What if I leave my job?

The Consolidated Omnibus Budget Reconciliation Act (COBRA), a law created in nineteen-eghtysix, gives employee (and members of their relatives) who part with their health insurance advantage the principled proceed their group health insurance for a restricted time of period undercondition such as voluntary or involuntary job loss, reduction in hours, transition between works, divorce, adoption also passing.

Usually, the worker pays up to 102% of the premiumcost for the identical policy ; this is still customarily lesscostly than buying an single insurance policy.

There are three fundamental aspects for qualifying for COBRA : the qualifying event, the insurance plan coverage and the qualified people. Each viewpoint is taken into consideration when applying for COBRA and you have to select to either apply for COBRA or waive your rights to COBRA within fourteen days after aqualifying event.

You have to also have been in the group insurance plan while your employment to be qualified. Though there are exceptions, usually you may proceed to pay your own premiums to retain COBRA coverage intact for up to eighteen months.

Companies who get fewer than 20 employees, State orFederal employers or employee organizations might not offer COBRA coverage.
Check with your health insurance administrator to seeif you may make eligible. You may also get this communication readily accessible in your group health insurancepolicy or in your company instructions.
Though it may be costly, the cost of being ableto retain your group insurance coverage rate may be well worth it.