What if I leave my job?
The Consolidated Omnibus Budget Reconciliation Act (COBRA), a law created in
1986, gives workers (and
members of their family) who lose their health insurance benefits the right
continue their group
health insurance for a limited period of time under circumstances such as
voluntary or involuntary job
loss, reduction in hours, transition between jobs, divorce, adoption and death.
Generally, the employee pays up to 102% of the premium cost for the same policy;
this is still usually less
expensive than buying an individual insurance policy.
There are three basic aspects for qualifying for COBRA: the qualifying event,
the insurance plan
coverage and the qualified person.
Each aspect is taken into consideration when applying for COBRA and you must
elect to either apply for COBRA
or waive your rights to COBRA within 14 days after a qualifying event.
You must also have been in the group insurance plan during your employment to be
eligible. Although there
are exceptions, generally you may continue to pay your own premiums to keep
COBRA coverage intact for up to
18 months.
Companies who have fewer than 20 employees, State or Federal employers or
employee organizations may not
offer COBRA coverage.
Check with your health insurance administrator to see if you may qualify. You
may also have this information
readily available in your group health insurance policy or in your company
handbook.
Although it may be expensive, the cost of being able to keep your group
insurance coverage rate may be well
worth it.
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