Cobra questions

[jack3454]

Have some cobra questions, if you have a minute:

1. Is the premium for cobra usually per person, or per couple/family? (ie, person was told 900 a month. For one person?)
2. If a person is retiring and going on medicare, their spouse can get Cobra for themselves for 18 months, correct?
3. Is it usually better to get a marketplace plan vs staying on Cobra?

Thanks

 

[GoPokes]

If the marketplace plan qualifies for a subsidy, it is typically less expensive than cobra.

 

[fed up]

Are you being forced out of employer health plan?

 

[Jim Wright]

#3 is not an easy answer. Depends on the group plan, cost of ACA plan and health needs. Even without a subsidy, an off exchange plan can be less expensive than Cobra. However, your deductible and MOOP will reset so if there are health care needs in the immediate future, it might save more money to pay more for the group plan and have the extra coverage.

 

[jack3454]

If the marketplace plan qualifies for a subsidy, it is typically less expensive than cobra.

Ok thank you

Are you being forced out of employer health plan?

No, retiring willingly

 

[jack3454]

#3 is not an easy answer. Depends on the group plan, cost of ACA plan and health needs. Even without a subsidy, an off exchange plan can be less expensive than Cobra. However, your deductible and MOOP will reset so if there are health care needs in the immediate future, it might save more money to pay more for the group plan and have the extra coverage.

Good call with the deductible and MOOP. Thanks!

 

[grod]

Have some cobra questions, if you have a minute:

1. Is the premium for cobra usually per person, or per couple/family? (ie, person was told 900 a month. For one person?)
2. If a person is retiring and going on medicare, their spouse can get Cobra for themselves for 18 months, correct?
3. Is it usually better to get a marketplace plan vs staying on Cobra?

Thanks

1.-yes
2.-yes
3.-Better or Cheaper? Most ACA plans are HMO's versus most employer /COBRA plans are PPO's. That's a big difference. If they qualify for an income based subsidy they may find the ACA has a lower premium.

 

[LostDollar]

Have some cobra questions, if you have a minute:

1. Is the premium for cobra usually per person, or per couple/family? (ie, person was told 900 a month. For one person?)

Caveat, I am NOT an insurance agent.

The place for that question is back to the "employer representative" or the "Cobra plan third party administrator representative" who provided the quote in the first place.

IF all of your questions are facets of the same situation, the retiring employee of Medicare age is probably not eligible for the Cobra health coverage and the $900 is probably for the spouse not yet Medicare age. HOWEVER, you should get that verified from the employer or the Cobra administrator before you offer any advice.

-------------------------------------------------
My personal experience (and you should not just assume this would apply to your situation as well) (And also, it has been too long, I cannot give you any precise dollar details like you asked about in another thread):

I was a Medicare age spouse who had Part A only getting health coverage on my wife's employer plan. Her employment terminated. The Cobra TPA told me I could not be on the Cobra health insurance.

But:

The employer coverage was 3 separate policies: Health, Dental and Vision. The Cobra TPA told me I COULD enroll in the Cobra Dental and Vision policies.

My wife decided to go on ACA coverage. So she was on ACA and I was on Medicare. However I enrolled us both in joint Dental and Vision Cobra coverages.

Now comes an interesting part I was not expecting. My wife started regretting the ACA choice. Don't remember, but it was probably a combination of premium and OOP.

Open Enrollment comes around. It would be nice if she could get on Employer Cobra Health coverage. Well, since I had her on joint Dental and Joint Vision coverages, she was actually enrolled in the company cobra coverage and could make open enrollment changes to it. So she dropped ACA and added back the company health coverage, keeping that for the remainder of the Cobra period.

The premiums we paid were the full premiums the company paid the insurance carriers for the coverage. That amount will vary from one employer to the next, depending on the deals they get from the insurance carriers.

Single health coverage for an employee, Joint Dental and Joint Vision.