Health Insurance Coverage between work and school

Question

I know we've talked in the past about Health Insurance Coverage between quitting work and starting school. A fellow Booth admit told me about this website:  https://www.ehealthinsurance.com .

She described it as "It is like the Expedia for health insurance. It pulls all the major companies' programs into one site. It also has a link for short-term insurance, meaning just a few days or weeks, if you just need coverage from the end of your job until matriculation, and that has a quick, 48-hour processing time." She used it and had a good experience with it.

Has anyone tried this site? Thoughts?

solaris1 · Answer

Two points:

First, some states don't allow consumers to buy cheaper short-term health insurance that may be available elsewhere - New York doesn't, for instance. So check to make sure your state does.

Second, depending on how comprehensive a coverage you need, continuing your existing medical insurance (through your employer) via COBRA might turn out to be just a bit cheaper  assuming the same level of benefits . And you'd get to keep your existing doctors et cetera, because new short-term insurance might require you to switch "networks" or whatever..

Of course, if you only go for a basic hospitalization/emergency coverage policy only then that is obviously significantly cheaper than COBRA benefits.

Everything I've heard about ehealthinsurance.com has been mostly positive.

isa · Answer

thanks solaris1 - That's a good point. I guess deciding the amount of coverage needed for that period between work/school is important in costing this out!

Cheers.

riverripper · Answer

Cobra...its usually the best way to go to make up for the gap until you can get the school coverage.

zonk · Answer

My only caveat is that COBRA is probably ridiculously expensive. COBRA on my company's plan would've run me $500+/month. I picked up the cheapest Blue Cross of MA plan for $225. It has a high deductible, but do you think you'll spend the difference ($500-1000) on medical bills in the months between work and school?

formerlehmanite1 · Answer

COBRA for my company was 477 a month. I found a hospital program through Blue Cross and Blue Shield (ehealthinsurance.com) that was 150 a month. Its obviously not comprehensive, but it covers emergency visits to the hospital, which is what I was afraid of. For those of us that are young and relatively healthy you really don't need a full service health plan that your company was paying for you. Also, if you quit your job I didn't think you were eligible for COBRA.

solaris1 · Answer

Actually, no. You are eligible to continue health insurance through COBRA even if you leave your employer voluntarily. And I would look at the emergency only coverage plan very carefully - it won't pay for any outpatient services or prescription drugs. If that's what you're looking for, then fine - otherwise COBRA is expensive precisely because it covers so much more.

COBRA premiums will vary based on what kind of coverage your employer offers.

cs11 · Answer

This might only help folks who work for the government (which I assume isn't many of you), but I checked with our HR department the other day and was told that there is a one month 'grace period' offered when I leave (pre-cobra). In my case, I'm planning on leaving July 1, so that would cover me through the end of August.

Maybe other firms offer such a grace period?

Maybe other firms offer such a grace period?

zonk · Answer

I think COBRA is a 45-day grace period.

refurb · Answer

The grace period only allows you to defer the payment of your premium 45 day from the day  that you elect COBRA  coverage.

In other words, if you quit on May 15th, the first day of being uninsured would be June 1st (you're covered until the end of the month. If you elected to take COBRA coverage on June 15th, you'd have until the end of August (or so) until your first premium was due.

However, I remember someone saying that you also get a period where you can retroactively elect COBRA coverage. In other words if your first day without insurance was June 1st and you got sick on June 20th, you could elect coverage on June 20th, even though most insurance programs don't allow for pre-existing conditions.

RF

Health Insurance Coverage between work and school

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