Understanding COBRA
Under certain circumstances, such as voluntary or involuntary job loss, workers and their families can continue group health benefits provided by their group health plan for a limited period of time if they lose their health benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA).
In short, COBRA allows employees to maintain their employer-sponsored health insurance even after termination of employment. COBRA also covers spouses and dependents originally covered by the employer’s plan. COBRA recipients do not have to switch doctors or find new healthcare providers to stay in network if they keep the same plan, but it can be extremely expensive to pay 100% of the monthly premium.
People who become eligible for COBRA have at least 60 days to make a decision. If they choose COBRA coverage, it will be retroactive to ensure there are no gaps in coverage. Depending on the employer’s plan, out-of-pocket costs will vary. There is an administrative fee of 2% associated with COBRA, as well. In 2022, the average cost of single coverage is over $7,000. The average cost of family plans is over $21,000.
Under the ACA, there is a plan for almost every individual need
Those facing a decision about health insurance coverage after losing their job can easily find the right plan for them on Inshura’s integrated marketplace. It includes a variety of public and private plans from popular national insurance companies, offering plenty of options and price points with ACA subsidies and metal tiers taken into account. Finding the right coverage has never been easier!
As ACA plans are federally regulated, enrollees can expect certain guarantees. In addition to ambulatory care, hospitalizations, substance abuse treatment, prescriptions, rehab services, labs, preventive care, chronic disease management, pediatric care, vision care, and oral health coverage, there are also prescriptions, rehab services, and labs.
COBRA Coverage and ACA Plans Complement Each Other
Many Americans worry about job security, but luckily there are many options if they lose their job. Both COBRA and ACA plans provide healthcare coverage in the event of a job termination, no matter the reason. Inshura’s ACA insurance portal offers a large variety of healthcare services, preferred care providers and caters to all budget needs. So you don’t need to settle for inferior coverage when an employment situation changes. With either COBRA or ACA plans, you’re sure to find a suitable solution for your needs.
