COBRA insurance

[elessar78]

I'm leaving my job and we're going on my wife's health coverage. My last day is Oct 23 but our new coverage doesn't take effect until Nov 1. Does anyone have experience about COBRA?

[phantom]

You should check whether or not you old insurance will actually end on your last day. In my experience, it will usually extend to the end of the month since you have to pay one month at a time anyway. If that's the case, you don't even need to think about COBRA.

I'm no expert on the topic, so you should verify what I say. But, my experience with COBRA is that you have a month to decide that you want it, and if you do decide to get it, it will cover you retroactively from the time your old coverage ended right up to the present. So, technically, you can let it slide and only sign up for it if something else happens that you need coverage for. I have used COBRA twice and waited till the last minute to signup both times and never had any issues.

[Like2Plan]

I'm leaving my job and we're going on my wife's health coverage. My last day is Oct 23 but our new coverage doesn't take effect until Nov 1. Does anyone have experience about COBRA?

DH switched jobs a few months ago, but we only had dental through his old employer. The old insurance would cover treatment up to 11:59pm on the last day of his employment and any treatment that had been started prior to his last day. Then, we had the option to continue under COBRA. We had 60 days from the date of our COBRA notification to notify the COBRA administrator in writing on the prescribed form of our election (whether to continue or decline).

If we continued and paid the premium, there would be no break in coverage. Since deadlines are so important when it comes to converting to COBRA, you should check with your HR department and see how it works at your company. (DH's old company didn't send out the COBRA forms until he actually left, but I don't know if he received any COBRA briefings before he outprocessed.) You may be able to wait and see if you need any treatment between the dates of the two coverages and then submit the forms, if needed. Another thing you should do is check with your DW's coverage to see if it makes any difference if there is a break in coverage. You could always pay for COBRA for the intervening days between coverages.

[dfeucht]

When I left my last job on the 5th of the month, my insurance was good through the end of that month, however despite starting on the 8th of the month my insurance at my new place of employment didn't start until the 1st of the following month. Therefore if you are leaving on the 23rd and starting on the 1st of the following month you should make sure when your previous coverage ends AND when your new coverage begins.

That said you have 60 days to determine if you want coverage under COBRA (assuming your current employer is large enough - >20 employees - to be required to offer it). Given that the cost is 102% of the FULL premium payment (employee and employer contribution) and that the most you would be without coverage is 38 days, I would figure out how much it costs, and only elect it if you incur medical expenses while uninsured that warrant the premium payments.