What is Cobra?
COBRA is an acronym that stands for Consolidated Omnibus Budget Reconciliation Act. COBRA is the name of a law that is available to private sector employers with more than 20 employees as well as state and local governments. It gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan.
You should be aware that if you use COBRA, your insurance will likely be more expensive than when you were employed. That’s because you need to pay the share of the premium that your old employer used to pay. Qualified individuals may be required to pay the entire premium for coverage up to 102% of the cost to the plan.
What does it take to qualify for COBRA?
There is a list of certain circumstances in order to receive COBRA benefits. Some of them are the following:
Voluntary loss of a job
Involuntary loss of a job
Reduction in hours worked
Death of an employee
Divorce or Legal Separation
How long does COBRA last?
COBRA generally lasts 18 months but may be extended to 36 months under certain circumstances. You will need to contact the Human Resources Department for the company for more details.
Is COBRA the best option for your family?
Not always! Call me on my cell number below so I can help you understand all of your options available besides COBRA. You can also see the following video for more details.
Call me for more information: 281-896-1294
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