A COBRA extension can typically be granted if you have "qualifying life events" such as a birth, death, marriage, or divorce. However, at some point, your COBRA benefits will inevitably have to expire, as they approach the expiration dates as mandated by government law.
In that case, your only recourse would be to find your own health insurance. After all, the sole purpose of COBRA is to help you "bridge the gap" between the coverage offered by your former employer and finding new health insurance coverage for yourself.
Is it more cost effective to seek a COBRA extension or to buy your own health insurance? As you know, COBRA requires you to pay for 100% of your own medical insurance premiums, whereas your employer was paying a significant percentage of your premiums for you, on your behalf. Depending on your circumstances, it may be possible to find a better deal if you buy your own health insurance than if you maintain your COBRA coverage.
When comparing health insurance plan, you have the freedom and flexibility to choose how much you want to pay for your premium for whatever the coverage you desire. Under COBRA you really only had one or two choices. There is a much wider array of options out there when you shop for private health insurance.
How much deductible do you want to pay? How much you can you afford to pay in premiums? Or do you prefer your expenses to be variable and pay a higher deductible instead? Do you need maternity coverage or prescription drug coverage? You have greater flexibility to choose the type of plan that specifically suits your needs as well as your budget.
So you need to weigh your options: Are you really better off seeking a COBRA extension?
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