How long does COBRA last - and - is it better to get external medical insurance ?
7 replies (most recent on top)
I found Obamacare much more affordable than any private insurance, but I am mostly retired (do some consulting), late 50s and do have pre-existing conditions. Actually it's been pretty good insurance and It's covered everything I was already using the CIGNA insurance for. It's WAY more affordable than Intel's retiree medical plan.
If everything goes to plan, I am saving my SERMA until I hit 65 and Medicare then use it for Medicare supplemental insurance.
By the way, COBRA starts on the first of the month after the month you separate from your employer, and it is NOT free. Either you or your past employer have to pay the premiums. You will receive instruction material in the mail from your previous employer explaining this.
Healthcare.gov is where you start
Thank you, @rsl.
-ezt
SERMA. I you don’t know what this is check circuit. If you don’t work at Intel just go away.
SERMA ?
Googling your question would have gotten you the correct answer. Asking here makes you try to figure out which answer is right. LOL
@vdj is correct except for his understanding about those that do not have pre-existing conditions. While I was employed at Intel, and while on COBRA, insurance was free for me (yes, free. I have no family to cover and I chose the cheapest option). I also have NO pre-existing conditions. I simply need medical for "just in case" something happens (broken bone, unexpected illness). I was SHOCKED to find out I now have to pay $670 a MONTH for coverage. WTF?!??! Let's just say I'm not very happy about that but glad to have SERMA to help pay.
COBRA lasts 18 months. I think you typically have up to 60 days to confirm your coverage, but you should confirm that. My understanding is that if you do not have a pre-existing condition, you may be able to find less expensive insurance on the private market.
It lasts for 1 year but remember that you have to explicitly call them and say you want to enroll.
Im not sure why you would get pvt medical insurance unless it is cheaper or offers better coverage