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Cobra isn’t cheap BUT you get more coverage for the money compared to buying a private plan. Personally I would definitely sign up. You can always cancel once you find a new job. To risk not having health care b/c you don’t want to “lose” the money isn’t a wise decision
☝️ Healthy or not, it’s the crap in life you DON’T plan for that will seriously screw you. If you trip on a curb or step while looking at phone and tear your ACL or MCL, you’re looking at a $16K operation, never mind the separate $6K bill for the anesthesiologist, plus a cast, crutches and rehab. The $400 - $600 it costs a month if you’re single is just a smart move.
@ACD1 isn’t all insurance paying for something you likely don’t need? When unemployment is just over $1000 a month (in NYC), paying almost $600–700 for COBRA wasn’t worth it to me when my rent was already more than unemployment, not to also mention living expenses. Sure, I was lucky to remain healthy but financially COBRA is very difficult without an actual paycheck and the marketplace coverage is so bad, it barely passes for insurance.
Ad1 - Right. You don’t really need it... until you do. And it’s too late. When I was unemployed I made sure to have insurance. Even if it required me to not go out drinking for 3 weekends every month (not saying you would, just using as an example to compensate for the cost).
It’s a good thing I did because I had fallen on black ice and broke my arm. And had I not had health insurance I would still be paying off my credit card
NEVER go without insurance if you have any choice. Never ever.
Depends if you’re healthy. I went without it (or marketplace) for 5 months and paid the penalty which was a fraction of the price of actually paying for COBRA.
how long am I covered for?
I had a routine 45m outpatient procedure last fall. $24k without insurance. I was covered, but it’s made me think twice about ever going without it.
Do it. Once you're nice and comfy in your next gig, I promise you'll soon forget about the premiums paid for insurance you didn't use. But should something unexpected happen in the interim, signing up will feel like the greatest decision you've ever made.
Look into how long you can go before you can’t retroactively sign up for it. I you’re heathy, you might be able to skip a month. Also, if you were laid off find out how long your company is willing to pay their corporate rate for your plan. They may do it for several months and that might be enough.
How do I cancel cobra if I get a new job?
@OP the particulars of your benefits are definitely something to talk to HR about. And if you can afford it, you should absolutely do it
To cancel it you just have to stop paying. They cancel automatically after a full month of not receiving payment. It’s a grace period that you do not get billed for
I’ve been laid off and I’ve had chunks between being hired for new jobs where I’ve gone without Cobra. However, use your best judgement: Are you going to be in any risky situations? Have bad allergies? Pre-existing conditions? Etc
@OP it looks like they aren’t covering you past the month. Have you signed any paperwork yet? You can negotiate coverage of that. They’ll work with you in a lay off situation so it doesn’t hurt to ask. You can ask to have your official termination date be later too.
Yes get cobra. Imagine if you got hit by a bus...
Update: I failed to mention I’m 25 and luckily still covered by my parents regardless of losing this coverage