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| CLINICAL
MIND > INSURANCE |
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COBRA |
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The Consolidated Omnibus Budget Reconciliation
Act was a law enacted in recognition of the rising
health insurance costs and the growing number
of people without coverage. Under COBRA, a departing
employee has the option of continuing to buy health
insurance coverage through the company’s
plan. This law will allow an individual to continue
purchasing health/dental/life insurance through
the company for a period of up to 18 months. |
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Of course, the same barrier that causes
companies to reduce coverage also bars many individuals
from taking advantage of this law: price. In 2006,
family coverage via COBRA could easily be $500
or more and $200 or more just for yourself! For
someone just starting out into business for themselves,
those are some very steep expenses to incur right
off the start. |
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In rare instances, COBRA might be
the best option for someone looking for health
insurance and going into business for themselves.
However, depending on the state in which you live,
there are most likely better and more affordable
options by which to secure adequate health insurance
for you and your family. |
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While there are some companies offering
very custom-tailored health insurance plans for
their employees, most can be broken down into
two different categories: PPO & HMO. |
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For anyone looking to merely find another job
with similar benefits in the immediate to near
future, however, COBRA is definitely a very good
option to consider if you have the finances to
swing those premiums. Plus, with the prospect
of finding an employer that will help pay the
costs within the next 18 months, COBRA is a very
simple yet expensive way to maintain your current
benefits while searching for a new employer. |
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However, for someone who is either looking to
start their own business or wanting to save some
serious money on health insurance costs while
looking for another employer, temporary health
insurance is perhaps a better option. |
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