1. Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Haymarket, Virginia
    If you're under a group health plan and you switch jobs, you lose the existing health insurance coverage (typically immediately or at the end of the month, varies by carrier and plan) unless you go on COBRA. Under COBRA, you're continuing your existing health benefits, but you're paying the entire premium plus 2% (the employer typically shares the cost of premiums with their employees in group coverage plans - e.g. the employer pays 50% and you pay the other 50%).

    If you don't want to go on COBRA when your group coverage terminates, you would have a special enrollment period allowing you to secure coverage under an individual health plan - you wouldn't need to wait until the annual enrollment period opens up.

    If you had an individual health plan to start, you don't have to do anything - your coverage will continue as normal because it's not an employer-based health plan.

    I hope that helps answer your question. Please let me know if I can be of further assistance. Thanks very much.
    Answered on May 9, 2014

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