A change in marital status is a qualifying life event. This enables you to purchase new health insurance coverage outside of open enrollment. Also, the person carrying the husband/wife coverage can drop the spouse from the plan. The change in coverage must be consistent with the qualifying life event.
You can choose between COBRA coverage, which requires payment of the full premium with no employer contribution. Or, you can purchase a plan through the state insurance exchange and may be eligible for premium subsidies depending upon your income.
Insurance Concierge, M&G Insurance, Lake Oswego Oregon
Great answer Kevin. I would add that most States only allow 60 days to app.y for a new plan from the date your insurance ends so don't dilly dally
Also, once you choose COBRA and make your first payment you may not cancel COBRA to move onto a different plan until Open Enrollment.
Example, you have paid for COBRA for 6 months and decide it's too expensive, outside of Open Enrollment, you will not be able to use "Loss of Job" to purchase a different plan. You must wait till the next Open Enrollment (which is 11/15/14 for a 1-1-15 effective date for 2015.
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You can choose between COBRA coverage, which requires payment of the full premium with no employer contribution. Or, you can purchase a plan through the state insurance exchange and may be eligible for premium subsidies depending upon your income.
Also, once you choose COBRA and make your first payment you may not cancel COBRA to move onto a different plan until Open Enrollment.
Example, you have paid for COBRA for 6 months and decide it's too expensive, outside of Open Enrollment, you will not be able to use "Loss of Job" to purchase a different plan. You must wait till the next Open Enrollment (which is 11/15/14 for a 1-1-15 effective date for 2015.