Is ObamaCare an Alternative to COBRA?
I will be in need of some sort of health care coverage soon as I will be retiring on 04/01/15 and will choose not to continue with cobra if possible (to expensive). I will be 52, am married, wife is 52, she does not work and has no income. We are both in excellent health and non-smokers / drinkers. We take no medicine and are looking for a reasonable rate insurance. Is Obamacare an option for us?
Answer
If you retire or leave your job you can choose between ObamaCare and COBRA. This is true for essentially everyone. However cost assistance is based on income. One should weigh the costs of COBRA to the cost of a Marketplace plan in their region. Typically the Marketplace plan will be a better bet (and it will allow you to continue coverage year to year, unlike COBRA).
Make sure to utilize Special Enrollment Periods properly if you are outside of Open Enrollment. Either way, you'll want to make sure you avoid a coverage gap by getting a new plan before the old one ends.