What is COBRA?
COBRA is the continuation of a prior group health insurance coverage that lasts up to 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 health insurance Colorado is typically much more expensive in comparison to other individual/family private health insurance in Colorado.
COBRA Health Insurance Options
Here are some general points on Cobra health insurance 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. Colorado group health insurance rates are usually quite a bit more expensive and you should look into getting an individual/family private health insurance policy as soon as possible.
- You can get a short term health insurance 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. Colorado 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 health insurance Colorado coverage can be split up to cover only the primary insured. Or, for example, you can get your own individual/family 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 health insurance Colorado 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. There is also a 62 day window from the last date of COBRA health insurance coverage (90 days in Colorado) to initiate HIPAA. Please check with us for HIPAA information and/or rates.
- More questions about COBRA can be found on the United States Dept. of Labor COBRA FAQ page: http://www.dol.gov/ebsa/faqs/faq_consumer_cobra.HTML
Ask Us About Your COBRA Health Insurance Colorado Options
You need to know that your family is covered for the unexpected without giving up too much of your time worrying about how. That’s why we’re here. You may reach us at our Colorado health insurance offices toll-free at (866)747-7913 from 7:30a.m. to 6:00p.m. or e-mail us at firstname.lastname@example.org . Denver metro residents can reach us at (720)352-7561.