n this day when companies meet certain qualifications. The
are facing layoffs, good news is that the conditions
buyouts, and other for COBRA are rather lenient. If
financial difficulties, it may be you were an employee, and are now
difficult to hold on to a good out of work, you may qualify -
health insurance policy. Thanks even if you were fired, or laid
to the government, however, there off. The exception is if you were
has been a couple of programs extremely negligent in your
that will allow you to keep the duties, or performed some act of
same coverage you had before your misconduct that got you fired.
situation changed - if you act
soon enough. Here are some things Other qualifying situations may
you need to know about the COBRA occur in the event of a divorce
program that could enable you to or the death of the employee.
enjoy the same health insurance Sometimes there may also be a
coverage you had. separation involved, or the
employee may retire, or go on
COBRA, which stands for the Medicare. In cases like this the
Consolidated Omnibus Budget coverage may be extended for
Reconciliation Act, enables you periods up to 36 months. One
to keep the same coverage for up situation, however, where
to 18 months. In some cases, this coverage will not be given, is in
time period may be extended for the event that the company goes
an even longer period of time for out of business. In that event,
dependents. though, you may still be able to
get your health insurance
Qualifying Events coverage through HIPAA.
In order to qualify for this Application Time Is Limited
program, participants have to
After a qualifying event occurs, of the premiums previously - now
you need to act rather fast it becomes entirely up to you to
because there is not a lot of meet the full price. So, there
time given in which you need to may be a little sticker shock,
apply for the COBRA program. You because it will not be cheap.
must act within 30 days of the Since group insurance is usually
event by informing the insurance much less expensive, you may be
plan administrator (the employer) surprised at just how much the
of your intent to continue the employer was paying.
coverage. It is best that you do
it in writing - for your own The Coverage
records. After you notify them,
they will send you a letter One of the great benefits of
within 14 days, and then you have using the COBRA health insurance
up to 60 days to decide if you coverage is that there most
will accept the COBRA coverage. likely will not be any
preexisting conditions given
The Premiums since you were already covered
before. This means that your
While you are able to continue coverage continues without any
the coverage that you had prior hitches – hopefully, and you can
to the event, there is a major then continue to enjoy what you
difference that also takes place. had before.
Whereas the employer paid a part
About the Author:
Joe Kenny writes for the UK Loans Store for loans in the UK and offer more information on secured loans in the UK and other loan topics on site.
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