Enrollment ends December 15. And so you must decide by December 15 to continue with COBRA or continue with Healthcare Marketplace. Estimate income @ $20,000. In the end the tax credit is based on annual income. The process addresses the issues associated with unemployment and no income in the immediate future. For a single individual the options are COBRA @ $600 per month or Healthcare Marketplace @ $150 per month and the $300 tax credit. And so the Healthcare Marketplace is an interest free loan of sorts for insurance as most will end up in a job sooner or later with good pay and good insurance. The process requires proof of income within 90 days after submitting the application. No clear how to provide proof of income if unemployed.
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Personally as a single individual I am ending COBRA and the $600 a month coverage via a Healthcare Marketplace option. With no employment and currently no income one option is to estimate income at $17,500 - $20,000 resulting in the "premium tax credit" and a $150 a month expense vs. a $600 a month expense. Ultimately i will not qualify for the tax credit (via income from a job which I have yet to land) and the difference will be noted on the 2016 tax return and an associated bill. But in the interim I need the cash now. No issues with settling up April 15, 2017.
Yes you can change from COBRA to Healthcare Marketplace during the Open Enrollment Period from November 1, 2015 to January 31, 2016. Ending COBRA coverage requires nothing more than ending payments.
There is a difference between open enrollment and Cobra. I don't think "we" get the option of changing our benefit coverage unless we have experienced a change such as divorce, a child rolling off coverage. As for cobra enrollment, a person has to look at their individual severance package for a date. I have to enroll by January 6.
Enrollment Periods:
The current "Open Enrollment Period" is from November 1, 2015 to January 31, 2016. Existing 2014/2015 plans expire on December 31, 2015. In order to avoid any gaps in coverage, it is highly recommended you sign-up by December 15, 2015.
You must sign up by the 15th of the current month in order to have coverage by the start of the coming month. For example, if you enroll by December 15, your coverage begins on January 1, 2016. However, if you are even a day late, you would have to wait until February 1, 2016 for your coverage to begin.