John Galt III
Thinks s/he gets paid by the post
- Joined
- Oct 19, 2008
- Messages
- 2,799
Hi, I've been poking around on the net about COBRA health insurance, and it looks like I would be able to get a "not too horrible" premium for pretty good coverage. I've always heard how high COBRA was, so I was surprised to calculate that if I were to voluntarily quit my job, my COBRA monthly premiums would only be $333. Pretty low compared to the huge premiums I had been hearing about. The coverage I now have at work has no deductible, modest copays ($30 for PCP, $40 for Specialist) and I owe only 10 percent of the negotiated fee. And no exclusions for any particular illness. Doesn't sound too bad, as coverage goes, right? And I would keep this same coverage with COBRA, for $333 a month, as I lie on the riverbank and fish the day away. For 18 months, that is. I calculated $333 a month from the fact that the benefits blurbs my employer sends us state that they pay for 75 percent of the "cost" of the health care plan, and the employee bears the other 25 percent. I interpret that "cost" to be the premiums. Doing some basic algebra : I pay $83.24 a month in premiums for a single person, which is only 25 % of the real total premium, so the total is 4 times $83.24 = $332.96 per month. Does that sound right? I'll be sure to ask my employer what the premium would be on COBRA if and when the right time comes, but thought I would check in here first. Thanks, JG3