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| What will the first payment be if I choose the proactive route? |
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Q: I would like to wait for coverage as long as possible and start Cobra if I need it. If I don't need it and find other insurance within the "45 days the employer has to send me the paperwork" and the "60 days I have to fill it out". My monthly payments will be around $1000/month. Assuming my previous employer waits this long to send it out and I wait this long to fill it out, how much would my first monthly payment be? I need to know so I can save this $1000/month if needed.
A: COBRA is retro-active coverage. It goes back to your last day of benefits without a lapse in coverage. The employer has 45 days to mail you the election form from your last day of benefits and must give you an additional 60 days to sign up. So, by the time you submit the election form you could possible owe 2 or 3 months of back premium plus the current month and if your COBRA premium is near $1,000 a month, you could owe close to $3,000. If you are interested in a more affordable Alternative to COBRA, click here for more information.
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