Ten Questions to Ask When Considering COBRA Following a D...(;  Have you been awarded Socia...),Health

Date:8/5/2008

;  Have you been awarded Social Security disability benefits? Once awarded SSDI, you can extend your COBRA coverage an additional 11 months. This ability to extend benefits may be significant during your waiting period for http://www.allsup.com/Financial-Matters/Managing-Healthcare-Costs/Medicare.aspx [Medicare health coverage] to begin. Individuals who are awarded SSDI automatically become eligible for Medicare 24 months from the SSA-determined date of award.

5.   Have you been awarded SSDI and do you have dependents? If one of the qualified beneficiaries in a family is disabled and http://www.allsup.com/About-SSDI/SSDI-Guidelines-by-Disability.aspx [meets SSDI eligibility requirements], all of the qualified beneficiaries in that family are entitled to an 11-month extension of the general 18-month COBRA coverage period. This then would provide a total COBRA coverage period of 29 months.

6.   What will your COBRA coverage cost? When you assume the cost of your insurance premium through COBRA, you may find the monthly premiums to be surprisingly high. This is because you typically pay both your former employer's portion plus your portion of the premium. For the first 18 months, the premium for continuing health insurance coverage costs up to 102 percent of the cost to the plan for those still employed.

7.   What will your medical costs be? Knowing the cost of COBRA is most valuable when you can compare it to the estimated healthcare costs you will have during the coming months. Take into account the number of required doctors' visits. What will those cost without insurance? Look at your deductibles;

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