Confused about Cobra
It seems many Americans are confused about the types of health insurance coverage that is available to them; but mainly, they don’t know whether it’s better to go with Cobra or obtain their own health insurance. A recent nationwide poll conducted by InsureMonkey determined that many people don’t know which way to turn when considering how they will maintain their coverage.
It’s no surprise that individuals would be confused about their coverage when they’re asked to go at it on their own. When the job offers coverage, many times employees are not given a choice in coverage. But if they are, itcan berather limited. And since payments are automatically deducted from the employee’s paycheck, most don’t have to worry about their health insurance unless they’re required to pay a co-pay or deductible.
However, if an employee is laid off from a job, the process becomes more hands-on. Usually, being laid off means that there is an option to continue the coverage for a specified amount of time through Cobra. However, many are not aware of this option, which justifies the poll’s findings that individuals are confused about their insurance options.
Those who don’t know that they can keep their employer’s coverage through Cobra, or don’t feel that it will be cheap enough to afford without their previous income, try to find their own. This is where things can really get confusing. You have to take time to learn the difference between the PPO, HMO and POS, whether you want a higher or lower deductible, whether a co-pay is good, and so on.
Probably one of the easier ways to determine what all is best is first learning what options are available through your previous employer, then checking a health insurance website like Go Insurance Rates that offers side-by-side comparisons of various health insurance options. By laying everything out on the line, you can better your chances of finding the right coverage without being as confused as many Americans are.