- The Marketplace and You
What if I currently have COBRA coverage?
If you have COBRA continuation health coverage, you can keep it or decide to buy a Marketplace insurance plan.
COBRA and the Health Insurance Marketplace
When you leave a job, you may be able to keep your job-based health coverage for a period, usually up to 18 months. This is called COBRA continuation coverage.
With COBRA coverage, you usually have to pay the entire premium yourself, plus a small administrative fee. Your former employer no longer pays any of your insurance costs.
Dropping COBRA to get Marketplace coverage
During the open enrollment period you can drop your COBRA coverage and get a plan in the Marketplace instead. Open enrollment ends March 31, 2014.
You can use this tool to preview Marketplace plans available to you and see how much you may pay based on your income.
If you are planning to replace your COBRA coverage, it’s important not to let your COBRA coverage end before your Marketplace plan begins. Otherwise there will be a gap in your coverage.
Getting a Marketplace plan after COBRA expires
When your COBRA coverage expires, you qualify for a special enrollment period. This means you can enroll in a Marketplace plan even if it’s outside the open enrollment period.