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cobra/conversion policies
Old 07-07-2011, 12:05 PM   #1
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cobra/conversion policies

Has anyone had experience with going on Cobra after they retired, then getting a conversion policy after the Cobra expires? I have stumbled upon many "horror" stories about ending up with no insurance because of missed deadlines & supposed late/missed payments etc.

Would also like to know about the cost of the conversion policies. I read somewhere that the insurance company could charge you up to 150% of what an equivalent group plan would cost. yikes!
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Old 07-07-2011, 02:46 PM   #2
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Originally Posted by gizmo View Post
Has anyone had experience with going on Cobra after they retired, then getting a conversion policy after the Cobra expires? I have stumbled upon many "horror" stories about ending up with no insurance because of missed deadlines & supposed late/missed payments etc.

Would also like to know about the cost of the conversion policies. I read somewhere that the insurance company could charge you up to 150% of what an equivalent group plan would cost. yikes!
I did that. I got a broker to help and it went smoothly.

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Old 07-07-2011, 04:52 PM   #3
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Originally Posted by gizmo View Post
Has anyone had experience with going on Cobra after they retired, then getting a conversion policy after the Cobra expires? I have stumbled upon many "horror" stories about ending up with no insurance because of missed deadlines & supposed late/missed payments etc.

Would also like to know about the cost of the conversion policies. I read somewhere that the insurance company could charge you up to 150% of what an equivalent group plan would cost. yikes!
HIPAA rates will vary by state. Most of them here are 400-500% of the standard premium. Best option depends on specific circumstances. I would strongly recommend getting an individual policy to lock in the insurability as soon as you can if you are healthy enough to underwriting. Waiting too long could cost you a lot of money when COBRA ends. A good independent agent should be able to help.
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Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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