cobra/conversion policies

[gizmo]

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!

 

[haha]

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.

Ha

 

[dgoldenz]

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.