Life changes. There are any number of reasons that cause people to change work situations which have a direct impact on the stability of their health insurance benefits for themselves and their dependents.
There are times that someone may leave a job whether or not they have another position lined up and they may go to a new employer who has a waiting period to become eligible for the new employer-based health insurance.
In other situations where people have worked in job long enough to qualify for early retirement from their job despite not yet being 65 years old and, thereby eligible for Medicare.
Whether you are changing employers or retiring, your employer-based insurance can go with you for 18 months if you are changing jobs and for up to 24 months if you left your job due to retirement. This health coverage is referred to as COBRA. COBRA coverage cannot discriminate and can not charge differently based on prior health status while you were working. The same benefits you and your dependents may have had while you were employed will extend for the time you are paying for COBRA coverage. There are no exclusions for pre-existing conditions. But there is a catch. Former employees will have to pay the entire cost of the policy. Employers generally cover the majority of the actual cost of the coverage for the employee and the dependents. Employees pay a smaller amount of the cost of the premium. Under COBRA, the former employee can keep the coverage, but must pay the total cost of the premium.
Frequently, the cost of the premium under COBRA is simply unaffordable. When you are searching from a bridge policy to cover you and/or your dependents for 1-11 months, we have a solution. It has some limitations. You must use only in-network providers. It will not cover a pre-existing condition. But it is an affordable solution to cover people who are between jobs or who are waiting a few months for a 65th birthday and need a short-term policy.
Call today to learn more about short-term (1-11 month policies).