it for me. In roughly 45 days I'd owe them somewhere between $1400 and $1600 dollars.
It could be that it would be best to go ahead and elect to take COBRA once I get the letter. By the time I get it, the bill wouldn't be due until after I'm covered by the new group plan. I just thought of that. Seems like the thing to do. If I just have to go to the doctor for a sinus problem or something, I'd just pay out of pocket rather than let the insurance take it. When the bill comes sometime in September I hope to be able to throw it away.
So that's that. It's basically what you said, peekawho, with some minor differences.
I should say that I talked to HR at my old company and HR where my mother works, and neither of them had any idea how COBRA works. Last night I called the insurance company. Of course, their offices were closed but I talked to their "ask a nurse" nurse and she told me not to worry about it. If something happened to me tomorrow, I'd be covered by the old policy but would end up owing them tons of money in premiums, which would be tons less than I'd owe a hospital.
Anyway, I feel a lot better about it now.
First, this is universal throughout the United States. COBRA is labor law and while in some states COBRA might be better/cheaper/whatever, the rules (as I understand them) are as follows:
Within 14 days of your insurance coverage ending, you must be mailed a letter that states you can elect to take COBRA coverage. From that time, you have 60 days to accept it. If you do not, you're no longer eligible.
If you do elect to take COBRA, a bill is due in 45 days from the date you elected to take it.
In my situation, I still haven't received the letter and 60 days from now I'll be covered by a new group plan. So I am covered. I've already been told that the plan I was on would cost something like $700-800/mo., so there's no way I'm electing to take COBRA unless something bad happens. From what I understand, if I'm hit by a taxi next week and I've received the letter, all I have to do is respond and say "yeah, you bet I elect to take COBRA", and then I'm covered. If I'm incapacitated, then I guess my next-of-kin would do it for me. In roughly 45 days I'd owe them somewhere between $1400 and $1600 dollars.
It could be that it would be best to go ahead and elect to take COBRA once I get the letter. By the time I get it, the bill wouldn't be due until after I'm covered by the new group plan. I just thought of that. Seems like the thing to do. If I just have to go to the doctor for a sinus problem or something, I'd just pay out of pocket rather than let the insurance take it. When the bill comes sometime in September I hope to be able to throw it away.
So that's that. It's basically what you said, peekawho, with some minor differences.
I should say that I talked to HR at my old company and HR where my mother works, and neither of them had any idea how COBRA works. Last night I called the insurance company. Of course, their offices were closed but I talked to their "ask a nurse" nurse and she told me not to worry about it. If something happened to me tomorrow, I'd be covered by the old policy but would end up owing them tons of money in premiums, which would be tons less than I'd owe a hospital.
Anyway, I feel a lot better about it now.
Check with them first and be sure you completely understand it.
You will have to pay if you for some reason use it the first month. You are simply billed (at least we were) at the end of the first month. Since we didn't use it, we did not pay it and it was cancelled.
Maybe this varies by state or company policy, I have no idea. My husbands last day was like Sept 15th, his regular insurance carried until the last day of Sept, he elected Cobra, we got the first bill at the end of Oct. Since we hadn't used it in Oct, we canceled at that time as the new insurance kicked in then anyway.
That's how it worked for us, in Michigan. Check and be very, very sure of how it works in your company, in your state. I think it was going to be in the $600 a month range. You can elect to have different levels of coverage for Cobra, too. Obviously, you don't need vision or dental during that time which brings the cost down some.
The 60 day thing would be cool. Check with HR--they should know all about how it works.
You will have to pay if you for some reason use it the first month. You are simply billed (at least we were) at the end of the first month. Since we didn't use it, we did not pay it and it was cancelled.
Maybe this varies by state or company policy, I have no idea. My husbands last day was like Sept 15th, his regular insurance carried until the last day of Sept, he elected Cobra, we got the first bill at the end of Oct. Since we hadn't used it in Oct, we canceled at that time as the new insurance kicked in then anyway.
That's how it worked for us, in Michigan. Check and be very, very sure of how it works in your company, in your state. I think it was going to be in the $600 a month range. You can elect to have different levels of coverage for Cobra, too. Obviously, you don't need vision or dental during that time which brings the cost down some.
The 60 day thing would be cool. Check with HR--they should know all about how it works.
Well, it's only a 60-day window that you can do that. It's not really even a loophole if you think about it. The 60 days just happens to fit my situation perfectly.
Let's say I fall down the stairs on August 3rd. I'd pay the full premium for both July and August. The insurance company would actually come out better on the deal than they would had I gotten COBRA, because then I wouldn't have paid a July premium.
Anyway, I have two people who are going to ask underwriters about it tomorrow. If there's a consensus of opinion I'm not going to worry about it. If there's a difference or they say no, I'll be calling my old HR department to get on COBRA. I never had any idea I wouldn't have to pay the first month.
Thanks for the info.
Let's say I fall down the stairs on August 3rd. I'd pay the full premium for both July and August. The insurance company would actually come out better on the deal than they would had I gotten COBRA, because then I wouldn't have paid a July premium.
Anyway, I have two people who are going to ask underwriters about it tomorrow. If there's a consensus of opinion I'm not going to worry about it. If there's a difference or they say no, I'll be calling my old HR department to get on COBRA. I never had any idea I wouldn't have to pay the first month.
Thanks for the info.
Talk to your HR peeps about the Cobra plan works exactly. We knew nothing about it and just assumed it would be horribly expensive until they explained that you don't have to pay the first month unless you use it or continue it on after that.
Just cancel your Cobra coverage at the end of the first month (that's when you'll get your first Cobra bill), or continue for one more month if that's all you need. Your work will cover your regular insurance premium until the end of June. If you elect to continue on with Cobra, you will be billed at the END of July. If you didn't use it in July, just don't pay. They will cancel it and that will be that.
Like I said, ONE illness or accident could wipe you out for a long time to come. I'm not at all confident you can apply for insurance after an accident or illness, pay the back premium and be covered. If it was that easy, everyone would do that and no one would ever bother paying insurance premiums until they needed them.
Just cancel your Cobra coverage at the end of the first month (that's when you'll get your first Cobra bill), or continue for one more month if that's all you need. Your work will cover your regular insurance premium until the end of June. If you elect to continue on with Cobra, you will be billed at the END of July. If you didn't use it in July, just don't pay. They will cancel it and that will be that.
Like I said, ONE illness or accident could wipe you out for a long time to come. I'm not at all confident you can apply for insurance after an accident or illness, pay the back premium and be covered. If it was that easy, everyone would do that and no one would ever bother paying insurance premiums until they needed them.
I thought I would mention that I currently have COBRA and I'm paying almost $400/month for myself with BCBS.
I don't know about that comment that was made on your blog. I would call your insurance provider just to be on the safe side.
I'm not a "her". I'm a man, for crying out loud.
Anyway, the short-term solutions appeared to be useless. I have the money to pay for a doctor's appointment if needed. If it's only going to pay $750 if I go to the hospital, that's nothing. I'm better off not paying the $207 a month and just gambling with it.
Peekawho, thanks for the COBRA information. My work made no mention of that. They said they'd already paid my premium for June since my last day was actually June 1. I didn't plan it that way...it's just the way it worked out. They just said COBRA would be some astronomical figure...like seven or eight-hundred dollars a month.
Now someone just posted on my blog that used to be in the insurance business. She said, "even if you do not sign up for it, if you get really sick where you need insurance within 60 days you can just pay the back premium and still be covered."
Can anyone comment on that? Is that true? If so, does that mean for 60 days after my insurance was terminated (yesterday), or 60 days after I stopped working (June 1)?
Anyway, the short-term solutions appeared to be useless. I have the money to pay for a doctor's appointment if needed. If it's only going to pay $750 if I go to the hospital, that's nothing. I'm better off not paying the $207 a month and just gambling with it.
Peekawho, thanks for the COBRA information. My work made no mention of that. They said they'd already paid my premium for June since my last day was actually June 1. I didn't plan it that way...it's just the way it worked out. They just said COBRA would be some astronomical figure...like seven or eight-hundred dollars a month.
Now someone just posted on my blog that used to be in the insurance business. She said, "even if you do not sign up for it, if you get really sick where you need insurance within 60 days you can just pay the back premium and still be covered."
Can anyone comment on that? Is that true? If so, does that mean for 60 days after my insurance was terminated (yesterday), or 60 days after I stopped working (June 1)?
STOP IT!
All I was letting you know is that there are rules here and MedHelp has their reasons for their rules and I'm sure they are very valid.
I wasn't sure what your intentions were, but regardless, you were violating MedHelp's rules.
I was not intending to sell her insurance. first of all, I am not in the same state, so I can't. Secondly, I was going to provide her with phone numbers of companies she can call. I needed the information, so I could send her the correct numbers.
So, I'll tell you what, PlateletGal, report me, I'll get kicked off, and she won't gain the benefit of my knowledge. YOU tell her what to do.
So, I'll tell you what, PlateletGal, report me, I'll get kicked off, and she won't gain the benefit of my knowledge. YOU tell her what to do.
boogaloo made all kinds of false accusations. I was just trying to figure out why and clear the air.
Thanks.
This is not the place, Platelet Gal. Both of you need to stop it.
"This is not the only forum you do this on."
What is that supposed to mean ? Please elaborate as I'm dying to hear the answer to this one.
What is that supposed to mean ? Please elaborate as I'm dying to hear the answer to this one.
I'm anti-insurance ? I guess that is why I pay for medical insurance, automobile insurance, homeowners insurance, dental insurance, etc. etc. etc.
It is great that we have people in the insurance industry posting. But for people who want to sell insurance here and people who are giving out websites and e-mail address... check again, but the last time I read it is against the rules of this forum. It seems like some people want to make money here.
Go for it ! I haven't violated the rules --- and who are you boogaloo ? Do you post often ? This forum is to help people; IT IS NOT FOR SELLING INSURANCE.
We had a short while between coverages when we moved her to Cali. What we were advised to do is to elect the Cobra coverage for 30 days and hope we didn't need it. They don't bill you until you either use it (by going to the doctor or getting a prescription filled), or until the first 30 days has passed.
So if you elect it and don't use it during the first 30 days, you don't pay anything, but still have somewhat of a safety net in case you get hit by a bus or something that could cost hundreds of thousands of dollars.
One accident or serious illness during that uncovered time could cost you everything you have, literally. This week I came down with bilateral pneumonia and had a severe asthma attack, out of the blue. If I had to pay that without insurance, it would probably come to a couple thousand, easy.
Yes, as Bob said there are short term medical plans that are decent. Not free, but will cover you in the event of a catastrophic illness, which is what you really need.
So if you elect it and don't use it during the first 30 days, you don't pay anything, but still have somewhat of a safety net in case you get hit by a bus or something that could cost hundreds of thousands of dollars.
One accident or serious illness during that uncovered time could cost you everything you have, literally. This week I came down with bilateral pneumonia and had a severe asthma attack, out of the blue. If I had to pay that without insurance, it would probably come to a couple thousand, easy.
Yes, as Bob said there are short term medical plans that are decent. Not free, but will cover you in the event of a catastrophic illness, which is what you really need.
PlateletGal,
I'm reporting you. You clearly are anti-insurance. There people out here who need insurance help. Instead of allowing people to help these individuals, you'd rather be combative and nasty. This is not the only thread you do this from. There are those of us who work in the insurance industry and are more then happy to help with insurance questions, but will not do so because there is no point when you would rather argue or try to contradict. This is not the only forum you do this on. I just wanted to let you know. Oh, and I won't be responding to any of your insults or bashing I am sure you will reply with.
I'm reporting you. You clearly are anti-insurance. There people out here who need insurance help. Instead of allowing people to help these individuals, you'd rather be combative and nasty. This is not the only thread you do this from. There are those of us who work in the insurance industry and are more then happy to help with insurance questions, but will not do so because there is no point when you would rather argue or try to contradict. This is not the only forum you do this on. I just wanted to let you know. Oh, and I won't be responding to any of your insults or bashing I am sure you will reply with.
P.S. -- You do it again and I will report you.
You might want to read MedHelp's rules. You are not allowed to give your e-mail address to other members'.
I'm one of the lucky ones...I've never been without decent health insurance. So I really don't know what to expect here or what to do.
They do sell Short Term Medical Plans. You need to contact an independent insurance agent, who sells STM (Short Term Medical) Plans. Assurant, HPA, Blue Cross, just to name a few, carry this type of coverage.
You can also look at getting a mini-med plan.
If you need information, please let me know.
You can also look at getting a mini-med plan.
If you need information, please let me know.
Yeah, I'd like some basic info as in how much these things cost and what they cover. It being Friday, I can't find out anything until Monday and I don't know where to begin researching this. There's so much chaff on the web.
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