Q.- I know there is a new special enrollment period for COBRA participants to cancel COBRA and enroll in a federal Marketplace plan. But can’t COBRA participants cancel their COBRA coverage at any time and look to the Marketplace for coverage?
A.- COBRA participants can cancel their COBRA coverage at any time, but individuals can buy Marketplace coverage only during the open enrollment period or if they experience a life event. Open enrollment runs from about November through February. Outside of that window, enrollment is closed, except if there is a life event. Dropping COBRA is not a life event, but finishing the COBRA period (18/29/36 months) would be considered a life event to allow enrollment through the Exchange.
