Comments on: What is COBRA Insurance?

By: Jeff Clair

Jeff Clair — Thu, 29 May 2008 06:58:55 +0000

Patrick, very useful information.

Actually there are lots of insurance plans in the market which suits everyone as per their requirement, but very few people know about them. You have done a great job by providing information about this insurance plan.

All the best for your future ventures!

Jeff Clair

By: The 14th Money Hacks Carnival - Weird Golf Facts Edition | Prime Time Money

The 14th Money Hacks Carnival - Weird Golf Facts Edition | Prime Time Money — Wed, 28 May 2008 11:49:07 +0000

[...] Money Life answers the question he’s been pondering lately: What is COBRA Insurance? over at Cash Money Life, saying, “COBRA insurance can be an extremely important thing to [...]

By: Patrick

Patrick — Thu, 22 May 2008 14:44:08 +0000

Stephanie,

I think as long as you are in your 60 day window, you can still get your coverage, but I am not sure about retroactive coverage. I think it would depend on the insurer or the details of the situation.

One of the benefits is that with COBRA, your coverage doesn’t lapse, meaning if you have a preexisting condition, you will be able to more easily get insurance through a new provider.

By: Do I Need Disability Insurance | The Wisdom Journal

Do I Need Disability Insurance | The Wisdom Journal — Thu, 22 May 2008 07:01:46 +0000

[...] confirm whether you need to buy additional, private disability insurance. Also, keep in mind that COBRA does not allow you to continue your disability coverage if you leave your job or undergo another [...]

By: Stephanie

Stephanie — Tue, 20 May 2008 23:59:32 +0000

I was a bit confused about the whole COBRA plan…I heard somewhere that you can retroactively set up COBRA. Have you heard anything like that? What I mean is, you might have, say, 60 days to decide what to do…and you don’t opt into it until after you get hurt or something, and it will be like you had it all along.
Just something I heard, didn’t know what you’d heard about the matter.

By: Patrick

Patrick — Tue, 20 May 2008 13:34:10 +0000

Ron,

I was pretty happy with the opportunity to elect coverage right away. It saved me some money because COBRA is expensive!

No break in coverage can be very important - especially for situations like you mentioned.

By: Ron@TheWisdomJournal

Ron@TheWisdomJournal — Tue, 20 May 2008 11:52:36 +0000

You were fortunate that your new company allowed you to sign up and get coverage from day one. Too many companies have 90+ day waiting periods to elect medical coverage. All it takes is one split second in a car accident, or the discovery of a “lump,” or a child to require emergency treatment and the lack of insurance can be financially devastating.

Great article and great call to USE your COBRA coverage if you change jobs.

By: Patrick

Patrick — Mon, 19 May 2008 16:15:39 +0000

Great questions, David, and thanks for wishing me good luck at the new job. I’m excited about the transition.

The job offer I accepted was contingent that I start ASAP, which meant giving my 2 week’s notice right away. So, unfortunately, I won’t have any time between jobs. I could have afforded a small break, especially since I have to sell back my unused vacation time at my current company. (I could have used a few days off too!).

As for COBRA coverage, I won’t need to get it because I will start with my new company before my current coverage lapses. My new company allows me to sign up for the benefits package before my first official day of work and insurance will be effective starting my first day of work. That’s a good deal!

By: David Carter

David Carter — Mon, 19 May 2008 15:54:08 +0000

Interesting, I had never even heard of that before. Were you going to get that coverage or will you have a new plan with your new job? I hope you get a mini vacation when you switch jobs. A nice gap of a few days off before you start the new job would be fun (if you can afford it). Good luck at the new job.