Using COBRA? Employer Health Insurance Renewal Time Affects Your Premiums Too!

If you are currently on a COBRA plan through your previous employer, group health insurance renewal season is an important time for you too. The choices the company makes in regard to their group benefits plan will affect how much you are paying for your coverage too! These renewal periods offer you the opportunity to shop for other insurance options.

COBRA plans are not usually the best option for health insurance because they:

1. Offer limited plan options based upon generalized needs of the employee base and the company rather than the individual,
2. Tend to be very expensive because the premiums are no longer subsidized by the employer, and
3. COBRA coverage is usually chosen by those dealing with an on-going illness for familiarity and comfort level rather than best coverage.

There are better health insurance options for COBRA enrollees.

For some, the thought of finding better coverage seems like a daunting task. The WIFS Team can help you wade though your options within the Affordable Care Act individual marketplace. There are a plethora of coverage plans, allowing us to find one that is tailored to your needs. Rather than your previous employer, it is YOU who chooses the balance between coverage and deductibles or premiums that suits your situation.

The only other opportunities to find coverage outside of COBRA are to find a new job that offers health insurance benefits, apply for an ACA plan during open enrollment (November 1, 2015 – January 31, 2016) or wait until your COBRA benefits run out. Now is the perfect time to understand your options, potentially saving you money and providing you with better health care coverage. Send us an email, or give us a call at 317-663-4138.