COBRA Coverage and The Marketplace
Are you being offered coverage through COBRA. Make sure you understand your options! We can help.
COBRA Coverage Is Often Very Expensive.
Before you exercise your rights under COBRA find out what your options are. The first step is reviewing some of the most common questions relating to COBRA. The next step is to call our office and speak to one of our professional agents. We can help you sort through the red tape and help you make the right decision.
I am enrolled in COBRA and I can’t afford it. Do I have the option of cancelling it during Open Enrollment and enrolling in a Marketplace plan instead?
If you are currently covered by COBRA, you will have the option of signing up for a Marketplace plan during Open Enrollment. Once your new Marketplace coverage plan begins, you will be required to drop your COBRA coverage. Once Open Enrollment is over, if you voluntarily stop paying premiums or cancel your COBRA coverage, you will not be eligible for any other special enrollment. You will be required to wait until the next Open Enrollment period. The only exception to this is if your COBRA coverage is exhausted
I’m enrolled in COBRA but it’s too expensive for me and the Open Enrollment’s closed. Am I able to cancel COBRA coverage and sign up for a health plan when it’s not Open Enrollment?
Unfortunately, not paying COBRA premiums or dropping COBRA coverage will not provide a special enrollment opportunity. In this situation, you will have to exhaust COBRA coverage, or wait until the next Open Enrollment period begins, to sign up for non-group coverage.
I’m planning on quitting my current employer and can qualify for COBRA. Am I able to shop for subsidies and coverage in the Marketplace?
Unfortunately, not paying COBRA premiums or dropping COBRA coverage will not provide a special enrollment opportunity. In this situation, you will have to exhaust COBRA coverage, or wait until the next Open Enrollment period begins, to sign up for non-group coverage.
I’m planning on quitting my current employer and can qualify for COBRA. Am I able to shop for subsidies and coverage in the Marketplace?
Yes, should you leave your job, you will lose your eligibility for employer-based coverage and it will provide a special enrollment opportunity for you. This enrollment period will last 60 days. During this period, you will be eligible to sign up for Marketplace care plans. You’ll also be able to apply for reductions and premium tax credits (depending on income). Should you enroll for COBRA with a previous employer, you will have to wait until the next Marketplace Open Enrollment dates if you would like to sign up for a Marketplace plan.
Let us help guide you through the Marketplace!
If you live in Florida and have questions about shopping for health coverage through the Marketplace this year, we are happy to help.
Available 24 hours a day, is our state of the art health insurance exchange quote engine. Use it freely without obligation. We can help you with Enrollments, Billing, Eligibility, Benefit Questions, Terminations, Claims, Changes, Renewals, and much more!
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