Losing Job Coverage in Colorado? Compare COBRA and Your Alternatives
Before choosing a next health plan, you should find out exactly when your current coverage ends—which may differ from your last day at work. Mile High Health Brokers can help you compare options and answer the critical questions each one raises for your situation. Most people compare COBRA with marketplace plans, off-exchange private plans and, for a short gap, short-term health insurance.
Start with two possible paths
COBRA Coverage
COBRA is a temporary continuation of employer coverage, generally available at the full premium price plus a 2% administrative fee. It allows you to keep the exact same network and benefits you had while employed, but usually at a significantly higher cost since the employer subsidy ends.
Marketplace Plans
Losing qualifying health coverage opens a Special Enrollment Period. Connect for Health Colorado defines this window as 60 days before or after a plan ends. You should confirm these rules and effective dates for your specific situation to avoid a gap in coverage. Missed that window? You can still switch plans during open enrollment, which starts November 1.
Don't like these options? Consider a private plan or a health share.
Put the details side by side
Monthly Premium
If available, COBRA generally costs the full written premium plus a 2% administrative fee. A new plan quote should reflect your eligibility and any financial help through the Marketplace.
Care Team
Compare your current network with the exact provider network for a new plan to ensure access to your specific doctors and facilities before enrolling.
Prescriptions
Compare your current benefits with the new plan formulary for specific medications to determine coverage levels and anticipated out-of-pocket costs.
Spending So Far
Compare your current deductible and out-of-pocket totals with the new plan deductible and specifically how it applies to your care for the rest of the year.
Start Dates
Ask about COBRA election and payment requirements and compare them with the new plan enrollment deadline and effective date to avoid any gaps in coverage.
Note: If you are currently in treatment, please discuss authorizations and continuity of care with a broker before choosing a path.
Already enrolled in COBRA?
Those currently on COBRA may switch to a Marketplace plan if they are still within the original loss-of-coverage window, if the COBRA term expires, or if previous employer premium contributions stop. Be aware that voluntarily cancelling COBRA early typically does not trigger a special enrollment opportunity. You should always verify the start date of your new policy before terminating existing COBRA coverage to keep continuous care. A qualifying life event may also allow for a change in coverage during the year.
What if my income has dropped?
Reductions in your expected household income for the coverage year can alter your health plan options and subsidies. It is important to evaluate your eligibility for federal financial assistance or Health First Colorado Medicaid. Eligible individuals can enroll in Medicaid at any time during the year regardless of enrollment windows. When selecting a plan, bases your decision on your current household circumstances and total coverage needs rather than just comparing it to the cost of a former employer's premium.
Bring these details to your call
You do not need to choose a plan before asking for help. Our experts will assess these items with you to determine the best path forward.
Moving from employer benefits is a complex process. Our team provides professional guidance to ensure your new coverage provides the protection you need without unnecessary gaps or costs. We simplify the transition for your peace of mind.
Â
Learn more about ACA plans
Â
Â
Business Owners Health Plans
Â