COBRA vs. Obamacare: Which Health Insurance Option Is Right for You?
If you’ve recently lost your job, you may be wondering what your health insurance options are. Two common choices are COBRA and Obamacare (also known as the Affordable Care Act, or ACA). In this blog post, we’ll compare these two options and help you decide which one is right for you.
COBRA
COBRA (the Consolidated Omnibus Budget Reconciliation Act) is a federal law that allows you to continue your employer-sponsored health insurance for up to 18 months after you lose your job. However, COBRA can be expensive. The average COBRA premium is over $500 per month.
Obamacare
Obamacare is a health insurance program that was created by the Affordable Care Act. Obamacare provides subsidies to help people afford health insurance. If you qualify for subsidies, you may be able to get health insurance for as low as $0 per month.
Which Option Is Right for You?
The best way to decide which health insurance option is right for you is to compare the costs and benefits of each option. Here are some factors to consider:
Cost: COBRA is typically more expensive than Obamacare. However, if you qualify for Obamacare subsidies, you may be able to get health insurance for as low as $0 per month.
Coverage: COBRA and Obamacare both offer a similar level of coverage. However, some Obamacare plans may offer additional benefits, such as dental and vision coverage.
Flexibility: COBRA is more flexible than Obamacare. You can cancel your COBRA coverage at any time. Obamacare, on the other hand, has an open enrollment period each year. If you miss the open enrollment period, you will not be able to get Obamacare coverage until the next open enrollment period.
Conclusion
COBRA and Obamacare are both viable health insurance options for people who have lost their jobs. The best way to decide which option is right for you is to compare the costs and benefits of each option. If you need help comparing your options, you can speak to a health insurance agent.
Additional Information
If you are considering Obamacare, you can apply for coverage at healthcare.gov. You can also get help applying for coverage by calling the Marketplace Call Center at 1-800-318-2596.
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