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 Posted: Sun Jan 30, 2011 1:16 am Post subject: After quiting Job, my Health insurance Card still works.How? |
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Hi, I had a Health insurance through my previous company. I resigned there more than a week ago. I had stomach pain couple of day ago and did some medical tests and stuff. But surprisingly my insurance card worked...
I need to know why it worked?
Also, when i checked my previous "Employees benefits website", I found an option saying enroll for COBRA until certain date (Deadline)...
Now, I have 2 concerns;
1) The COBRA enrollment is very expensive. Its almost double from what I used to pay for the same health coverage.
2) What if i don't enroll will i have to pay for those medical tests from my pocket. I mean, will i be not considered insured because i wasn't working for that company anymore?
Please guide me there are only few days left for me to either enroll for COBRA.
thanks alot. |
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NeedHelp
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| Posted: Tue Feb 01, 2011 12:21 am Post subject: |
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health insurance doesn't terminate immediately. they usually give you some time.
as far as the second part of your question, yeah, cobra is expensive! but those are your two options: carry cobra or no insurance at all.
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lylesinsurance
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| Posted: Wed Feb 02, 2011 10:05 am Post subject: |
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| Quote: | | cobra is expensive! but those are your two options: carry cobra or no insurance at all. |
This is an erroneous statement. But it's one even the President of the United States makes.
COBRA is NOT an insurance plan. It was a piece of legislation passed by Congress in 1985 that forces employers with 20 or more employees to permit a terminated employee and their spouse and dependents, or the spouse and dependents of a deceased, divorced, or now-covered-by-Medicare employee, or a child who loses their dependent status (now only when turning age 26) TO VOLUNTARILY CONTINUE THE EXISTING GROUP INSURANCE BY PAYING THE FULL COST.
If you didn't know it, your employer was probably paying $400-$600 per month in addition to whatever you were paying in premiums. When you add that together, the total will be $600-$1000 per month. You'll have EXACTLY the same coverage that you had as an employee, BECAUSE NOTHING HAS CHANGED EXCEPT THE PERSON PAYING THE PREMIUM.
COBRA = CONTINUATION not something new.
I wish agents would learn this and stop making foolish statements about "COBRA Insurance" -- as if it was the name of an insurance company.
On the other hand, I expect the President and members of Congress to make foolish statements -- because most of them ARE fools.
The reason your "insurance card worked" a few days after you quit is because you have a 31 day grace period following termination of your group coverage, which probably happened on February 1. During the 31 day grace period, you may also apply for an INDIVIDUAL policy from the same health insurance company without proof of insurability. But you'll probably obtain a lower level of benefits at higher out-of-pocket cost.
That's why COBRA can be beneficial . . . it allows you to continue the group plan at the more favorable group rate, but you pay 100% of the cost. Your coverage continuation would be limited to 18 months, and you have 60 days from the date of termination to apply and pay the premiums due.
CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT = COBRA
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MaxHerr
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| Posted: Fri Apr 20, 2012 10:01 am Post subject: |
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There can be a coverage extension up to the end of the month. 18 months if you're under COBRA.
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netclinic
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