Las Vegas Health Insurance Expert

Comparing COBRA And Individual Health Insurance Plans:

When an employee leaves Nevada Group health insurance through an employer, he or she may have a Cobra option.  Cobra is extension of the group plan that the individual employee pays for.  Cobra typically runs 18 months. Many people coming off of group plans want to investigate their options as Cobra can be very expensive.  There are some important considerations when comparing your Cobra option with individual family plans on the Nevada health insurance market.  Never lose your Cobra option.  Make sure you receive a written notification of approval for your chosen individual health insurance plan and rate.

 

 


Qualify For Individual Coverage Based On Health

One of the main differences between Group coverage (including Cobra) and individual Las Vegas Health Insurance is that you must qualify based on health for individual family coverage.  The carrier can decline coverage based on your health and/or pre-existing conditions.  This is a wake-up call for applicants who have been in employer-sponsored plans all their life and are unfamiliar with being declined for coverage.  If you have health issues, individual coverage might not be as good an option as they can decline or increase your rates based on rate Tiers.  At this point, Cobra may be your better option.

 

 

Cost Concerns In Comparing Individual Nevada Health Insurance With Cobra

 

Group coverage is typically richer in benefits but also tends to be much more expensive.  Employers offer health insurance not only to cover healthcare costs but as a tool to attract and keep good employees.  Due to this, the benefits tend to be richer.  The rates are higher as coverage is guaranteed issue so an employee can come on regardless of health. Recently though the trend has been to pay for most of the employees benefits but to pass the cost of the dependants onto the employee, that’s typically why your yearly health care costs increase especially for dependants. 


It's very different, however, when you are paying to cover just yourself (as with either Cobra or Individual health insurance).  The monthly premium is being paid regardless of how much you use the plan.  Due to this and the escalating increase of premiums as you move up to richer plans, it usually make sense to look at a lower cost, comprehensive plan.  This flexibility to choose your coverage will likely not exist within the scope of Cobra. 

 

 

Split Policies Between Cobra and Individual Nevada Health Insurance

 

Most people coming off of Cobra do not realize that they can usually elect Cobra for individual family members.  Let's say one family member has health issues.  It might make sense financially to keep that family member on Cobra and get individual coverage for the other family members that can qualify.  You can inquire into the cost for certain family members under Cobra from your employer HR department and/or Carrier.  Investigate to see if splitting your family health plans makes sense.

 

 

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