60 DAYS – that is how much time you have to get insurance after you lose your current insurance without any medical questions asked. SIXTY DAYS. If you miss this window, your choices become very limited and, in some cases, no insurance at all.
Losing your medical insurance
Losing your medical insurance provided by a previous employer or even your company, you qualify for either COBRA or State Continuation. Both are the same plan you had. The difference, COBRA lasts longer. You pay the premium price your company paid for you plus a 2% administration fee. That is the law.
Most of you will get sticker shock because you had no idea how much your insurance premium costs your employer every month. There is a better alternative.
The Federal Facilitated Marketplace
The alternative – The Federal Facilitated Marketplace or in some States, their State Exchange. A family of four making $70,000 this year , could end up with similar if not better insurance than your employer provided, and you could end up paying $150 per month or less. In some cases, it could be free for you.
Why? The government picks up the tab for your insurance, especially as you are losing your medical insurance.
How? Call an agent. It costs nothing to use an insurance agent. The insurance company pays them, and the price is the same with or without an agent. Also, the price is the same no matter which agent you use. Why would you want to go at it alone?