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  • 05-25-2016, 02:44 PM

    What happens with insuance when 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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