Insurance HELP!!

chavemann
By chavemann Latest Reply 2010-09-23 10:51:28 -0500
Started 2010-09-21 12:33:26 -0500

My fiancee is currently on his parents insurance. He is about to turn 25, and we are getting married in a little over a month. Both of these will cause the insurance company to drop him. What are his options, both of our employers do not offer insurance. HELP!!


4 replies

kdroberts
kdroberts 2010-09-23 10:51:28 -0500 Report

COBRA would probably be your best bet. As long as the company that the parent who gets the health insurance from has more than 20 employees for the last year he would be eligible to pick up COBRA. The downside to it is that although it's the same policy he would have now, he doesn't get the employer subsidized premium so would have to likely pay 100-102% of the actual premium which could be quite a lot per month. It is also not a long term solution.

The biggest advantage other than medical coverage is that it keeps his continuous coverage so if he can pick up another qualifying plan down the line the pre-existing condition clause would be wiped out. Once he goes for 63 days without insurance he will have to wait 12 months after getting insurance for diabetes related claims to be covered, unless he is lucky and the policy has a reduced timeframe. That will be a non-issue in the future but for now it's quite important.

On a side note, although it may not be what you want I would urge you to put any money you get from your wedding towards this. You are allowed to pay weekly, monthly, quarterly or annually if you ask so if you get some money then you should be able to pick up at least some breathing room to find an alternative.

Heres a link
http://www.dol.gov/ebsa/faqs/faq_consumer_cob...

takeachanceonme
takeachanceonme 2010-09-21 17:57:33 -0500 Report

I learned the hard way what a mess insurance can be - tell them you have cancer and diabetes and they tell you good bye. There are many states out there with their own state insurance. That is what I did and it only costs my daughter and I $260 a month. Being self-employed, I needed the help. Look into that as an idea.

Gabby
GabbyPA 2010-09-21 15:48:42 -0500 Report

Congratulations on the wedding day!! Try not to let this worry you too much. Have a great day.

Being uninsured is rough, but not impossible. See if there is any kind of COBRA plan for your fiancee from his parents insurance. If not, then look at getting at least catastrophic insurance for the two of you. It should be easy as you are young and starting now is a huge help. Since you are both working, find out if there are group insurances that will work with self employed or the employed uninsured. It could be costly and you will have to weigh the options. Sometimes paying yourself an insurance premium into a special savings account can help a lot until you can find something affordable. Call around to the insurance companies, there is something out there. It just becomes a matter of affording it.

Harlen
Harlen 2010-09-21 14:41:03 -0500 Report

I am so sorry your going thrue this
When my wife make me quit work she added me to her ins.
If you both need ins the best way to get it is to pay for it I will be switching at the end of the year it looks like it will cost me 400 a month plus deaductable of 2000.00
its hard out in the real world
In todays world you must stey in school to get a good job and even then they may not give ins.
Sorry I am not more help
Best wishes
Harlen

PS
congrats on the weding and good luck