Should I pay for COBRA dental/vision insurance or wait for new insurance?

[frugalnacho]

I lost medical/dental/vision insurance when I left my last job (last day of coverage: 10-31-18). My new job's benefits aren't effective for my first 90 days (1-27-18 effective date). I have 60 days to enroll in COBRA (12-30-18), although the enrollment page of my benefits administrator says I have until Feb 2 to make an election*.  I have to pay for entire months with cobra, no prorated rates or refunds, so I'll have to pay for 3 full months of coverage (Nov 1-Jan 31).

I am planning to enroll in the cobra medical plan and then my new job's medical. 

I have a teeth cleaning scheduled for January, but I am debating whether I should continue my dental coverage ($62.41/mo; $187.23 for 3 months), or save the $187.23 and reschedule my cleaning until after Jan 27.  This seems like an easy way to save $187.23, of course there is the risk that some expensive dental emergency happens to me or my wife after Dec 30 but before Jan 27, and can't wait until Jan 27 to be addressed.  Is this risk worth it? Or should I just pay for the coverage and continue on with my current cleaning schedule?

My wife recently (2 weeks ago) had lasik surgery and shouldn't need glasses or contacts, and she has follow up exams/treatments (included with the lasik package) for the next 2 years.  I have excellent vision (20/20 or 20/15 every time I get checked) and don't anticipate needing exams or glasses in the next year.  I'm not continuing vision with COBRA.  I don't think I should enroll with my new job either.  The cost is only $2.60/mo ($31.20/yr), but I'm confident we won't need it.  Is there any reason I should consider?

I also have a 1 yr old son.  I don't think he needs to have vision coverage yet.  The dental is a moot point as my new job only offers either a single or family plan for dental, so he's getting covered along with me and my wife.

*I think the Feb 2 date is wrong and it should be 60 days to make an election.  To be safe I will be using Dec 30 as my deadline.

[Frankies Girl]

I am not a vision or dental professional so this is just my opinion (and sort of what I do myself anyway).

Reschedule the cleaning, don't bother with vision or dental gap coverage. You are talking less than two months until you get 100% paid for coverage, right? That would be a no brainer for me personally.

It's a gamble, but likely the odds are in your favor. You're only talking a few months and only two out of three people in your family would actually need anything, and keep in mind if it's a medical emergency that involves your teeth, it is likely covered under medical insurance (check your policy to confirm).

I always figure that it's worth the gamble myself and we've been self insuring for dental/vision for the last 4 years. Husband even chipped half a tooth in the front off and our dentist got him in that next day, it still only cost us $175 out of pocket to basically rebuild a front incisor (we have an EXCELLENT dentist).

And I do a cleaning/checkup around every 8-10 months. My hygienist told me that some folks have excellent teeth/gums and can get away with an extended schedule and she'd be sure to tell me if there was ever any issues and need to come in more often, but you don't have to stick to a 6 month rotation if you are really good at your oral health and have had great checkups for years. Going in at 7 months one time in your dental checkup routine would be nothing unless you have severe issues with your gums or something.

And as far as vision, as long as you've had decent checkups within the last year, you likely could go to a 2 year rotation on eye exams as well. They are so cheap and easy to get out of pocket, but if you really cared, you could just enroll every other year (opt out this coming year, enroll next year).

[Cranky]

I’d just reschedule the cleaning if it’s not urgent.

I have crummy teeth and gums and get my teeth cleaned 4 times/year, paying out of pocket for 2 of those, which are around $75 each.

[Peachtea]

Have you check if an ACA plan is cheaper than your Cobra? You have 60 days from leaving your old job to sign up for an ACA plan to cover you during the waiting period at your new job.

Since COBRA is retroactive, if you incur medical charges within the 60 days, as long as you sign up by day 60 and pay the back-premiums you’re covered. I would think it would be cheaper to have no insurance the first two months (relying on the ability to pick up Cobra if something happens) and then signing up for ACA for the last month. That way you only pay one month of premiums not three.

For dental, call and ask what their out of pocket charge is. It’s probably less than your premiums for three months. Decide to either push it back until January or pay out of pocket. If you don’t normally have dental issue sits not going to be a big deal to push it back.

[frugalnacho]

I have not checked what an ACA plan would cost.  Will it create any problems if I go that route and have a 2 month gap in coverage?  What are the billing cycle of ACA plans?  After I left my job my health insurance continued through the end of the month, so to sign up for an ACA plan within my 60 day window* I'll have to do it mid december.  If they don't prorate the months I'll be stuck paying for 2 months anyway.

No issues with the dental.  In fact the wife and I have been doing invisalign all 2018 so we've been brushing our teeth like crazy and they've never been cleaner.  We can easily post pone our regular cleanings 1 month, I am more concerned with a dental emergency happening while we have no insurance.  I think it's highly unlikely either of us will have an emergency during that 5 week period though.  I've had teeth for like 400 months, and my wife for like 370 months, and in all that time I've never had a dental emergency and my wife has had 1.  So 1 out of 770 months.  Even if something did come up I can't imagine the cost could be over a couple grand in the absolute worst case scenario (i'd still end up paying a bunch even with insurance).  Given the high cost to keep the insurance, the low odds of having an emergency, and the fact I can easily pay even in the event of an emergency makes me think I don't need insurance. 

*60 days from the date I quit, which was about 7 days before my coverage expired.

[Peachtea]

I couldnt find anything on the .gov site about when enrollment takes effect, but according to health insurance.org, if you enroll by the 15th it takes effect the first of following month. If you enroll the 16th or later it takes effect the second following month. Except in MA and RI where you can get coverage next month as late as the 23. So you would want to sign up by Dec 15 for coverage January 1. (And would only be paying one month)

The two month gap isn’t an issue for the individual mandate, because you’re allowed two full months with no coverage. It’s actually more than two months because you can have two partial months plus two full months with no coverage. We looked into this when my DH switched jobs. He lost coverage mid-May and wasn’t eligible for new coverage until August 1. He didn’t sign up for cobra. Based on my research, we shouldn’t have any tax consequences for this. Also note there is no individual mandate in 2019, so technically you could risk it the month of January. We did that for the two weeks, we wouldn’t have been cobra eligible, but not sure I would want to go an entire month with no coverage.