Fully healthy 26-yo male with no relevant medical conditions. No unplanned medical needs since youth sports. Health insurance as a topic has always overwhelmed me and now trying to decide what my approach is here.
I am voluntarily leaving my job at the end of this week and starting grad school in August. I will be on the school’s health insurance beginning September 1st, but this leaves me with a three-month gap (June/July/August). I currently live in IL but am moving to MA on June 1st.
I do not expect to have any medical expenses in this time period and will certainly do everything I can to avoid them, but we know that stuff happens. I would love to get away without paying health insurance, given the outrageous price of COBRA and my very likely absence of need.
My understanding is since COBRA allows you to retroactively elect to receive coverage within 60 days of notice, you essentially have a two-month grace period where you can get away without paying unless you suddenly need it, then you can retroactively get coverage. My other understanding – which I am less clear on – is the government extended this 60-day window due to the pandemic, essentially making that 60-day window now be until the declared end of the pandemic (but it’s not clear to me if that applies to my situation where I am voluntarily leaving my job).
This has me thinking that I can essentially go naked this summer, avoid any medical expenses, and simply be ready to jump on COBRA if something catastrophic happens. Otherwise, ride it out until the new coverage kicks in in September.
Is my understanding correct? Is this a good way to approach the situation?
submitted by /u/bhayes46
[link] [comments]
Fully healthy 26-yo male with no relevant medical conditions. No unplanned medical needs since youth sports. Health insurance as a topic has always overwhelmed me and now trying to decide what my approach is here. I am voluntarily leaving my job at the end of this week and starting grad school in August. I will be on the school’s health insurance beginning September 1st, but this leaves me with a three-month gap (June/July/August). I currently live in IL but am moving to MA on June 1st. I do not expect to have any medical expenses in this time period and will certainly do everything I can to avoid them, but we know that stuff happens. I would love to get away without paying health insurance, given the outrageous price of COBRA and my very likely absence of need. My understanding is since COBRA allows you to retroactively elect to receive coverage within 60 days of notice, you essentially have a two-month grace period where you can get away without paying unless you suddenly need it, then you can retroactively get coverage. My other understanding – which I am less clear on – is the government extended this 60-day window due to the pandemic, essentially making that 60-day window now be until the declared end of the pandemic (but it’s not clear to me if that applies to my situation where I am voluntarily leaving my job). This has me thinking that I can essentially go naked this summer, avoid any medical expenses, and simply be ready to jump on COBRA if something catastrophic happens. Otherwise, ride it out until the new coverage kicks in in September. Is my understanding correct? Is this a good way to approach the situation?
submitted by /u/bhayes46 [link] [comments]Read Morer/HealthInsurance