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May I ask why you are carrying two policies for one month? I imagine you are paying 100% of the premium for both plans so is there is something covered on your group plan (COBRA) that is not covered under your individual policy? There are parameters set up to protect you as the policyholder, but I would not want you to pay for two policies that offer the same thing.
On a group basis, when you, as a COBRA participant, begin coverage on a new group insurance plan, your eligiblity under COBRA is exhausted. I am not sure if it is the same when you purchase an individaul policy. Maybe some of the individiual health insurance experts can weigh in. My experience has shown that most people do not have both an individual and COBRA coverage due to the high costs related to having multiple programs. |
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We wanted to change from the Cobra family coverage to a plan through my spuse's employer. So I was approved for an individual plan (which the ins agent said would be cheaper) but the other plan for parent & 2 dependents denied coverage to one dependent. So, now we still have the Cobra covering all family and my individual
Plan (thru spuse employer) was effective this month. Could I just cancel the individual plan and stay on Cobra longer? |
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COBRA is a federal law that states that when you terminate employment, you can elect to continue the coverage offered by the previous employer. You will pay the full premium for this coverage and can extend coverage for 18 months. The advantage you get from COBRA is that the premium you pay is the same the company pays. Since companies usually get a lower group rate, extending your prior coverage is generally less expensive.
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