Hi Joe, I think the plan you can sign up for depends on the termination terms between you and your employer - plans available, term duration, etc. But if it helps, try this company’s FAQ on the matter.
https://www.proviewbenefits.com/support/COBRA-FAQ.html
Good luck!
Deadly, stay away. Get a mongoose,, or an 870.
call your insurance agent, they can get you the information.
Good luck to you. I can’t advise you about COBRA, but I can say that I think you’ve gone into a good profession for times of economic turmoil.
One of my daughters was in a position where she needed to get a job to help her husband pay the costs of a house and two kids. She put herself through nursing school, while working full time cleaning houses and the like, then continued up the ladder while working full time at nursing, mostly elderly care. Now she’s one of the most respected nurses at a good hospital.
She is extraordinary. But it does go to show that it’s possible to do it, if you really work at it.
The first place I would check is with your current company, from whom you will be purchasing the COBRA. Either your HR person or the company’s third-party COBRA administrators should have information for you, including the cost (which will be based on the company’s options...you won’t find that on the Internet).
BFL
Hi Joe,
Last time I checked, COBRA is a pretty tough option. You basically will have to pay the full cost of your portion (if you are paying now) plus the full cost of your employers share. So your total cost would be probably a lot more than you ever thought it could be.
The good news is with Obama care, you don’t need insurance. Just wait till you get sick, then buy it. Just pay for all the small stuff in cash at those minute-clinics.
I used it once in between jobs for a month or two until I met the coverage longevity requirements. You’re entitled to 18 months coverage, but it is pricey. As I recall you basically had to pay both your and your employer’s monthly part. In my estimation, it is stop gap on the way to a clearly defined start point under another policy. I know I couldn’t have maintained the cost for 18 months.
I thought COBRA was too expensive.
I was a benefits administrator, among other roles, for years. Your employer is required by law to give you a contra notice is you lose insurance.
Bad guys, just ask your brother G.I.
In my case, COBRA is expensive, but the private options were just as expensive, so I stayed with COBRA. I can do so until Medicare, next year. Biggest expense outside of COBRA payments is dental, which even under Medicare, my own.
There is a limit to the length of time you can remain on COBRA. A year, as I remember. The program is expensive, if you have received any kind of subsidy from your employer in the past. You have to pay your share of the premium, plus the employer’s previous share. A better solution is to see if there is independant heallth insurance available in your community. We used to have Assurant here, a company that would find a plan for you that was reasonable and was portable. Unfortunately, Obamacare drove them out of business.
You should be able to get COBRA coverage for 18 months following your termination from your FT job. The cost should be the same rate as was being paid before, but this may be significantly higher, if your employer has been subsidizing the premiums. You will need to ask your HR department for specifics, but may have copies of the full rates in info provided by your employer at the most recent enrollment period.
As an aside, nursing is a lucrative career now. Several family members are nurses, grossing (in the Midwest) in the upper $60’s (with some help from OT, incentive pay, differentials for nights, weekends, and holidays) within 5 years out of school, in their upper 20s (age).
Good luck with this new career choice.
COBRA is for employers with 20 or more employees. It sounds like you were self employed so depending on what you had, individual plan or small group coverage you will have to check with your present carrier. Also, if you were affiliated with an association they might offer COBRA. Many different moving parts. If you want to private message me I will probably be able to steer you correctly as I have done this health insurance for 30 + years.
You have at least a couple of options.
If it were me, I would start by going out to the Maryland Health Connection and seeing what’s available. Just glancing at their site, you can explore without signing up for anything (https://secure.marylandhealthconnection.gov/AHCT/LandingPageCTHIX). I have no idea what your family income is - you might qualify for a subsidy. Seeing the relative cost of plans and what’s available for your county is a good starting point.
But the health plans available through the Maryland exchange are only a subset of all the health plans publicly available. Talk to someone in administration where you work and see who the larger health insurance companies are in your state, then visit their websites. (I did that in my state when my husband started talking about retiring.) See what plans they offer - both for the hospitals and doctors covered and the costs and the deductibles. Compare those plans to what you find on the Maryland exchange.
You can deal directly with a large insurance company if one of their plans meets your needs.
Of you can go through a health insurance broker. Since I’ve never done that, I can’t advise you, but you might want to research reputable ones where you live. They should be knowledgeable about appropriate plans.