Which is best…COBRA or Individual Coverage?
Wednesday, 21 January 2009
With so many people out of work, people are faced with the question of continuing coverage under COBRA or purchasing their own insurance policy. Here is the BIG question:
1. Are you insurable? If you are healthy, your best bet is to shop for your own plan. If not, individual insurance carriers may decline to offer your coverage, or increase your premium.
In group plans, the insurance carrier must accept all applicants, as long as they qualify as an employee or dependent, and enroll in a timely manner. This is not so on individual plans. The plans are individually underwritten with detailed health questions and a review of your medical records.
