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Short Term Insurance Between Jobs

We'll believe the experts on the so-called recovery.
The calls we get say something different.

 

California has always had a fluid working environment but it's definitely sped up.

 

A recent study showed that people out of college have approx 5 jobs in their first 5 years.

 

That's a lot of movement and it extends to all age bands.

So how do we address health insurance between jobs?

 

Great question.

 

There's a lot to consider and we'll really get into the thick of it.

So...either we lost a job and benefits or were waiting for new coverage to start.

 

What about health insurance?

 

Let's break down the three different situations:

  1. Loss of group health insurance
  2. New health plan waiting period
  3. Loss of job but no health insurance before

 

 

They all have different options available which can be quite different


Health insurance after losing employer based coverage

If you have health insurance through your job which is ending, there are really three different options available to in most cases.

 

Cobra and/or Cal-Cobra

You will likely be offered Cobra coverage if you lose group health coverage.

 

What is Cobra?

 

Cobra in continuation of your group health plan for up to 18 months.

 

Here are the basic points:

  1. You generally have 60 days from last date of group coverage to elect Cobra
  2. Effective date will go back retro-active to the last date of coverage
  3. You may be able to change plans (within options offered by original company) at time of Cobra election
  4. You can piecemeal Cobra for family members, even dependents
  5. Cobra is generally 10% higher in cost than original group paid
  6. Premium is month to month; up to 18 months
  7. Coverage continues as long as company plan remains active
  8. You can piecemeal the benefits (ie. take vision but decline dental)
  9. Allows you to avoid ACA penalty

Cobra PRO: You get the full Group network of providers and drug formulary
Cobra CON: Very expensive usually

The actual benefits are now very comparable to what's offered on Individual/Family ACA (Affordable Care Act) plans so that's not so much an issue anymore.

 

Keep in mind that if you elect Cobra, you can't voluntarily cancel it to get Covered Ca or off-exchange plans until Open Enrollment (starts Nov 1st)

The reason most people even want to investigate other options is the cost of Cobra.

 

It's can be very high!

Please call us at 800-320-6269 if you have questions on Cobra versus Covered Ca versus Short term.

Okay...you get your notice from Cobra and nearly pass-out. Next!


ACA or Covered California health plans

Losing group health insurance is qualified SEP (Special Enrollment Period) trigger.

 

This means we can get Covered Ca or off-Exchange ACA health plans the 1st of the month following app submittal

 

as long as we enroll within 60 days of losing coverage!

 

This is important! Once we get past 60 days, we may be out of luck until Open Enrollment barring an SEP.

 

Assuming we can enroll, here are the basic facts on Covered Ca plans after losing company health insurance:

  1. Similar benefit levels to Company plans
  2. Can change carriers and benefit level
  3. May qualify for a tax credit (Big Deal!!!)
  4. Allows you to avoid the penalty
  5. Smaller provider network lists and RX list of drugs by about 1/3rd
  6. Cost depends on tax credit...otherwise, can be expensive
  7. Can cancel month to month

 

The big deal here is tax credit.

 

It's based on income and a few other considerations.

 

If you're eligible for the tax credit, this is probably the way to go.

 

We can help you estimate if you're eligible at 800-320-6269 or you can run your quote (with tax credit) here:

 

 

It's complicated.

Definitely take advantage of our free service as Certified Covered Ca agents. There's no cost for our services.

In 5 minutes, we can quickly establish if you're eligible for a tax credit.

Okay...so let's say you're not eligible and the plans are too expensive.

 

Especially, since you're between jobs.

 

Money's already tight without paying $100's each month for health insurance while looking for new work.

 

That's where our third option comes in to play.... short term health insurance


The third and generally lower priced option - Temporary health coverage

The main driver to the recent popularity of short term is simple.

Price.

The short term plans are much cheaper than their Cobra and ACA cousins.

Let's understand what we get and what we give up.

 

First, the top level differences with short term:

  1. Generally much less in terms of monthly pricing
  2. Medically underwritten - must qualify based on health
  3. Simplified issue - more relaxed health questionaire enrollment
  4. No coverage for waiting periods
  5. Major Medical - designed to cover the big bills
  6. Fast effective dates - can be as early as midnight following online app enrollment
  7. Few copays and no RX or preventative
  8. Can renew month to month; up to a certain duration
  9. Will need to re-apply after duration is used up
  10. Will be subject to the ACA tax penalty

 

So when do we recommend Short term insurance?

 

We find that short term works best for people that have these health care requirements:

  1. In good health
  2. looking to bridge coverage till next job
  3. Wants the lowest monthly premium
  4. Tax penalty does not outweigh the monthly savings
  5. More concerned with catastrophic health care protection

 

Short term health adoption has more than doubled in the last few years.

 

The cost of Cobra and ACA compliant plans are roughly doubled or tripled in the same period.

Go figure that short term would become so popular.

It's all about cost.

We can help you compare Cobra, ACA compliant plans including Covered Ca and Short term at 800-320-6269.

You can also run a quote for both ACA (Covered Ca and/or off-exchange) and Short term instantly and free here:

 

 

We give you the tools to investigate your options up front.

 

If you have questions beyond this, we're always here to help.


One important consideration when plan shopping

Just a head's up...there are some questionable plans that are being marketed (aggressively) to people losing company health insurance.

 

They're generally association plans with all kinds of caps, limits, and gotchas.

 

We get calls all the time from people who have had major health care needs only to find out that their "association" plan doesn't cover it.

It's really bad news and we want to make sure people are aware.

If the person on the phone is very aggressive, that's a definite warning sign.

Run, don't walk.

 

The rates for these plans are not cheap but their cheaper than the association plans.

You're better off getting real insurance. The short term plans we quote are real insurance with max benefits in the millions.

Interestingly, the bogus association plans are priced the same or higher than the short term plans.

 

Don't be fooled.

 

Just our advice after 20 years in the industry.


Loss of company insurance wrap-up

Don't fret...there are options when you lose your job.

 

We can look at Cobra, Covered Ca, and short term in that order depending on your health, income, and budget.

 

We'll help you find the best result for your situation.

 

You have options. Let us help you find the best one!

Call us at 800-320-6269 or request your Short Term Health Quote.


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Thousands of Californians
20+ Years EXPERIENCE

from ME

"a million thank you for your prompt attention to all the details concerning this process. You've made it that much easier to enroll."

from SD

"Thanks again for your help - I had absolutely no idea how to get this done when I got up this morning. You've made it remarkably easier than I expected. I hope you're not stuck at the office all night..."

from KV

"Anyway, I hope you got some time off this past week! Thank you again for your help and efforts on my behalf! I was very lucky to find you."

from EK

"I thank you very much for the time that you have invested in handling everything

from SR

"I truly appreciate the quick response and will think of you in the future if I need to make any changes to my insurance plans."

from VH

"You are awesome... takes a huge worry off my back, thank you for your kind. thanks for your time and kindness. !!"

from SA

"Wow, I can't thank you guys enough for your help...I couldn't imagine trying to tackle this on my own!"

from LM

"You are my new best friend. A HUGE thank you again.

SUCCESSFULLY
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About CalShortTerm

 

Short term health insurance can be a valuable tool to help protect people during transitional times.  Understanding the pro's and con's of short term insurance versus ACA compliant plans is Invaluable

We are Licensed California Agents with 20+ years of experience helping 1000's of California individuals and families.

Call us. you will be pleasantly surprised 800-320-6269

 
 
 
 
Request a 10 Minute Health Plan Check-up

We'll quickly see if you have the best priced plan available and if you qualify for a tax credit

800-320-6269

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