COBRA VS. Marketplace Insurance Coverage

Health.govMany people receive health insurance coverage through their workplace. But, when you lose your job, the scenario can change quickly. Although you may be able to continue your existing plan through a COBRA arrangement, some people have found alternative insurance coverage through the Health Insurance Marketplace.

There are some rules to be aware of, however. Specifically, if you have not opted for COBRA continuation coverage through your previous employer’s plan, you are eligible for a Marketplace policy. If you DID take advantage of COBRA insurance, but your plan is running out, you can also qualify¬†for a Special Enrollment Period under the Marketplace guidelines. If you are in a COBRA plan, and it will not expire soon, you will most likely have to wait until the next Open Enrollment Period to qualify for a Marketplace plan unless you qualify for a Special Enrollment Period in some other way.

The good thing is, many people have options, and some of them can save you money while maintaining your healthcare coverage. For additional information on this topic, visit the HealthCare.gov website at HERE.

 

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