What Can 18 Months And 2 Years Old Babies Do COBRA Insurance: Health Coverage for Terminated Employees

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COBRA Insurance: Health Coverage for Terminated Employees

The Consolidated Omnibus Budget Reconciliation Act of 1985, more commonly known as COBRA, is a federal law that guarantees that your health insurance coverage will remain in effect for up to 18 months if you are terminated from your job. Most companies that provide group insurance to their employees are required to comply with COBRA. In some circumstances, the coverage period can be extended from 18 months to 29 months or even up to 36 months.

COBRA Insurance: Who Benefits From It?

If you have lost your job and you have a chance of losing your health insurance benefits as a result, you are protected by COBRA. As a stand-by facility, COBRA can help you get through a difficult time. However, COBRA insurance does not apply to every terminated employee. Employers need to know if the COBRA exclusion applies to their companies and employees.

If you were recently laid off, the law allows you to get health insurance for yourself (and your family, if you had family coverage while you were employed) at the group rate even though you are no longer employed. Coverage isn’t cheap and you’ll have to pay the total cost each month along with a 2% surcharge.

If you are terminated, laid off, or experience any change in your employment status, such as reduced work hours, divorce from or death of the eligible employee), and you are eligible for COBRA, COBRA will continue to cover you for at least 18 months or until you get a new health insurance plan or a group health insurance plan.

The law requires employers to notify eligible former employees of the option available to obtain health insurance through COBRA. Employees should also specify the price for this coverage. Employees who are notified of this option have up to 60 days to agree to COBRA coverage.

Because COBRA essentially increases a terminated employee’s health insurance by 18 months, you don’t have to worry about any changes in your benefits if you choose COBRA coverage. Under COBRA, your health insurance will not change; the only change is that you will be responsible for paying the monthly premium. If you have your family covered by your company’s group insurance, they will still be covered by COBRA. The only way that any changes will occur to your coverage is if your former employer makes modifications to the health insurance plan it offers to employees.

COBRA Insurance: It is only Temporary

COBRA is only intended as a temporary, but very important, measure. COBRA ensures that you would have health insurance for 18 months. However, you will no longer have health insurance after the 18 months are up, unless you have received individual health insurance or group insurance from your new employer.

And, hopefully you will never find yourself in a position where you discover for the first time that you have a serious medical condition, such as cancer, while you are under COBRA coverage. If this were to happen, you would then become “uninsurable” due to a pre-existing condition.

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