COBRA – What a Joke – Can You Really Afford Employer HealthCare Insurance If You Lose Your Job?


You simply misplaced your job and your human sources consultant simply informed you about COBRA (Consolidated Omnibus Funds Reconciliation Act). In concept COBRA is superior (if you happen to qualify) it gives an individual who develop into unemployed a technique to keep coated by the outdated medical health insurance coverage.

There are two issues to recollect about COBRA.

1. You’ll be able to solely take part and be coated for 18 months

2. In nearly each case, you need to pay 100% of the premiums as a result of the corporate does not assist pay for protection.

How does that break down for many Individuals? Lets shortly study some details about the usage of COBRA and employer sponsored healthcare insurance coverage:

… A person pays about $600 to $800 a month for continued protection below the COBRA act

… A household pays roughly $1250 to $1500 a month for continued protection below the COBRA act

… The common particular person on unemployment insurance coverage clears $1334 a month

… Rather less than 20% of people who find themselves eligible for COBRA can afford to make use of it

… Most individuals have no idea in regards to the COBRA “loophole” (Principally you could have 60 days to determine if you wish to use the COBRA. Use can use the insurance coverage for 59 days.) In essence you may get $1200 to $1600 price of free healthcare insurance coverage protection relying how a lot the premiums price.

COBRA isn’t an actual reply, even for momentary medical health insurance; you may get inexpensive and cheaper protection. That is high quality healthcare insurance coverage protection. You should buy your individual private or household medical health insurance coverage that that may be custom-made and can higher fit your wants

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