What is COBRA?

COBRA is basically continuation of a prior group coverage that usually lasts 18 months. You are able to elect to get Cobra within a 62 day window from your last date of group coverage and continue monthly. Most people do not know that they have options to Cobra that can reduce their cost and Cobra is typically VERY expensive in comparison to other options.

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Short Term Health Insurance Coverage

Here are some general points on Cobra coverage followed by some alternatives to reduce cost:

• The rates for COBRA are the same group rate your employer was getting, they just aren't paying a portion of the premium anymore. Group health insurance rates are VERY expensive and you should look into getting an individual policy immediately.
• You can get a short term policy either month to month or for a specific period of time while you are between jobs or waiting for a new policy to begin. Short term health insurance policies are generally much less expensive and have more lenient underwriting compared to permanent individual/family health insurance policies. Get quotes on temporary health insurance.
• Dependent costs are usually very much higher on a Cobra (Group) plan compared to the employee cost. Cobra coverage can be split up to cover only the primary insured. Or, for example, you can get your own individual Colorado health insurance plan and keep someone who is unable to qualify (pre-existing conditions) on Cobra. Verify with your Cobra administrator/carrier before you make any changes like this first.
• If you wait until the end of your 62 day window, you will still be required to back-pay the first two months of Cobra to make it current.
• Cobra is month to month.
• If you are unable to qualify for Individual/Family coverage and you exhaust Cobra, then there is typically a HIPAA or Cover Colorado option available to you. By law, each carrier must offer their two most popular Individual plans on a Guaranteed Issue basis to HIPAA eligible individuals. The rates are higher than qualifying based on health but it does provide a back-up option in case you are unable to get your own Individual coverage. There is also a 62 day window from the last date of Cobra coverage to initiate HIPAA. Please check with us for HIPAA information and/or rates.