Answer 2: B
COBRA lets you keep the same plan, but you usually pay the whole cost: your old share, your employer’s share, and up to a 2% administrative fee, for a total of up to 102% of the full premium. Employers often paid most of the bill, which is why the jump can be so large.
COBRA can still be the right choice. It can make sense if you have already met a large part of this year’s deductible, you are in the middle of treatment with doctors in that network, or you expect a new job with coverage soon. But do not assume it is your only option until you have compared it with a Marketplace plan.
Read more: COBRA is a financial shock: 3 other ways to stay covered.
Question 3 of 8: The Marketplace window
It is the middle of the year, long after open enrollment. Can you buy a Marketplace plan because you lost your job-based coverage?
- A. No, only during open enrollment
- B. Yes, losing job-based coverage usually opens a Special Enrollment Period, generally 60 days after the loss
- C. Yes, but only if you were fired
- D. Only if you have a pre-existing condition