Hi there,
Finished training this year, with my residency health insurance covering me through June 30. I received my COBRA paperwork, but my understanding is I can activate COBRA 'retroactively' up to 60 days, so my plan has been to NOT pay for COBRA coverage unless something happens that I need to (unfortunate accident, etc.). Have envelopes with the premium checks already in, and a friend who knows where they are/to send them in if something were to happen where I couldn't.
My main questions are….
1) Am I interpreting COBRA right that I can activate retroactively and avoid paying the premiums if I don't end up needing it?
2) My health insurance at my new job won't start until November 1st (sucks, I know) so I will need coverage for September and October (COBRA covering July/August….) to avoid paying penalties for going 2+ months without health insurance, right?
3) Same scenario for my wife with leaving her job to move to my new job location, but her last job covered her insurance through the end of July. Can she use COBRA August/September (but only send in the premiums if necessary), then I will need to purchase her insurance coverage for October until I can add her to my insurance in November as well?
Overall, this approach would keep me and my wife with available health insurance at all times if we were to need it, but minimizes the amount we have to outlay to get through this awkward gap period.
Thanks in advance for everyone's help.
Finished training this year, with my residency health insurance covering me through June 30. I received my COBRA paperwork, but my understanding is I can activate COBRA 'retroactively' up to 60 days, so my plan has been to NOT pay for COBRA coverage unless something happens that I need to (unfortunate accident, etc.). Have envelopes with the premium checks already in, and a friend who knows where they are/to send them in if something were to happen where I couldn't.
My main questions are….
1) Am I interpreting COBRA right that I can activate retroactively and avoid paying the premiums if I don't end up needing it?
2) My health insurance at my new job won't start until November 1st (sucks, I know) so I will need coverage for September and October (COBRA covering July/August….) to avoid paying penalties for going 2+ months without health insurance, right?
3) Same scenario for my wife with leaving her job to move to my new job location, but her last job covered her insurance through the end of July. Can she use COBRA August/September (but only send in the premiums if necessary), then I will need to purchase her insurance coverage for October until I can add her to my insurance in November as well?
Overall, this approach would keep me and my wife with available health insurance at all times if we were to need it, but minimizes the amount we have to outlay to get through this awkward gap period.
Thanks in advance for everyone's help.
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