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Cathy P | When a person elects to take COBRA, is the check made out to your former employer or the insurance company? |
I am starting a new job and will not have benefits until January 26. I have to pay COBRA for health benefits that being on December 1 but the office manager did not tell me whom to make out the check to? Is it made out to my former employer or the insurance company? |
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techbankguy
|
I did this before. To the insurance company. You will pay both your part and the corporate cost to the insurance company.
Hope that helps. |
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sarah314
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Technically...neither.
Your check should be made out to the COBRA administrator. Now, I suppose your employer or insurance company could actually be serving as the COBRA administrator, and thus be the one you'd send the check to. However, many companies also contract with a third party (example - CobraServ).
Your employer should give you the COBRA paperwork which will include the amount of your premium and the name/address to send the payment to. |
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Michael F
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Pay premiums only to an insurance company |
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Expert Realtor
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The insurance company will send you paperwork within 30 days of departure and that will include instructions of where to send your check.
It will go directly to the insurance company.
Here is the trick to COBRA...you have 60 days to sign up for COBRA..and the benefits are RETROACTIVE to the LAST DAY of coverage at your former employer.
If your benefits is kicking in at your new job on January 26th, I would wait until then to see if you even need the COBRA...if you don't go to see the doctor between now and then...then don't pay the COBRA, and you have saved money.
If you go to see the doctor, then pay the COBRA, and the retroactive effective date will cover the visit...however...you may find that paying for the doctor out of pocket is cheaper than the COBRA premium. |
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Jennifer H
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Your previous employer should have let you know how they handle it. You should contact them to find out. You should have received something in writing explaining the terms of COBRA. I would not wait around to find out and contact them first thing Monday morning!
Good Luck! |
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Tom Z
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You make the check out to your employer because the employer is the one who determines the monthly cost of your COBRA election and submits the premium payments to the insurance company for those who are active employees and for those who are on COBRA.
Group health coverage for COBRA participants is usually more expensive than health coverage for active employees, since usually the employer pays a part of the premium for active employees while COBRA participants generally pay the entire premium themselves.
Premiums for COBRA continuation coverage cannot exceed 102 percent of the cost to the plan for similarly situated individuals who have not experienced a COBRA qualifying event. The cost to the plan is both the portion paid by employees and any portion paid by the employer before the qualifying event. The COBRA premium can equal 100 percent of that combined amount plus a 2 percent administrative fee. |
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Insuranceman
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I have an ex-employee that is paying COBRA.
She has made the check out to me, but, I endorse the back to be paid to the insurance company.
That way, if the check is BAD.....it doesn't come back on me.
The insurance company doesn't matter - as long as they get their payment.
You will be paying the FULL amount of coverage as your ex-employer will no longer be paying ANY portion of it. You can also pick up your dependents also if necessary - also at YOUR expense.
Good luck with the new job and I hope this helps! |
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