COBRA or Open Market? Which Short-term Health Plan is for You
You can still cut back on the amount you pay for health insurance while looking for a new job if you are healthy. Other than COBRA, you can choose a plan with a higher deductible (especially if you are not seeing a doctor too often and do not expect any type of surgery in the near future).
You can also find an individual or family short-term health insurance plan while looking for a new job that provides exactly what you need. If you are unsure whether or not you will qualify or health insurance on the open market (or if you have a pre-existing condition), then it is a good idea to remain with your current employer's provider under COBRA until you are approved for the plan that suits you best. If you have already been laid off, you can try to get on your spouse’s health insurance plan.
Selecting Benefits for the Coming Year
During open enrollment, you have the chance to choose the right plan for you. If things seem uncertain at your current place of employment, it gives you the opportunity to pick the best plan for when you are out of work. The latest unemployment numbers are scary and you do not want to be caught between a rock and a hard place.
If you are currently seeing a doctor on a regular basis or expect to have surgery within the next year or so, it is a good idea to choose a policy with a lower deductible and a higher premium. COBRA lasts 18 months giving you plenty of time to enjoy the benefits of your current coverage under your employer until you are approved for an individual plan or find a new job that provides better coverage. You may also wish to go on the open market, which in some cases could potentially save you hundreds of dollars a month in premium costs.