My COBRA ends at the end of next month. My spouse currently has separate coverage through his employer, but it’s not very good. We’re considering getting a joint policy through the marketplace. Will losing COBRA coverage be a qualifying event that allows us to make this change outside of his open enrollment period?
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Have you checked the prices on the exchange? I love my plan, but it costs $400 a month with no subsidy, and I paid almost $10,000 out of pocket this year (not including premiums) before reaching my deductible. I consider my plan very good—I have excellent doctors—but it’s expensive.
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Yeah, it is. We’ve been paying full price for 18 months now, which totals around $1,300 a month. Moving to the marketplace will actually save us $300. I miss the days when we paid $200 through my former employer. Still, leaving corporate life has been liberating and a positive change overall. But yes, health insurance is really expensive! It’s our second largest expense after the mortgage.
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Well heck if you’ve done the math by all means do it.
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Yes, your spouse can cancel his employer insurance to buy a plan from the marketplace. His cancellation qualifies you both for a Special Enrollment Period.