Can I wait to elect COBRA until I have a claim?
I recently switched jobs and need to elect COBRA in order to have health covereage for the month of June. According to the paperwork I received, I have 60 days to elect COBRA coverage (from my date of last coverage which will be May 31) and if I elect it, my health insurance is retroactive to that date. So I'm wondering if I can wing it in June and only pay for Cobra if I end up having to make an insurance claim?
This could be a problem. Insurance companies are sneaky bastids and try to get out of paying anything they can.
If you only need health insurance for one month, I'd still do the Cobra - only because your new insurance might give you a problem if you have a claim in the near future. Most of them have waiting periods - meaning they don't have to cover anything they deem pre-existing (such as if you throw your back out for the first time in your life, or if you have an allergic reaction to a bee sting, stuff like that.) UNLESS you can provide a "Certificate of Prior Coverage" - which shows that you had valid health insurance immediately prior to the new plan - then they have to cover it.
no too risky insurance companies are devious you better pay your premiums then get all your surgeries or medical stuff done before it runs out the price of cobra is ridiculous
Answers:
The only drawback to not electing your COBRA is if you have a lapse of coverage of more than 63 days and you have pre-existing conditions.
If your new job only offers a PPO plan and you have pre-existing medical conditions - you can have pre-existing liminations places on you for up to one year.
Otherwise, just make sure you elect COBRA before the 60 day window.
You can also look at Short Term Medical - which was created in order to protect you while you are in between jobs.
Yes, but you have to pay retroactively back to the first day you were eligible. Wait until near the end of the period before deciding.
Yes. I have done that in the past. No reason you couldn't.