Hurry open enrollment is started for the year 2020. This is your opportunity to switch your COBRA coverage for an on-exchange or off-exchange health insurance plan. The following are some of the reasons you should consider switching your COBRA coverage for a marketplace plan.
Save money – Your Employer might be paying more for the group plan.
Generally, employer-sponsored group health plans are expensive compared to individual plans with comparable benefits. In addition to the full monthly premium, employees pay an additional 2 percent administrative fee. By switching to a marketplace plan, you can save money.
Getting a Subsidy to Help You Pay
There are no provisions in ACA to subsidies your COBRA premiums. If you forgo COBRA and buy health insurance from the marketplace, you may be eligible to receive a subsidy to lower your premiums.
Finding the plan that meets your needs
Generally, your employer-sponsored plans are designed keeping the needs of the employee population in mind. It may include some benefits that you might not use and may exclude some benefits you desire. During the open enrollment period, you can switch to the plan of your choice.