Hi. I'm in-between jobs and need a health insurance for the month of July. My previous employer does provide a COBRA option, but it's quite expensive (around $ 1,100), and therefore I am looking for an alternative program for 30-days. So far, I came across Assurant program but would like to get some more information from FW. Thank you.
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I think there is a problem with short term insurance: you won't get the same right to have pre-existing conditions covered that you would otherwise have under HIPPA.
I hope some of the knowledgeable insurance people will chime in on this. You might also check the thread on buying individual health insurance and search for archived threads.
I used Assurant Health temporary insurance AND it does not cover ANY pre-existing condition OR ANY pre-existing symptom ever documented. Also, with even the lowest deductible plan it is per condition, which means they will only cover after you shell out $1000 of a new symptom or new condition.
Also, they are very sllloooooowwww to tell you if a claim is approved or not and follow NO GUIDELINES. If you call them to ask, they tell you, "Well, it could be two days or who knows . . . and then there is an additional 30 days for processing, so I have no idea." Huh?
I cancelled and got a full refund. But, if you have different needs, it may work for you, but not for me.
Actually, you have 60 days to respond to COBRA, and once you accept and pay the premium for that 60 days, coverage will be retroactive to the first day you were eligible. Chances are that you won't even have the paperwork within 30 days.
Unless you're outside that 60 days already, playing "COBRA roulette" is the only sensible thing to do while you sit out the waiting period for your coverage from your new job. When you get the COBRA paperwork, fill it out, write a check for the first 2 months premium, and give the packet to someone you trust with instructions that if you get hit by a truck within the waiting period from your new job to put a stamp on the envelope and mail it ASAP.
This site has straightforward answers to the basic questions about COBRA:
jael said:Actually, you have 60 days to respond to COBRA, and once you accept and pay the premium for that 60 days, coverage will be retroactive to the first day you were eligible. Chances are that you won't even have the paperwork within 30 days.
Unless you're outside that 60 days already, playing "COBRA roulette" is the only sensible thing to do while you sit out the waiting period for your coverage from your new job. When you get the COBRA paperwork, fill it out, write a check for the first 2 months premium, and give the packet to someone you trust with instructions that if you get hit by a truck within the waiting period from your new job to put a stamp on the envelope and mail it ASAP.
This site has straightforward answers to the basic questions about COBRA:
Thank you so much for your detailed answer. My current coverage ends as of 6/30 and I received a letter on 6/6 that I should respond by 8/6 whether I am going to elect COBRA or not.
According to the letter, it states that "I understand this request for continuation of coverage must be submitted within 60 days of the termination of employee membership. Membership in the Cobra Extension Plan will begin on the first of the month following the employee coverage termination date."
So, as jael kindly pointed out, it seems like I will have a retroactive coverage as long as I respond by 8/6. Luckily, my new coverage begins as of 8/1.
As it sounds too good to be true, I am curious whether there's any catch to this "COBRA roulette."
The only catch is that if you get seriously ill or injured you'll be out the premiums, but it will preserve your rights under HIPAA for continuation of coverage (in other words, you're good for pre-existing conditions). During that waiting period, you'll need to pay incidental expenses out-of-pocket, but in the worst case scenario where you had to pick up COBRA because you did get seriously ill or injured, you could always file a claim after the fact to get that money back. Make sure you get all your meds re-filled before your current coverage ends, and don't plan on seeing a dr in the interim.
jael is right. When I was changing jobs, I went and asked HR for the COBRA paperwork, and they told me about the retroactive nature, just to fill it out, and have it ready to go, but no need to pay/send it in unless I hit a situation that warranted it.
If I remember it correctly, you have 30 days or 45 days to sign up for COBRA. Maybe, this gives enough time before your new coverage kicks in e.g. if your present coverage ends June 30 and your new coverage starts August 1, you can play the option and get away without spending a penny. If you end up needing coverage on July 29, you are still within the 30/45 day sign up period. And your coverage is retroactive to July 1. If you end up not needing coverage in the 30 days, then you are set as your new coverage kicks in Aug 1.
If you have pre-existing conditions, read the fine print of your new employer's coverage before you end up with a 30 day coverage gap. There are a number of short term insurance players including Assurant, BCBS, etc. I have purchased Assurant but did not have to use it.
ansatzjp said:Hi. I'm in-between jobs and need a health insurance for the month of July. My previous employer does provide a COBRA option, but it's quite expensive (around $ 1,100), and therefore I am looking for an alternative program for 30-days. So far, I came across Assurant program but would like to get some more information from FW. Thank you.
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