Agency Owner, A1 Insurance LLC, Arizona, California Agency
Good question usally if you were on a group plan you can keep you helath insurance and be on whats called a cobra plan. You can usally keep the same plan for 24 month but remeber that price will go up since your employer will not be paying his share for that plan.
Usally if you are in good health you can get an individual plan at less cost than a cobra plan. Good luck
President | Founder, CLM Insurance Group, Delray Beach, FL
A group plan will end one month after termination of employment. You'll then have the option to go on COBRA Consolidated Omnibus Budget Reconciliation Act for up to 18 months. The upside to COBRA is you'll have the same benefits as you're used to having while employed and all your existing conditions will be covered. The downside is that it's commonly very expensive. Without the employer portion you'll be responsible for the full premium + 2%. That has long been the case for owning individual health insurance. As long as your paying your premiums it doesn't matter whom you work for.
For more information on COBRA or to shop individual health plans visit www.clminsure.com or call 561-320-2978
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Group coverage ends a month after your employment terminates. You have the option to go on COBRA for up to 18 months. When you go on COBRA, you have the same coverage as you had before - the drawback is you're paying 102% of the premium (meaning you're paying your portion, the employer portion, plus an additional 2% in premiums).
Under the Affordable Care Act, the loss of other group coverage can grant you a special enrollment period (a window to purchase a health plan outside of the annual enrollment period) to apply for a new plan. The metal plans in the marketplace can offer competitive premium and benefits compared to the premiums for going on COBRA.
The advantage of an individual plan is that it goes with you regardless of who the employer is. With group coverage, the premiums can be less, but you lose the coverage if you leave the company.
If you have any questions about health insurance or would like help with your coverage, send me a message by clicking on the "contact me" button. You can also visit my website, TermInsuranceBrokers.com, for additional information regarding health plans.
This is a question you must ask of your employer or your employer's HR department as the date of the termination of group health insurance coverage can vary depending upon the personnel policies of an employer. In today's world the most common answer would indeed be that you will remain covered under your employer's group plan through the end of the month. This is usually a reflection of the fact that most employees are contributing towards their health insurance coverage. However, there are still employer groups whose policy is to terminate coverage on the date that employment ends (though this is increasingly rare). Any employee who is resigning or being terminated from their job should ask for a clear answer as to how long their coverage under the group's existing health plan will continue. This is especially true of people who work for small businesses that don't have a Human Resources department, personnel policies such as we are discussing here often get established as a consequence of implementing the group's health insurance for the first time and it may be years later that your event is occurring and the original office administrator may have long since left themselves and the business owner may not recall what they said they wanted their policy to be in this regard. I have seen this scenario occur many tines.
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Usally if you are in good health you can get an individual plan at less cost than a cobra plan. Good luck
For more information on COBRA or to shop individual health plans visit www.clminsure.com or call 561-320-2978
Under the Affordable Care Act, the loss of other group coverage can grant you a special enrollment period (a window to purchase a health plan outside of the annual enrollment period) to apply for a new plan. The metal plans in the marketplace can offer competitive premium and benefits compared to the premiums for going on COBRA.
The advantage of an individual plan is that it goes with you regardless of who the employer is. With group coverage, the premiums can be less, but you lose the coverage if you leave the company.
If you have any questions about health insurance or would like help with your coverage, send me a message by clicking on the "contact me" button. You can also visit my website, TermInsuranceBrokers.com, for additional information regarding health plans.