COBRA is not a typical health insurance plan. It is a law that protects the employee against losing employer-sponsored benefits. Primarily, COBRA offers continuous healthcare coverage to retirees, former employees, and their families. It is pricier than standard health plans and has an additional two percent administrative fee.
How can I avoid paying COBRA?
We offer COBRA health insurance alternatives for the less affluent subscriber
Can I get ACA instead of COBRA?
Our list of options spans beyond a few common acronyms, such as the following:
Health Maintenance Organization Plans
An HMO plan has a low expense with minimal flexibility for hospitals and physicians. An HMO requires employees to work with a specific physician and obtain a referral from the PCP. HMOs have broad coverage for preventive care and a certain degree of deductibles before the coverage begins.
This setup means you will not have coverage when you seek services outside the designated network. It is, however, beneficial for the following small business conditions:
- Low premiums
- The trade-off of network services
- Availability of excellent preventive services like checkups and immunizations
Point of Service Plans
The Cobra health insurance alternatives have combinative features of both PPO and HMO plans. They require one to use a specific physician and render one subject to the policy’s deductibles. Employees may receive non-network services if they are willing to adhere to less coverage, deductible, upfront fees, and reimbursement. It is a suitable service for the following conditions:
- A need for flexible choices of providers and physicians
- A need for coordinated care by primary physicians
- A need to balance provider choices with low premium fees
Exclusive Provider Organization
The plan has a strong likening to HMO because it has a network of physicians for members that need specific emergency services. Employee members cover the co-payments and require a small deductible. An EPO is usually suitable for the following services:
- Reduced choices of healthcare providers and reduction of rates
- Employees who find optimum value with a limited number of providers
- Subscribers who do not mind making the extra payments for unplanned events
Indemnity Health Plans
The program has a fee for every service and pre-determined percentages for all covered services. The member covers the co-insurance fee and deductibles before filing for reimbursements. It is a good plan for finding a balance between the high rates and service control plans. Employees needing extra flexibility of providers can benefit if they accept the financial burden, increased referrals, and claims.
Health Savings Account
The program has several tax benefits that work in conjunction with the HAS compatible health deductible. The contributions have a limit by the IRS and the unused money roll over to the subsequent year.
The funds are available for a myriad of life events as long as they are subject to the set penalties and interest rates. An employer should choose these alternatives to COBRA health insurance for the following favorable conditions:
- Limited funds for a group insurance plan
- Excellent control of how much one can contribute to the health benefits
- A large number of employees
What are the best COBRA alternatives? Browse our list of providers and health insurance plans for unbeaten family and personal health interests. Get a quote from the site or call our direct line for in-depth assistance.Cobra Health Insurance Alternatives