Pros and Cons of COBRA Coverage
Cobra health insurance sparks debates across the United States. The reality is that Cobra can be a buffer for those who have lost their jobs. However, Cobra can also cover employee’s and their families if they pass away or are suddenly let go. This is only eligible for those who aren’t fired because of gross misconduct. Until you can secure other insurance, Cobra could be a viable solution. Of course, it doesn’t appeal to everyone and there are some who dislike the notion of Cobra too. So, what are the pros and cons of Cobra coverage?
Pro – It’s a Buffer When You Lose a Job
If you suddenly are made redundant or are fired, in some instances, Cobra health insurance can be there to assist you. Basically, it’s a buffer and can be a great option to consider until you find other coverage. What’s more, if you or your spouse suddenly passed away, that might also be covered by Cobra. Of course, you would need to read the terms of the policy first.
Con – Limited-Time Coverage
People are frustrated at Cobra health insurance because it only covers them for a specific period – eighteen months to be exact. If the economy is on a downswing or you struggle to find a job, those eighteen months can fly by and then you start to stress out. However, if you’re lucky enough to find a new position in-between that time, then great. While some view Cobra’s limited time coverage as a positive, others see it as a negative.
Pro – The Same Coverage as Before
One of the more impressive features of Cobra is that regardless of the insurance you had previously, you keep the same for the duration. That’s important and helps to keep the stress down to a bare minimum. Even the process is the same when you need to file an insurance claim; that’s a huge benefit, to say the least. It’s useful for those who stress at any little change, and the policy remains the same too. Cobra health insurance does offer a useful solution for thousands each year. Learn more!
Con – Quite Expensive
A major downside to Cobra health insurance is how expensive it can be. Remember, your employer isnt going to pay the premiums so you have to. If you have very limited funds each month, that might prove to be a problem. It’s going to be a burden on your shoulders, so while it does have it’s upsides, this is a major negative, to say the least.
Get Insured And Stay Safe
Health insurance remains crucial, it doesn’t matter how old you are or the type of industry you work in. It’s essnetial to have suitable – and sufficient – coverage. Without it, you can be left in a terrible financial situation. Of course, it doesn’t help when you lose your job and your health benefits. Fortunately, it’s possible to continue coverage through Cobra. It mightn’t be the ideal solution for everyone, however, it’s a viable one until other insurance is found. Cobra health insurance is an option to consider. Find out more at https://www.wafeast.org/what-is-chip-how-does-it-work/