Choices when faced with COBRA
Our current economy is incredible and many are enjoying the economic benefits. Unfortunately, at some point this will come to an end and many may face lay offs or job loss. If you are currently insured through your employer and you lose your job, your employer is obligated to offer you a COBRA plan to continue your insurance coverage for 18 to 36 months depending on the situation.
Sounds great! Even if you lose your job, you won't necessarily lose your health insurance. The catch is that the employee is now responsible for the entire amount of the insurance premium, not just the portion not paid for by the employer. In 2018, the average cost for an employer based group to cover a family was $20,000 per year and on average an employee paid $5,500 of this premium each year. If this plan becomes your COBRA plan, you are now responsible for all $20,000 of this plan, and this premium is also no longer being taken from your paycheck prior to taxation.
Bottom line, losing a job is stressful and the added cost of extending your insurance plan can be catastrophic. This is where Impact Family Wellness can help. For just $169/month for a family of 4 we can handle 80-90% of your health care needs. This is much cheaper than the average monthly premium of $1,667 for a COBRA plan. We can also get you in touch with some insurance experts to help with short term or major medical plans to help protect you and your family.
Want more details regarding the rules and regulations regarding COBRA? Check out this helpful website
Questions about how Impact Family Wellness can help you?
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