Applying for Individual Health Insurance after Cobra

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jun 9, 2010

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Insurance Question from Andover, MN

Asked on 06/09/2010

Applying for Individual Health Insurance after Cobra In Minnesota when applying for health insurance can an individual apply to the four insurance carriers at the same time? Or do I have to wait on acceptance or denial of one before checking with the others? Thank you

Answer given on June 10, 2010

You’ll have to fill out all the apps, but certainly, yes, you can apply to all of them at once.  Their quote to you on your rates/plan is not a binding contract until you sign and return the offer back to the agent or carrier.  There will probably be a form for bank draft ( ACH ) or monthly billing as well, that will be included with their quote/offer to you.  Make sure to send this in as well once you have decided on a plan.

Keep in mind, if you have any conditions that require additional information, you’ll need to fill out all of that on each application as well. 

Do make sure you get them all turned in about the same time, also.  Rates expire after a given period ( be sure to read this on their quote to you ) so make sure you don’t have to redo the process by missing a deadline.  They might not all come back at the exact same time, but do as much as you can to keep from missing any deadline or expiration on an offer/quote.

I’m curious as to why you went with COBRA, since you’re applying for individual now, which will most likley be much less expensive for you in terms of premium costs.  Either way, make sure you only buy what you need, and not a fully blown plan with all kinds of coverage for things you’ll never need.  Otherwise you’re just throwing away your money.

I’d recommend going high deductible HSA compatible plan if you can. 

 

Best of luck!


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