COBRA Expires At The End Of Month: What To Do Next
If your COBRA coverage is expiring at the end of the month, you have a few options to consider.
1. Enroll in a new health insurance plan
You can enroll in a new health insurance plan through your employer, the Health Insurance Marketplace, or directly with an insurance company. If you enroll in a new plan through the Marketplace, you may be eligible for financial assistance to help you pay for your premiums.
2. Continue your COBRA coverage with a short-term plan
If you need more time to find a new health insurance plan, you can continue your COBRA coverage with a short-term plan. Short-term plans are typically less expensive than COBRA coverage, but they may have lower coverage limits and may not cover pre-existing conditions.
3. Qualify for a special enrollment period
If you lose your COBRA coverage, you may qualify for a special enrollment period (SEP). This means that you can enroll in a new health insurance plan outside of the open enrollment period. To qualify for an SEP, you must have experienced a qualifying life event, such as losing your job or getting married.
Here are some things to keep in mind when choosing a new health insurance plan:
- Cost: Consider how much you can afford to pay for monthly premiums and out-of-pocket costs.
- Coverage: Make sure the plan covers your essential health benefits and any pre-existing conditions you may have.
- Network: Choose a plan that has a network of doctors and hospitals that you are comfortable with.
If you are unsure about which health insurance plan is right for you, you can talk to a health insurance agent or broker. They can help you compare different plans and choose the one that best meets your needs.
Here are some additional tips for choosing a new health insurance plan:
- Read the fine print: Before you enroll in a new plan, be sure to read the plan’s summary of benefits and coverage (SBC). This document will explain the plan’s coverage, costs, and exclusions.
- Compare plans: Use the Health Insurance Marketplace’s Plan Finder tool to compare different health insurance plans in your area. You can compare plans based on cost, coverage, and network.
- Get help from a professional: If you need help choosing a health insurance plan, you can talk to a health insurance agent or broker. They can help you compare different plans and choose the one that best meets your needs.
Don’t wait until the last minute to choose a new health insurance plan. If your COBRA coverage is expiring at the end of the month, it is important to start shopping for a new plan early. This will give you time to compare different plans and choose the one that is right for you.