Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
People can keep their health insurance by signing up for COBRA coverage. COBRA stands for the Consolidated Omnibus Budget Reconciliation Act and is most commonly used when an employee leaves a job where they had employer-sponsored health insurance, usually after being laid off or leaving the group on their own terms.
In short, COBRA is an extension of the current group health insurance plan offered to employees after they have left the company. This coverage can be kept for up to 18 months and is only available to individuals and families covered under a plan with more than 20 employees enrolled.
Premiums for COBRA coverage are 102% of the total cost of insurance – this is important because many employers pay for part of the cost while the employee is still working.
Under the Affordable Care Act, health insurance policies are guaranteed-issue in that you cannot be declined for health insurance due to a pre-existing condition or other health-related issue. Coming off of group coverage would generally grant you a special enrollment period to apply for health insurance in the marketplace.
If you'd like some help with your coverage, send me a message by clicking on the "contact me" button.
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In short, COBRA is an extension of the current group health insurance plan offered to employees after they have left the company. This coverage can be kept for up to 18 months and is only available to individuals and families covered under a plan with more than 20 employees enrolled.
Premiums for COBRA coverage are 102% of the total cost of insurance – this is important because many employers pay for part of the cost while the employee is still working.
Under the Affordable Care Act, health insurance policies are guaranteed-issue in that you cannot be declined for health insurance due to a pre-existing condition or other health-related issue. Coming off of group coverage would generally grant you a special enrollment period to apply for health insurance in the marketplace.
If you'd like some help with your coverage, send me a message by clicking on the "contact me" button.