30 Second Insurance Tips©

Tip 80- Penny Wise But Pound Foolish

Thinking about starting a new business? You’ll need health insurance for you and your family.

Staying on your former employer’s plan through a COBRA ‘election’ would cost you $1,109 per month. That’s a lot, so you shop for options.

It turns out, you can get comparable coverage for less. In fact, if you go to a higher deductible HSA Plan, the premium could be as low as $545.

Seems like a simple decision, right?

You’ll need to consider if the new insurer will give you credit for any portion of the calendar
year deductible already satisfied under your old plan. That’s usually the case when switching
between group plans, but not so when switching from group coverage to an individual plan.

It may make sense to stay on COBRA until the end of the year.