Save on Health Insurance That Has Coverage like COBRA
COBRA continuation coverage is an excellent health insurance option for the recently unemployed, or for those who are in-between jobs. But the coverage only goes so far. COBRA lasts from around 18 to 36 months, depending on the provisions in your state.
COBRA is also not always the most affordable, because you foot the entire bill for health insurance premiums. Employers typically pay for about 70% of your employer's group insurance rates, but with COBRA, you're required to pay for 100% of the group insurance premium.
Is COBRA better than Private Health Insurance
The benefit of COBRA is that you are guaranteed coverage, and your coverage will remain at the group rates offered to your employer. So long as you continue paying your premiums, you'll receive guaranteed COBRA insurance until the term expires (up to 36 months).
Still, it may be better and more affordable to go with an individual insurance plan. Despite the fact that COBRA offers you guaranteed coverage, so long as you're a relatively health individual with no serious conditions, chances are good that you may be able to find a lower-cost alternative to COBRA.
Comparing COBRA With Other Plans
First, you should find out what your total premium will cost for COBRA coverage. You can find this information either in the paperwork upon ending work with your previous employer, or by requesting the information and application from your employment before leaving work.
Once you have that piece of information, you can begin comparing quotes and coverage. Sometimes your COBRA premium will be lower than private health insurance, sometimes it will be higher. To get started, though, you can compare plans by beginning the process here.