COBRA Health Insurance (Consolidated Omnibus Budget Reconciliation Act) is available for those individuals who have lost their group health benefits voluntary or involuntarily through a job loss. This coverage benefits individuals and their families by allowing them to continue group health benefits for a limited time period. These plans require you to pay the total cost of your health insurance and can be double the cost of other insurance plans so we offer alternative options to COBRA.
In order to qualify for COBRA, you must have a ‘qualifying event’ in order to receive COBRA. COBRA health insurance can cover an employee for up to eighteen months after they have been terminated and in some instances, this coverage can be extended to as long as thirty-six months.
COBRA health insurance covers the former employee for the same price as the group insurance rate was, but the employee will be paying one hundred percent of the price. This means that if the company was paying part of the insurance premiums before, you will see a rise in your cost because they will no longer be paying. Your former company should inform you of the COBRA insurance coverage options. Be aware that some plans, such as small employer plans, are not subject to COBRA health insurance. While most plans are subject to COBRA’s provisions, there are a few that are not.
Depending upon the cost of the COBRA alternatives, you may decide that you cannot afford to pay it-especially due to your recent termination or layoff. In this instance, you may find it helpful to look into other health insurance policies. You may be able to find a family health insurance plan that fits your family’s needs and budget and is cheaper than the COBRA alternatives you employer may be offering. You should ask as many questions as possible during this process ask them of your former employer as well as a health insurance agent in your area.
Are you searching for a COBRA alternative? Nobody thinks they will lose their job, but in today’s economy, an ever-rising unemployment rate is a sad number. Losing your job will affect you in many ways, including the fact that your health insurance coverage will be gone. This can be critical, especially if the plan you have through your former employer covered your spouse and children as well. It is important to keep your health insurance and a way to do this is through the COBRA alternative health insurance options.
Call for your FREE CONSULTATION on COBRA and to discuss your options and costs. I have 28 years helping people navigate and understand their many options regarding COBRA. I can be reached at 877-549-1212 9:00am to 8:00pm eastern time.
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