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Cheapest short term medical policy

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  • Cheapest short term medical policy

    I recently went from an employed contract to independent contract. I anticipate I will be in this role for 3-6 months before renegotiating back into a position with benefits. I have the ability to elect COBRA right now if I need it, but at some point that will run out. I am healthy with no medical issues but need catastrophic coverage. Could somebody recommend the most efficient/lowest cost plan for someone like me who simply needs to protect against something major that could wipe my assets out until I am able to get a standard policy again? I have an HSA and can self-insure anything minor.

  • #2
    Cobra is up to 18 months right?


    • #3
      Originally posted by FIREshrink
      Cobra is up to 18 months right?

      I thought it was only 3 months.

      If I now have the ability to back-elect Cobra 18 months after a termination event if something awful happens to me that's awesome.

      Honestly, it is incredibly stupid policy (we probably shouldn't be allowed to go back and retroactively buy coverage only if we need it), but I wouldn't be surprised given all of the other stupid policy that got enacted during the covid era if that did happen.

      But if that's the way it legally is, I'm not going to say no. Can anyone confirm?

      The only other issue I have with relying on retroactively enacting cobra if needed is a few worry-warts in my life have told me that if I am incapacitated/in a coma or something, then I cannot elect Cobra and the hospital will just drain my assets. I personally feel this is a bit over the top catastrophizing as I would have bigger issues in that situation, but whatever. Would setting up a durable power of attorney protect against that if I wanted to cave to the paranoia?


      • #4
        You only have 60 days to back elect Cobra coverage. You can maintain it for up to 18 months.


        • #5
          Originally posted by GasFIRE
          You only have 60 days to back elect Cobra coverage. You can maintain it for up to 18 months.
          Ah, well I thought it was 90 days and got my hopes up it was extended to 18 months.

          So it looks like I need a policy in <60 days. Any recommendations on something bare bones to bridge me? The Cobra premiums don't make sense for what I need, and it was a HD plan anyway.