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Cobra Plan or Medicare supplement

  1. #1
    Join Date
    Nov 2015
    Location
    Southwestern Montana
    Posts
    435

    Cobra Plan or Medicare supplement

    My husband, past retirement age, was working full time but terminated today in a company downsizing.

    We've been insured through his company's Montana Blue Cross and have an option to continue through the Cobra plan. Is that typically a better "deal" than a Medicare supplement as long as we can take advantage of it? We have both collected SS early and have Medicare Part A, but have never used it.

    Where do I start looking?

  2. #2
    Join Date
    Nov 2014
    Location
    Texas
    Posts
    4,848
    First off, most "Cobra" plans are $$$$$..If you both are over 65 then look into Supplements or Medigap plans. BC&BS do have Supplement Plans.
    Make sure you also start a Drug Plan even if you do not need it!! If you don't, you will pay a penalty later!!

  3. #3
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    7,869
    Cobra is super expensive. Take the medicare and supplement, whatever. You'll save a fortune, and probably get better service, too. And, as Ken says, don't forget to get a drug plan or you'll be sorry.

  4. #4
    Join Date
    Jun 2016
    Location
    North Carolina
    Posts
    25
    Quote Originally Posted by jnos View Post
    My husband, past retirement age, was working full time but terminated today in a company downsizing.

    We've been insured through his company's Montana Blue Cross and have an option to continue through the Cobra plan. Is that typically a better "deal" than a Medicare supplement as long as we can take advantage of it? We have both collected SS early and have Medicare Part A, but have never used it.

    Where do I start looking?
    I would advise you start looking at Part B and a Medicare supplement plan. In most cases, Medicare supplements will be a better option than cobra as far as coverage. The expensive part will be the medicine coverage (medicare part D). If you and your spouse are taking a lot of medicines (names brands), Part D can be expensive.

    Staying on COBRA will hurt you in the long run. The reason is that you will get a late enrollment penalty for not signing up after losing employer coverage. COBRA is not considered "creditable coverage" under Medicare. That would exposure you to the Late Enrollment Penalty for Medicare Part B and Part D.

    I hope that helps.
    Rusty

  5. #5
    Join Date
    Nov 2015
    Location
    Southwestern Montana
    Posts
    435
    Thanks for the responses.

    RustyatMCC, I will look into the links you sent. Thanks.

  6. #6
    Join Date
    Aug 2015
    Location
    Florida
    Posts
    1,667
    Don't overlook medicare advantage plans. We have used them satisfactorily for 18 years.

  7. #7
    Join Date
    Oct 2016
    Location
    Henderson, NV
    Posts
    79
    Cobra will not have a donut hole for medication. They may be a better value if you take a ton of drugs.

    Rick

  8. #8
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    7,869
    Quote Originally Posted by Manatee View Post
    Don't overlook medicare advantage plans. We have used them satisfactorily for 18 years.
    I've had my advantage plan for 6 years now and I'm very happy with mine, too.

  9. #9
    Join Date
    Feb 2016
    Location
    Houston, Tx.
    Posts
    927
    I have had a Humana advantage plan that has a drug plan. I take several meds due to a stroke and they are all free since they are tier 1 and 2 meds. They are 90 day mail order and I can use walgreens for a short term med that I might need. Never had a problem with getting meds on time. My doc likes it as he can order over the computer for new ones or refills. I go online and order refills as the website shows what can be refilled and if I need a new script, they fax a request to the doctor. Never have to go to a pharmacy or worry about running out of a med. Mt daughter is a pharmacist so she keeps an eye on what I am taking also.

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