To COBRA or not to COBRA

[HBalzer]

I am changing jobs and will have only a 2 week lapse in insurance. So my question is do I pay the $500+ COBRA premium for the 2 weeks or just chance it?

I have a wife a 4 yr old, and a 9 month old.

From what I understand HIPAA will prevent the lapse from being a problem with the new insurance claiming pre-existing conditions.

Any thoughts on the subject?

 

[GeneValgene]

unicare FTW

 

[Ika]

Depends on if you can afford if and if you're a risk-taker (taking risks in life, I mean).

If you guys are in the green and have a nice reasonable income, you should probably pay for insurance.

However, if you don't want to pay it, you can sit still and be very, very careful not to get hit by a car or something.

 

[GeneValgene]

Originally posted by: Aflac
Depends on if you can afford if and if you're a risk-taker (taking risks in life, I mean).

If you guys are in the green and have a nice reasonable income, you should probably pay for insurance.

However, if you don't want to pay it, you can sit still and be very, very careful not to get hit by a car or something.

with a wife and 2 kids...you MUST get short term insurance...it's not worth the risk

 

[GasX]

A lapse in coverage is beyond foolish ESPECIALLY if you have a family. A lapse in coverage is just an open door for your future insurance company to deny coverage.

If you somehow get your wife pregnant in those two weeks, it will not be covered. That's at least $10,000. Any illness that could IN ANYWAY be tied to the lapse in coverage will not be covered.

 

[Stifko]

Originally posted by: GeneValgene
with a wife and 2 kids...you MUST get short term insurance...it's not worth the risk

that is my opinion too.

 

[jhayx7]

Most ins policies do not end at your last day at the job, rather the last day of the month. Also, check to see if you are going to have the same insurance company as your primary at your new job, if so, most of them have extended lapse of coverage. Call HR and discuss it with them to see what your options are.

 

[Phoenix86]

Originally posted by: Mwilding
A lapse in coverage is beyond foolish ESPECIALLY if you have a family. A lapse in coverage is just an open door for your future insurance company to deny coverage.

If you somehow get your wife pregnant in those two weeks, it will not be covered. That's at least $10,000. Any illness that could IN ANYWAY be tied to the lapse in coverage will not be covered.

They can also deny claims for events after the new insurace kicks in because of the lapse of coverage, generally for 6 months to a year.

Check the details of the new coverage to see if they exclude things because of a lapse in insurance prior to the new policy.

Also, check the exact date on the old policy's expiration.

 

[ViviTheMage]

Originally posted by: Stifko

Originally posted by: GeneValgene
with a wife and 2 kids...you MUST get short term insurance...it's not worth the risk

that is my opinion too.

same

 

[HBalzer]

Originally posted by: Mwilding
A lapse in coverage is beyond foolish ESPECIALLY if you have a family. A lapse in coverage is just an open door for your future insurance company to deny coverage.

If you somehow get your wife pregnant in those two weeks, it will not be covered. That's at least $10,000. Any illness that could IN ANYWAY be tied to the lapse in coverage will not be covered.

I believe HIPAA covers that problem as long as the lapse is not longer than 60 some days

 

[dabuddha]

Just pay it and that way you will have no worries

 

[HBalzer]

I just talked to the HR person and they claim I would have to pay 1,022.93 for the last week of this month and the same for the first week of next month. That?s a grand a week!

The funny thing is I paid for the whole month of insurance as of my paycheck coming on the 21st of July.

Then she tells my I will get the COBRA information/acceptance packet in 3-4 weeks after my last day. I?m like by then I will already have insurance. She says will then don?t worry about it.

So am I going to slip through a loop hole? If I need it I could just accept it when the package comes otherwise so long suckers.

 

[CrackRabbit]

This guy says COBRA.

 

[tm37]

By the time you have to decide you will know if you needed it.

Wait and SEE FTW!

 

[ebaycj]

Your insurance does not lapse just because you quit. Now if your company is a bunch of cheapasses, and they specifically call the insurance company and cancel your coverage as of your quit date, then it will lapse. Usually this doesn't happen.

USUALLY insurance is paid on a monthly basis on or around the 1st of the month, so as long as you are after then, you should be covered til the 1st of the next month. USUALLY.

 

[VirginiaDonkey]

I faced the same decision when I changed jobs last, but I only had 3 days of non- coverage. Cobra wanted like 1200 so I took my chances. Find some cheaper short term if possible, otherwise keep everyone indoors for 2 weeks!

 

[Ninjja]

cobra

 

[TreyRandom]

Be sure to check when your deadlines are for making the decision whether or not to use COBRA. Last time I changed jobs, I think I had 45 days after my last day of work to state whether I wanted to go with COBRA. My COBRA administrator said that if I had a medical condition come up with that 45 day window, I could just use my old insurance card like normal, then immediately call the COBRA administrator and start the paperwork to activate COBRA. If nothing came up, I would save a bunch of money... and if an emergency came up, my family would still be covered (and I would then have to pay the high premiums).

 

[JS80]

2 weeks? Total waste of money. Just be extra careful.

But then again there's this thing called Murphy's Law...

 

[pnad]

Originally posted by: TreyRandom
Be sure to check when your deadlines are for making the decision whether or not to use COBRA. Last time I changed jobs, I think I had 45 days after my last day of work to state whether I wanted to go with COBRA. My COBRA administrator said that if I had a medical condition come up with that 45 day window, I could just use my old insurance card like normal, then immediately call the COBRA administrator and start the paperwork to activate COBRA. If nothing came up, I would save a bunch of money... and if an emergency came up, my family would still be covered (and I would then have to pay the high premiums).

WINNAR!

When I left my last job, I had 90 days to activate Cobra and like Trey states, I could activate it after a doctor visit. Even if the retro Cobra coverage wasn't an option, there is no way in Hell I would take it for 2 weeks. The odds of you or your family needing expensive medical care within that time is 1:99kajillion.