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I am changing jobs. Old employer will cover only till Friday. New employer will cover only from Monday. No coverage on weekend.
I am aware of the Cobra option.
-- If i opt for Cobra, i have to pay for the whole month's premium. AFAIK, there is no daily payment option ?
1) If i have claims anywhere in future, will insurance company come back and say that i have gap in the insurance? And call any issue/disease as preexisting condition
2) Can i activate Cobra only after the fact ? that is , if I or any of my family member falls sick on those two days then ask for Cobra coverage.
1) If i have claims anywhere in future, will insurance company come back and say that i have gap in the insurance? And call any issue/disease as preexisting condition
No.
Quote:
2) Can i activate Cobra only after the fact ? that is , if I or any of my family member falls sick on those two days then ask for Cobra coverage.
Yes. You have 60 days within which to elect COBRA. Coverage will be backdated:
Quote:
Q8: How long do I have to elect COBRA coverage?
If you become entitled to elect COBRA coverage, you must be given an election period of at least 60 days (starting on the later of the date you are furnished the election notice or the date you would lose coverage) to choose whether or not to elect continuation coverage.
Each of the qualified beneficiaries may independently elect COBRA coverage. This means that if both you and your spouse are entitled to elect continuation coverage, you each may decide separately whether to do so. The covered employee or spouse must be allowed to elect on behalf of any dependent children or on behalf of all of the qualified beneficiaries. A parent or legal guardian may elect on behalf of a minor child.
*** When you elect continuation coverage, you cannot be required to send any payment with your election form. You can be required, however, to make an initial premium payment within 45 days after the date of your COBRA election (that is the date you mail in your election form, if you use first-class mail).
Failure to make any payment within that period of time could cause you to lose all COBRA rights. The plan can set premium due dates for successive periods of coverage (after your initial payment), but it must give you the option to make monthly payments, and it must give you a 30-day grace period for payment of any premium.
We've discussed the COBRA backdating issue on this board before. One of the good things about COBRA.
Last edited by Ariadne22; 09-26-2014 at 04:45 PM..
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