Five Important Health Care Insurance Questions You Need to Ask Yourself

COBRA VS. SHORT-TERM HEALTHCARE INSURANCE 5 QUESTIONS TO ASK YOURSELF If you are between jobs and need temporary health insurance, should you chose COBRA or short-term healthcare insurance? To determine that, consider the following: What is COBRA? Think of COBRA as a Continuation of Benefits. It is a federal program (Department of Labor) that allows you to continue your previous employer's health insurance after you have separated from your company for a specified amount of time. What is short- term health insurance? It is also intended to keep you protected by health insurance if you are without group health insurance. It is considered "Catastrophic" or "Emergency" insurance. O1 WHAT IS MY REASONING FOR NEEDING TEMPORARY HEALTH INSURANCE? IF YOU: Were separated from your employer Got divorced and had health insurance through your spouse's work benefits Are widowed and had been on your spouse's health insurance plan You are the dependent of someone who has become eligible for Medicare COBRA COBRA covers exactly what the previous employer covered for a specific period. IF YOU: Were separated from your employer Missed the Open Enrollment period Have a waiting period until new full health insurance can begin. COBRA is too expensive Short-term health insurance Short-term health insurances are only for emergencies and last for a shorter period. They are considerably less expensive. 02 AM I IN GOOD HEALTH RIGHT NOW? If you have a preexisting condition your employer's If you are in good health right now and only need insurance in case of benefit once covered: emergencies: COBRA Short-term health insurance 03 HOW SPECIFIC ARE MY COVERAGE NEEDS? you have very specific coverage needs and require prescriptions that your employer once covered: If you are only looking to shield yourself from catastrophic events (like breaking a leg, appendicitis, the COVID-19 virus): If + INSURANCE Short-term COBRA health insurance Short-term health insurance does not cover preexisting conditions. 04 HOW LONG DO I NEED COVERAGE FOR AND WHEN DO I NEED IT? If you need coverage for 1-6 months months and If you need coverage for up to 18 months beginning the start of your employment end date: need it to go into effect within 24 hours: Short-term COBRA health insurance It is not extendable. It can start any time. 05 WHICH OPTION FITS MY FINANCIAL NEEDS? If you need something quick and need less coverage at an affordable If you are looking for the same coverage as your employer once covered and are not concerned about rate: the expenses: Short-term COBRA health insurance *Note: Premiums can be paid from your Health Savings Account. You are now responsible to pay for 100% of the Premium that was once paid mostly by your employer, plus a 2% administration fee. Because of this, COBRA can be costly. *Note: Premiums cannot be paid from your Health Savings Account. But the premiums are much lower. You do not have to navigate this process alone. Jerry S. Pearlstein and Rebecca Bloomfield understand the stress of losing your job and the health insurance benefits that come along with it. Thať's why, in addition to their assistance with long-term insurance options such as Obamacare, they also serve as guides for clients in determining whether COBRA or other short-term options fit an individual's needs. Their promise is to find clients the most coverage for the best rate. If you need health help finding your individualized health insurance plan now, Jerry S. Pearlstein Insurance is a phone call away. To learn more, visit www.jpearlsteinltd.com or call 847-362-8888. We also have a weekly Wednesday 1pm Zoom meeting to answer all your questions. Use the same number to register! o oc o oc %24