Ten Questions to Ask When Considering COBRA Following a D...(armaceutical-Assistance-Programs.aspx t...),Health

Date:8/5/2008

armaceutical-Assistance-Programs.aspx" target="_blank">http://www.allsup.com/Financial-Matters/Managing-Healthcare-Costs/State-Pharmaceutical-Assistance-Programs.aspx [estimate your future medication costs], possible diagnostic testing and hospitalization. Keep in mind, COBRA continues the healthcare coverage you had -- if you had co-pays, you still have co-pays. Is there a chance that your disability may require emergency treatment or unexpected costs? These figures can help you with the number crunching.

8.   Do you know that your COBRA premiums may increase? For those receiving the 11-month disability extension, the premium for these additional months may go up to 150 percent of the plan's total cost of coverage.

9.   Have you priced any individual health plans? Though group health coverage for COBRA participants usually is more expensive than health coverage for active employees, it still is less expensive, generally, than purchasing individual health coverage from a non-employer source.

10.   Have you considered your future medical needs? COBRA coverage allows you to continue your previous health insurance and cover your increasing medical needs. Also, by continuing coverage you won't have to fear having something not covered because of a pre-existing condition.

Making The Choice

Trying to decide whether COBRA coverage is best for you is not easy. Like most things, the choice comes down to weighing the costs versus the benefits of having the coverage. "Ultimately, it comes down to the pocketbook," said Mr. Gada.

"Take the time to consider your options carefully and don't feel pressured to make a decision right away. You have at least 60 days to make a COBRA election," he said.

The clock starts ticking from the date that coverage under the employer's plan was lost or when the COBRA election notice is sent by the employer or plan
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