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Hi, I am not quite old enough to receive any retirement benefits but am looking to quit my job and relocate. If I can find a home/apt that will take me w/o employment I am going to try it. The only thing that worries me is after my health insurance runs out and cobra takes over, how do I transition? and do health insurance companies need a healthy person to take on a new policy? I do take medications and will have to stay on them for life!
I will need something until I can find employment with heath insurance again. Anyone have any suggestions? I put this in the retirement section thinking more people in this thread have experience with this sort of thing.
I never had to deal with Cobra in my own life, I have heard from people that have. Cobra is an extension of your current health insurance thru your employer. It kicks in when you leave a job. It is for a limited amount of time, I believe for a year. You would end up paying quite a bit more for the premium than you now do thru your employer. If your decide to do cobra, and do move, make sure the health insurance is even accepted in your new locale. If you are on a HMO and leave your region it may very well not be in your new area. As for pre-existing conditions, you should be okay while on cobra, it is when you try to purchase a health insurance plan on your own, is when problems seem to arise. Every insurance company has their rules on who they insure and those they deny. I have diabetes for a long time now, and would be denied by many. Thankfully I have always been covered thru the employer and therefore cannot be denied health insurance that way. If pre-exisiting is a concern of yours,check with insurance companies prior to making any moves in your life and see what their rulings are on who they insure and who they deny. It can be overwhelming to say the least when relocating or retireing or both. I would just have as much information as you need to make the move as easy as possible, before I quit the job and made the move. Good Luck.
COBRA doesn't "kick in." You have to apply for it. You have, I think, 60 days to apply from the day you quit. If you don't apply then, you're out of luck. If you apply, you can use COBRA for 18 months. It's not cheap, but it's the group rate that your (former) employer pays.
COBRA doesn't "kick in." You have to apply for it. You have, I think, 60 days to apply from the day you quit. If you don't apply then, you're out of luck. If you apply, you can use COBRA for 18 months. It's not cheap, but it's the group rate that your (former) employer pays.
Exactly, Cobra coverage seems expensive but it is the total of what you and your employer were paying the insurance company (an additional 10% can be charged for administrative costs).
Any lapse in coverage can put you in a situation where an insurance company can decline coverage or make it contingent on a physical. I do not think this is an issue if you go back to work and get employer group coverage.
I wish you luck. I believe Cobra allows you to keep paying for your previous coverage for up to 18 months.
My husband changed jobs last year and we searched for alternative coverage, like an HSA, since his employer only pays $250. a month towards insurance. We are in our late 50's and each take one pill which keeps us very healthy. We discovered that we are not insurable except through an employer. So we are paying $12,000. a year in addition to the employer contribution, which is a great hardship.
Bottom line...think twice and make sure you will be able to get any insurance before you do anything rash.
As much as it rags me, many life/work/place choices are made over health insurance, often more than income and other finances.
I do think anyone with health insurance would be utterly mad to drop it and hope for the best until Medicare. I know people say they are very healthy and walk two miles a day and all. One friend of mine said, "I never get sick." Well, people don't "get sick" much anymore in the U.S. We get injured, we wear out. All the health in the world can't prevent the illnesses that we don't know the origins of. Anyone who drives or walks in traffic is subject to possible terrible injury. Anyone can slip on ice. Etc.
When my husband quit his job to start his own practice, we went on Cobra. It was expensive but the dental coverage was so good we hated to give that up right away. We have since switched to BlueCross/BlueSheild of AZ and have a decent family policy. They have come up with a new small business plan for people who have as few as two employees. It is a streamlined policy that does not have as many things covered, more catastrophic coverage which works for us.
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