COBRA or an Affordable Care Act plan… which one is best for you?

If you have recently lost your employer group health insurance, you may be given the opportunity to participate in COBRA which will allow you to continue with the employer group plan. However, it will be at a cost of approximately 50% more than the premium you paid while employed. Rather than accepting a premium you may not be able to afford, you have the option to choose an Affordable Care Act plan and may even qualify for a subsidy which reduces your premium.
 
For example, there is a gentleman who lost his job in May and his COBRA was going to be $700/month. Due to his lost wages, he qualified for a subsidized Affordable Care Act plan with a monthly premium of $160 and added a supplemental plan with a monthly premium of $140 to cover his $8,000 deductible. His total monthly premium is $300/month for a savings of $400/month from his COBRA plan.
 
I can help you through the maze of health insurance choices. There is no cost for my services and my goal is to create a health insurance portfolio of services that fit your needs and budget. Contact me today.

Read this article to learn more.