Question
What is the name of your state? Minnesota
I discovered today that my current employer isn't paying as much of the insurance bill as I thought he would. I was paying $440 a month through COBRA provided by my former employer. I thought the amount was going to be roughly the same with my new insurance. However, my employer told me that he is only covering what he would cover if the insurance was employee only. As it is, my insurance is for family. I have no kids but, with no employee +1 option, I had to do family. This means that he is taking out a little over $700 a month for my insurance. This is too much. I thought the $440 via COBRA was high. I don't know what alternatives that I have for this. Both my COBRA plan and my new plan are both under United Healthcare. I've looked a little into state funded options, but it looks like we may make a little too much to be eligible for that. Is there any way that I can go back to COBRA?
Answer
How long does COBRA coverage last?
COBRA establishes required periods of coverage for continuation health benefits. A plan, however, may provide longer periods of coverage beyond those required by COBRA. COBRA beneficiaries generally are eligible for group coverage during a maximum of 18 months for qualifying events due to employment termination or reduction of hours of work. Certain qualifying events, or a second qualifying event during the initial period of coverage, may permit a beneficiary to receive a maximum of 36 months of coverage.
Coverage begins on the date that coverage would otherwise have been lost by reason of a qualifying event and will end at the end of the maximum period. It may end earlier if:
Premiums are not paid on a timely basis
The employer ceases to maintain any group health plan
After the COBRA election, coverage is obtained with another employer group health plan that does not contain any exclusion or limitation with respect to any pre-existing condition of such beneficiary. However, if other group health coverage is obtained prior to the COBRA election, COBRA coverage may not be discontinued, even if the other coverage continues after the COBRA election.
After the COBRA election, a beneficiary becomes entitled to Medicare benefits. However, if Medicare is obtained prior to COBRA election, COBRA coverage may not be discontinued, even if the other coverage continues after the COBRA election.
According to this, you are no longer eligible for COBRA.
Answer
Once Cobra coverage terminates, it's over and can't be restarted. So if you've already given up the Cobra coverage, you're out of luck.
Answer
Agree with both the above answers. COBRA is no longer a viable option for you. Sorry.
Answer
any suggestions on places I can go to find cheaper insurance?
Answer
any suggestions on places I can go to find cheaper insurance?
All you can do is shop around. What's cheaper for you may not be cheaper for me. By the way, you can't drop your current coverage until open enrollment.
And, individual coverage is generally WAY more expensive than work-based coverage.
Answer
try to get in on group insurance. At least in NY & NJ, the state mandates certain coverage for groups of 50 or more. So call up AAA, AARP, The Local Real Estate Board or any other group that you are involved with. Or find a broker that can "piggy back" you on to a group policy.
Unfortunately, IMHO, your example is the main reason health insurance is screwed is the US. Too many employees have no idea what health care costs, so it's not a hot button issue. Nor do the employees pay attention to how much their employers are paying. As more and more can't afford insurance, hopefully health insurance will get a louder voice.
My family HMO policy costs $1,200/mo and that's with NO out-of-network coverage. At what point will employers decide that it doesn't pay to offer insurance to a clerical worker making $25K/year? When the insurance costs $15K, $20, $25 or $30k a year. We really aren't that far away from the middle and upper-middle class can't afford health insurance.
Answer
I don't know, generally yes group insurance is cheaper, but $700 is a LOT for employer sponsored coverage and it may be possible to get individual coverage cheaper. But your open enrollment is likely over since it's January now so you will have to wait until next year before you can drop your coverage.
However, if your spouse were to get a new job or new coverage through his/her job which is cheaper, that would be considered a "qualifying event" allowing you to drop coverage for one or both of you outside of open enrollment.