I recently quit my job and am deciding whether to go with COBRA or not. As the money shakes out, it would be about $1300/mo to go with COBRA, versus about $750/mo going uninsured with my wife and I’s regular medical costs. Obviously, that doesn’t cover if something unexpected happens and so I want to be sure I understand how COBRA election works.
The paperwork I received says that I have until 9/29/21 to decide if I want to elect COBRA or not, and it also seems to say that if I decide to elect for COBRA before then that we will be retroactively covered from when I lose coverage (8/1/21) until the current day.
So then the plan I have is to go uninsured for the next couple months, costing $750/mo and then if something does happen before 9/29/21, I can just elect for COBRA and whatever happened will be covered, right?
The only pitfall is I lose that option come 9/29/21, so if I don’t have another job by then and something happens on 10/1/21, we’re screwed.
Do I have all this correct?
submitted by /u/itsaworkalt
[link] [comments]
I recently quit my job and am deciding whether to go with COBRA or not. As the money shakes out, it would be about $1300/mo to go with COBRA, versus about $750/mo going uninsured with my wife and I’s regular medical costs. Obviously, that doesn’t cover if something unexpected happens and so I want to be sure I understand how COBRA election works. The paperwork I received says that I have until 9/29/21 to decide if I want to elect COBRA or not, and it also seems to say that if I decide to elect for COBRA before then that we will be retroactively covered from when I lose coverage (8/1/21) until the current day. So then the plan I have is to go uninsured for the next couple months, costing $750/mo and then if something does happen before 9/29/21, I can just elect for COBRA and whatever happened will be covered, right? The only pitfall is I lose that option come 9/29/21, so if I don’t have another job by then and something happens on 10/1/21, we’re screwed. Do I have all this correct?
submitted by /u/itsaworkalt [link] [comments]Read Morer/HealthInsurance