Lost benefits, does it pay to use COBRA?

We are in a strange situation. My wife had a baby and always intended to go back to work, but then quickly realized she was much happier staying at home for the time being. Our health insurance was through her job so we immediately lost coverage toward the end of October. I figured, no problem, I’ll go on the marketplace and immediately sign up for coverage for November. However, the marketplace said it was too late to get covered for the month of November, and we could only get coverage for December.

The other alternative is to keep our insurance and use COBRA, but it’s an insane amount of money. I honestly have no idea why anyone would ever use COBRA it’s so expensive. And while we could pay for COBRA this month and then switch to a marketplace plan, I’m honestly wondering if it is even worth it. Also, there is a grace period to enroll in COBRA, so theoretically, we could wait to see what happens and enroll in COBRA later.

Am I missing something, or is this just the dumbest system imaginable? Basically, we can choose to hold off on electing coverage through COBRA now, wait to see if we incur large medical expenses this month, and then retroactively enroll in COBRA later if it makes sense.

What a country!

submitted by /u/Number1guru
[link] [comments]We are in a strange situation. My wife had a baby and always intended to go back to work, but then quickly realized she was much happier staying at home for the time being. Our health insurance was through her job so we immediately lost coverage toward the end of October. I figured, no problem, I’ll go on the marketplace and immediately sign up for coverage for November. However, the marketplace said it was too late to get covered for the month of November, and we could only get coverage for December. The other alternative is to keep our insurance and use COBRA, but it’s an insane amount of money. I honestly have no idea why anyone would ever use COBRA it’s so expensive. And while we could pay for COBRA this month and then switch to a marketplace plan, I’m honestly wondering if it is even worth it. Also, there is a grace period to enroll in COBRA, so theoretically, we could wait to see what happens and enroll in COBRA later. Am I missing something, or is this just the dumbest system imaginable? Basically, we can choose to hold off on electing coverage through COBRA now, wait to see if we incur large medical expenses this month, and then retroactively enroll in COBRA later if it makes sense. What a country! submitted by /u/Number1guru [link] [comments]Read Morer/HealthInsurance

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