Question in the title. He just lost his job, wondering if it makes sense to get cobra or go on the Obamacare exchange. He expects to have a new job with insurance within a few months, and he’s healthy/single/childless.
i believe you can get COBRA retroactive, so no reason to sign up if no health issues
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I think it’s a 60 day window for retroactive coverage.
thanks, that makes more sense
If you make more than 400% of the federal poverty limit (depends on household size) there are no premium subsidies. Unless they were going to retire I wouldn’t recommend the exchange although to be fair it’s easy enough to get some quotes that way because I don’t know what cobra will cost
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yeah and say he cracks his skull on day 59, is unconscous for 3 days, and wakes up in the hospital woth no insurance? he should just get the cobra now.
as noted, you have 60 days to retro the coverage. if friend has replacement coverage in that time and no issues, then don’t sign up.
if they have regular care needs, just eat it on day 45 and by then you know the breakeven cost of it.
also - coverage might extend to end of the month or whatever period. should check that within the benefits manual to know when coverage ends.
Yeah, unless I had a job locked in, I think I’d opt for COBRA after 30 days.
Guaranteeing your insurabiilty. It’s a thing.
Worked well for me when I got a chunk of life insurance on my kids and then my daughter became uninsurable. She didn’t need the insurance when I got it. She did later.
That all makes sense. Thanks for the thorough replies! He’ll hang out for now & see if still uncovered closer to the 60 days.