If you sign up for COBRA continuation coverage, you can switch to a Marketplace (on or off-exchange) plan during the health insurance open enrollment period. You can also end your COBRA coverage early and switch to a Marketplace plan if you have a qualifying event such as marriage or the birth of a child. This qualifying event is known as the special enrollment period.
But be careful, though; if you terminate your COBRA coverage early without another qualifying event, you’ll have to wait to enroll in a health insurance plan until the next open enrollment period and could end up without any health coverage in the interim.Â
Once you’ve exhausted your COBRA coverage and the coverage expires, you’ll be eligible to enroll in health insurance through a special enrollment period, even if the open enrollment period has ended.
You cannot switch to COBRA coverage if you sign up for Marketplace coverage (on or off the exchange) instead of COBRA coverage. So make sure you speak with your broker before deciding so you make the right choice.Â
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
