Many people are currently in a predictament of having to choose between Cobra or HIPAA since they might not qualify for permanent individual health insurance. One option to consider is a short term health insurance policy.
A short term policy doesn't have nearly as stringent medical underwriting guidelines to meet and some carriers may be willing to offer you coverage between 30-180 days if not longer depending on medical conditions. The short term plan would not offer as long of a period of coverage but if you foresee future employment with benefits or would like to reduce the higher Cobra or HIPAA premiums then a short term medical insurance plan may be a solution for you and your family.
In addition, if you don't have coverage then a shor term policy is clearly a better option than having no coverage at all. We don't recommend exchanging a permanent health policy for a short term policy and since Cal Cobra is not permanent then depending on your time limit and monthly premiums paid it might make sense.
The downside of temporary health coverage is that you need to be underwritten every time you apply. Thus, short term health coverage needs to be evaluated in the context of what your future may be and the affordability of Cobra, HIPAA or a small group health plan. Be certain to inquire about all available short term health plans with any agency since the major carriers have eliminated those products from their portfolio.
These issues are very complicated and our office can help you navigate through the issues to make the best possible decision for you and your family. Companies such as IMG Global and Assurant are just a couple of companies offer short term health products. Please feel free to contact us by clicking on one of the above links or calling us toll free at 888-504-6171.
