COBRA vs. Short Term Health Insurance

For those between employment who experienced employer provided coverage the decision of what to do about their health coverage can be daunting. There are many options to choose from including what is known as COBRA and Short Term Health Insurance. But what are these options and how do you choose which is the best for you and your family?  

Here is the battle between: COBRA vs. Short Term Health Insurance 

 COBRA Insurance:

 COBRA (Consolidated Omnibus Reconciliation Act) allows you to stay on your former employers plan after employment has been terminated, whether it was voluntary or involuntary, for a period of up to 18 months. While this may seem like a great option from the start, COBRA can be very expensive. While employed the employee was responsible for a small portion while the employer paid the bulk of the health insurance premiums. However under COBRA, the former employee is now responsible for the entire premium as well as an administrative fee, resulting in paying an average of 102% of the premium every month. The health insurance premiums for COBRA tend to be more expensive because they are part of an employer plan, which generally has much higher premiums than plans purchased by individuals and families. This may result in some COBRA enrollees being responsible for thousands in premium payments per year. Additionally COBRA does not allow you to rejoin your former employer’s plan should you decide to cancel before your 18 months of COBRA coverage is over.

 Short Term Ohio Health Insurance

 So if you’re worried about the high premiums of COBRA but still want to have coverage in case of the unexpected, Short Term Health insurance is an affordable and stress free option.  Short Term policies can be purchased for periods of time from 1-11 months. Most Short Term plans can be effective the day after applying and can be purchased for individuals who qualify between the ages of 2 and 64. Some policies will even provide coverage if you are not a U.S. citizen. Short Term Health Insurance policies cover hospitalization, doctor visits, treatment at urgent care facilities, as well as diagnostic testing, physical therapy and emergency transportation. Short Term policies are very affordable and in many cases can be renewed once the first enrollment period ends.

Call me direct today for a Free Consultation at 877-549-1212.  Nearly 30 years experience helping people understand COBRA.

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