Sorry if this is long… I haven’t been able to find many answers about ARPA/COBRA, and I’m wondering if anyone has any suggestions based on the following:
March 2020 I was laid off due to the pandemic. I was hired back in May, and worked until I was fired due to budget cuts on Jan 3rd 2021.
Option 1: COBRA
My employer paid my insurance through January. Feb 3rd, I was eligible for COBRA. 60 days from that would be April 3rd. When I log in to manage my account, it says April 3rd is my last date election will be accepted. Do I actually have more time to consider COBRA due to the CARES act? ARPA (American Rescue Plan Act) says that I could receive 100% subsidized COBRA until September. In my understanding, my former employer would have to pay for it and then they get a tax credit. After September, assuming ARPA expires completely, my COBRA premium would be around $400 a month. If I chose to elect COBRA, do I have to retroactively pay for Feb and March/until ARPA kicks in?
Option 2: Enroll in the Marketplace so that I have insurance which I can afford past September. The state I’m in has its own Marketplace for insurance, and it is not updated to reflect ARPA yet. They do have a “savings” calculator, and it looks like I would be eligible for a Silver plan for next to nothing because I’m unemployed. Will my premiums go up once I get a full time job?
Option 3: Elect COBRA and then switch to a Marketplace plan in September? Is that even possible/worth the hassle?
I am currently unemployed, looking for a healthier job than I had previously. Just trying to figure out how I can set myself up for affordable healthcare down the road, if I can’t find a job that offers benefits.
TLDR; Should I choose COBRA or Marketplace, and when do my choices expire?
Thank you in advance. Reddit has been the best source of info and support through this damn panini.
submitted by /u/Easy_Match
[link] [comments]
Sorry if this is long… I haven’t been able to find many answers about ARPA/COBRA, and I’m wondering if anyone has any suggestions based on the following: March 2020 I was laid off due to the pandemic. I was hired back in May, and worked until I was fired due to budget cuts on Jan 3rd 2021. Option 1: COBRA My employer paid my insurance through January. Feb 3rd, I was eligible for COBRA. 60 days from that would be April 3rd. When I log in to manage my account, it says April 3rd is my last date election will be accepted. Do I actually have more time to consider COBRA due to the CARES act? ARPA (American Rescue Plan Act) says that I could receive 100% subsidized COBRA until September. In my understanding, my former employer would have to pay for it and then they get a tax credit. After September, assuming ARPA expires completely, my COBRA premium would be around $400 a month. If I chose to elect COBRA, do I have to retroactively pay for Feb and March/until ARPA kicks in? Option 2: Enroll in the Marketplace so that I have insurance which I can afford past September. The state I’m in has its own Marketplace for insurance, and it is not updated to reflect ARPA yet. They do have a “savings” calculator, and it looks like I would be eligible for a Silver plan for next to nothing because I’m unemployed. Will my premiums go up once I get a full time job? Option 3: Elect COBRA and then switch to a Marketplace plan in September? Is that even possible/worth the hassle? I am currently unemployed, looking for a healthier job than I had previously. Just trying to figure out how I can set myself up for affordable healthcare down the road, if I can’t find a job that offers benefits. TLDR; Should I choose COBRA or Marketplace, and when do my choices expire? Thank you in advance. Reddit has been the best source of info and support through this damn panini.
submitted by /u/Easy_Match [link] [comments]Read Morer/HealthInsurance