tominboise
Recycles dryer sheets
Situation is that I retired at the end of September and went on DW's HI through work. DW retired on October 17. We will be signing up for a ACA health care plan that will start on Jan 1.
COBRA coverage is defined by months, but sign up is defined at 60 days, so we end up with December 31st to worry about.
We have a 60 day window to sign up for COBRA, clock starts Nov 1 (Covered through the end of October by DW HI from work}. If we don't have any issues in the 60 days (November & December), we wouldn't elect for COBRA (we will elect if something happens and we needed coverage inside the 60 days). Cost of COBRA is $1500/month.
Given the 60 day window to elect for COBRA, we would have to sign up by December 30, for coverage on the 31st, just in case something were to happen on that day. So it would cost us $3000 for coverage for the one day.
As a loophole, we could elect for COBRA, but not pay the bill if we don't have any issues on the 31st. It is supposedly legit but I am wary of this approach.
What would you do? Elect for COBRA and pay the $3k; Elect and not pay; Find one day coverage somewhere else, if there is such a thing and it is affordable; go without coverage for the one day and gamble no chokes on a Dorito watching football on New Years eve?
COBRA coverage is defined by months, but sign up is defined at 60 days, so we end up with December 31st to worry about.
We have a 60 day window to sign up for COBRA, clock starts Nov 1 (Covered through the end of October by DW HI from work}. If we don't have any issues in the 60 days (November & December), we wouldn't elect for COBRA (we will elect if something happens and we needed coverage inside the 60 days). Cost of COBRA is $1500/month.
Given the 60 day window to elect for COBRA, we would have to sign up by December 30, for coverage on the 31st, just in case something were to happen on that day. So it would cost us $3000 for coverage for the one day.
As a loophole, we could elect for COBRA, but not pay the bill if we don't have any issues on the 31st. It is supposedly legit but I am wary of this approach.
What would you do? Elect for COBRA and pay the $3k; Elect and not pay; Find one day coverage somewhere else, if there is such a thing and it is affordable; go without coverage for the one day and gamble no chokes on a Dorito watching football on New Years eve?
Last edited: