Well, it may entirely depend upon the circumstances before the individual. COBRA benefits last for eighteen months only and you're required to enroll yourself with your new employer's group health plan within this time period, otherwise you may find yourself without coverage.
However, if you can't find a plan to cover you within this time frame and is required to obtain an individual health plan, you should continue with the COBRA insurance for the entire period of eighteen months, because it's a HIPAA requirement.
I guess the recipient of the COBRA benefits can discontinue the coverage on his own accord. COBRA, normally, costs higher than a health plan. Hence discontinuing the plan may help the policy holder to save money on it. _________________ Register Now to have your Insurance queries solved.
I agree haywire, that COBRA is costlier than normal health coverage, but the purpose of the COBRA coverage justifies the cost.
COBRA allows the policy holder to continue with his existing group health insurance plan even after leaving the job, so that he doesn't end up loosing the benefits when he retires or making a job shift. _________________ Register Now to have your Insurance queries solved.
COBRA plans may be expensive but they are especially helpful to those who have serious pre-existing conditions that would make individural policies difficult or expensive to obtain.
This is annother purpose of the HIPPA laws to guarantee this group coverage after their COBRA expires in 18 months. _________________ Register Now to have your Insurance queries solved.
hi..when I think of the cost burden that comes with the pre-existing condition it seems like being in peace with COBRA in place!
Its like you move from one door to another & beg for water & doors getting slammed upon your face.
Regards.. Plasticmind _________________ Register Now to have your Insurance queries solved.
you should stay on COBRA for as long as you need it. it is more costly than a health plan through an employer where you pay into your insurance. but it is better coverage than you're going to get purchasing insurance as an individual. it's all dependant upon your own needs. _________________ -tentel
I advise my clients to get an individually underwritten plan as soon as possible and not wait for their COBRA to expire.
This is for two reasons.
The most important is that if they develop a medical condition between now and when their COBRA expires, they may become uninsurable. Since you can't guarantee the future, the sooner the get on a plan that can't be taken away from them the better.
The second reason is that COBRA is usually more expensive.
Assurant is one of the larger companies. They offer insurance through Time, Fortis and John Alden. The do a good amount of short-term coverage, group coverage and individual.
