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Originally posted by ltl/fb
Are you positive that the coverage is identical? And is the policy intended to be gap coverage, or is it intended to be permanent individual coverage? Gap coverage, especially if it is catastrophic, is MUCH cheaper than "real" coverage.
I'm actually surprised this is the case in CA because it is my understanding that CA has lots of coverage mandates that push up the cost of actual insurance but of course do not apply to self-funded plans.
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The people I know who did this left a law firm I worked at to do contract work. The law firm plan was through a major insurance company and it was a group plan. I am not sure if they self-funded the plan and insurance company just administered it or whether it was a group policy. I think it was a group policy, though. The people who left bought individual plans that were permanent from the same insurer. I believe it was the same plan or at least similar.
The law firm had several health plans to choose from. This person had the higher priced PPO when they worked there so to COBRA they had to keep the same policy they had. I think the COBRA price was over $500/mo for them and they were able to beat that with a PPO individual plan from the same insurance company and I believe it was the same PPO with the deductible/copays/cap.
