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Should I go with COBRA or an individual plan?
COBRA insurance is typically the most convenient way to go.
- Usually, there are no complex and nosy health insurance forms to
complete, because you already did so soon after you were hired.
- There's typically no extra charge to cover preexisting conditions,
as there might be with a new individual or family plan.
- You get exactly the same coverage you already had, without the
hassle of researching new plans.
But convenience isn't everything, especially if you're short on funds from
losing your job or work hours. You might be able to find a better deal in
an individual or family plan, or a group plan through a professional or
other member organization. If you're willing to accept reduced coverage,
or a higher deductible or out-of-pocket expense, the price might be even
lower. But if you're concerned about preexisting conditions, be sure to
investigate new plans for waiting periods before they'll cover you or your
dependents for those conditions.
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