c. Should I keep my existing COBRA plan?

Deciding whether to keep your existing COBRA plan when transitioning to Medicare depends on various factors. COBRA allows you to continue the health insurance coverage you had through your employer for a limited period after leaving your job, and it can be an option if you’re not yet eligible for Medicare. Here are some considerations to help you make an informed decision:

1. Coverage and Benefits: Compare the coverage and benefits provided by your COBRA plan with what Medicare offers. Medicare is generally more comprehensive, covering a wider range of medical services. Evaluate whether the COBRA plan meets your healthcare needs, considering any specific medical conditions or treatments you require.

2. Costs: COBRA coverage can be expensive, as you’ll likely need to pay the full premium plus an administrative fee. Medicare Part A is usually premium-free for most individuals, and Part B has its own monthly premium. Compare the costs of your COBRA plan with the costs of enrolling in Medicare.

3. Transition Period: If you are nearing age 65 and eligible for Medicare, you might consider enrolling in Medicare while still under your COBRA coverage. Medicare can become your primary insurance, and your COBRA plan can act as secondary coverage to help fill some gaps.

4. Provider Network: Check if your preferred healthcare providers accept Medicare. Some COBRA plans might have a more extensive provider network, so if you have established relationships with specific doctors or specialists, consider how they align with Medicare options.

5. Prescription Drug Coverage: If your COBRA plan includes prescription drug coverage, compare it with the options available through Medicare Part D. Ensure that the medications you need are covered under whichever plan you choose.

6. Medicare Part C (Medicare Advantage): If you’re considering Medicare Advantage (Part C), it could provide an alternative to your COBRA plan. Medicare Advantage plans often include Parts A, B, and sometimes D in a single package and might offer additional benefits.

7. Medigap: If you choose Original Medicare (Parts A and B), you might also consider enrolling in a Medigap (Medicare Supplement) plan to help cover out-of-pocket costs. Medigap plans can work alongside Original Medicare and provide more comprehensive coverage.

Ultimately, deciding to keep your COBRA plan when moving to Medicare depends on your unique healthcare needs, preferences, and financial considerations. It’s wise to carefully compare the two options and perhaps consult a Medicare expert to make an informed choice that best suits your situation.