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New Hampshire COBRA Insurance
If you reside in the state of New Hampshire and have retired from, quit, or lost your job you have multiple options to find health insurance or continue the health insurance plan you had through COBRA, NH COBRA insurance, or private medical plans. Each of these options provides way to ensure you have health insurance coverage and do not experience a dangerous or expensive period without coverage. Depending on the job and plan you had as well as your health care needs, you can choose the insurance path that makes the most sense for your health needs and wallet. It is always important to explore every option before making a final decision to ensure the plan you choose is right for you. The information below will help you better understand what you should consider before signing up for COBRA or a private plan.
New Hampshire COBRA Insurance - Average Cost $1000 or More Monthly
New Hampshire coverage, sometimes called NH Mini COBRA is an option for people working at companies with between 2-19 employees who do not qualify for federal COBRA. You cannot get this coverage is you qualify for the federal plan. The NH COBRA plans work by allowing you to continue your employer sponsored health plan for up to 36 months after job loss and extends to spouses and dependents.
To be eligible for this coverage you must meet the following criteria:
The cost of NH COBRA insurance is 102% of the entire monthly premium, which works out to over $1000 for the average family and over $400 for the average individual. The reason it is so expensive is due to the fact that your employer no longer subsidizes any of the cost of the health insurance plan and you must pay both what you paid while working and whatever they paid. Because most employers pay between 50%-90% of medical costs, the monthly payment increases significantly.
Federal COBRA Insurance - Average Cost $1000 or More Monthly
Federal COBRA insurance works exactly like NH COBRA except this coverage is for people who worked at larger companies with 20 or more full time employees (or their part time equals). The other conditions for qualification listed above are the same and the cost of the monthly plan is the same. The other major difference is that federal COBRA only lasts 18 months in most situations. Only in events of divorce, disability, or death do COBRA benefits extend past 18 months.
Private Medical insurance - Average Cost $400 or More Monthly
On the other hand, the private medical insurance market is extremely competitive and offers a much more cost effective option for people without major medical needs or preexisting conditions. You can choose form all types of plans - from full coverage to catastrophic plans to everything in between - and find a significant cost savings. In fact most people on private plans save over 60% on their health insurance. Families pay $400 on average monthly and individuals pay around $100 on average. To learn what options you have you can get a free quote below that will provide many options from leading and reliable insurance companies. The quote has no obligation and is simply the easiest way to explore multiple plans at one time.
- Qualifying Beneficiary: You are the covered employee, a spouse, or a dependent who was active on the health insurance plan.
- Qualifying Plan: The plan you had while employed covered between 2-19 employees and is still active at the company. If your company closed or no longer offers health insurance this is not an option.
Qualifying Event: You quit your job, retired from your position, or lost your job without the presence of serious wrongdoing. In addition for spouses and dependents, you can enroll in COBRA if the covered employee passed away, qualified for Medicare, you got a divorce, or you became too old for coverage.
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New Hampshire Frequently Asked Questions
What exactly does New Hampshire Mini COBRA insurance cover?
If you qualify for NH COBRA, it covers everything that your health insurance plan covered while you or the covered employee was working. NH COBRA is a law, not a new health plan, and the law lets you continue to use the former medical plan. Therefore nothing changes in the plan and everything remains covered that was.
My company only employed 3 people can I use NH COBRA?
If you meet the qualifying event and qualifying beneficiary requirements explained above and if the company is still in business with an active insurance plan, then likely you qualify and are eligible. The NH state plan was created for people in your exact situation whom wouldn't qualify for COBRA from the federal government because their company was too small.
I am about to lose my dependent status, will COBRA in New Hampshire work for me?
Most likely you will either be eligible for the NH COBRA plan or for the federal plan since this is a qualifying event under the law. The New Hampshire Mini COBRA covers plans at small businesses with less than 20 employees and the federal one covers larger businesses.
My spouse is about to retire and works at a small business, can NH COBRA keep us insured?
Most likely, NH COBRA can help you continue your insurance coverage since retirement is a qualifying event under the law. Both you and your spouse should be able use it and it will last for 18 months or until you qualify for Medicare.
What can I expect to spend to keep coverage through the New Hampshire COBRA law?
That depends on the cost of the plan you have at your place of employment. New Hampshire COBRA costs are based on the premium for the employer sponsored plan and will be 102% of the entire premium. Make sure to note that this will include no help from your employer since they are no longer obligated to pay any part of your insurance costs.