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Can I quit COBRA and get Obamacare?

Posted on August 14, 2022 by Author

Can I quit COBRA and get Obamacare?

No. Merely being offered COBRA doesn’t affect your ability to qualify for an Obamacare subsidy. But to take advantage of the subsidy, you’ll have to forgo your COBRA coverage and enroll in an Obamacare plan through the health insurance exchange during your 60-day special enrollment period.

Is Losing COBRA a qualifying event for Obamacare?

Here’s the good news: Rolling off of COBRA coverage is a qualifying event that opens a special enrollment period for you to purchase your own health coverage. And you’ll have more options, flexibility and control of your health plan outside of COBRA with an individual health insurance plan.

Does the Affordable Care Act affect COBRA?

The ACA did not eliminate COBRA or change the COBRA rules. See “An Employee’s Guide to Health Benefits under COBRA” for more information about COBRA.

Can you get Marketplace insurance if you are eligible for COBRA?

You can apply for Marketplace health plans during that period. If you enroll in COBRA coverage through your former employer, however, you will need to wait to the next Marketplace Open Enrollment period if you want to switch to a Marketplace plan.

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Which is cheaper COBRA or Obamacare?

So which one is better? Typically ACA insurance is more affordable than COBRA insurance because you can be eligible for federal ACA subsidies, depending on your income. COBRA costs an average of $599 per month.

What are the 7 COBRA qualifying events?

The following are qualifying events: the death of the covered employee; a covered employee’s termination of employment or reduction of the hours of employment; the covered employee becoming entitled to Medicare; divorce or legal separation from the covered employee; or a dependent child ceasing to be a dependent under …

Is voluntarily dropping COBRA a qualifying event?

No. Voluntarily dropping coverage is not considered a qualifying event for purposes of COBRA.

How does COBRA insurance work if I quit my job?

Named for the Consolidated Omnibus Budget Reconciliation Act of 1985, COBRA allows you to continue receiving the exact same health coverage you’ve been getting from your employer after leaving the company, as long as you weren’t fired for gross misconduct and you’re not covered by another plan elsewhere.

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Can I switch from COBRA to Obamacare?

Can you change from COBRA to a Marketplace plan? Yes, you can change. No, you can’t change until the next Open Enrollment Period, your COBRA runs out, or you qualify for a Special Enrollment Period another way. Yes, you can change — you qualify for a Special Enrollment Period.

Do voluntary terminations qualify for COBRA?

For “covered employees,” the only qualifying event is termination of employment (whether the termination is voluntary or involuntary) including by retirement, or reduction of employment hours. In that case, COBRA lasts for eighteen months.

What is considered gross misconduct for COBRA?

The term “gross misconduct” is not specifically defined in COBRA or in regulations under COBRA. Generally, it can be assumed that being fired for most ordinary reasons, such as excessive absences or generally poor performance, does not amount to “gross misconduct.”

Is it better to use COBRA or Obamacare?

Does Cobra affect my ability to qualify for Obamacare?

No. Merely being offered COBRA doesn’t affect your ability to qualify for an Obamacare subsidy. But to take advantage of the subsidy, you’ll have to forgo your COBRA coverage and enroll in an Obamacare plan through the health insurance exchange during your 60-day special enrollment period.

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Does Cobra disqualify you from special enrollment?

 Being on COBRA for even one month disqualifies you from a special enrollment period. This is because you technically “have coverage”. However, when you first lose your employer plan you CAN choose between either ObamaCare or COBRA, even if it’s outside of open enrollment.

What happens to my COBRA subsidy if I change jobs?

If you become eligible for other group health coverage (such as coverage from a new job) or Medicare coverage, you’re no longer eligible for the COBRA subsidy. You must notify the health plan that’s been providing your COBRA coverage that you’re no longer eligible for the subsidy.

What happens if you don’t take Cobra?

If you decide not to take COBRA coverage, you can enroll in a Marketplace plan instead. Losing job-based coverage qualifies you for a Special Enrollment Period. This means you have 60 days to enroll in a health plan, even if it’s outside the annual Open Enrollment Period.

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