Cobra Health Insurance
COBRA, or Consolidated Omnibus Budget Reconciliation Act
, is designed to ensure that individuals that suddenly find themselves unemployed still have access to health insurance as they look for a new employer. As with any program mandated by the government, there are a number of stipulations to be eligible for enrollment, and as with everything else, it comes at a price.This act generally requires that employers that employed twenty or more people during the previous year offer the option of COBRA, or group health insurance, to individuals and their families upon termination from the company. There are three general elements in which previous employees may be considered eligible for COBRA.
There are a number of qualifying events that would make a person eligible for coverage. An employee's reduction or complete loss of working hours due to circumstances within the company aside from gross misconduct is the primary work-related event. This also allows for the spouse and any dependents to be eligible for COBRA.
Qualifying events for spouses include the death of employee, divorce from the employee, and the employee becoming entitled to Medicare (before the spouse). This is also the case for any and all dependent children to be eligible for COBRA health insurance.
In the case of any of these situations, there is always a period of time during which the previously covered individual may file for coverage. This election period is 60 days, and generally at least the first monthly premium must be paid for coverage to begin.
Claims for coverage while under COBRA health insurance are submitted and handled in the same manner as they had been before the qualifying event occurred. As previously, assistance can generally be obtained from the company's health insurance specialist if problems or issues arise.
However, one must keep in mind the higher costs associated with this option, as it is designed to be used as short term insurance. Even if employment that offers medical benefits is not obtained in the coverage period, the option to have COBRA at all ends 18 months after the qualifying event.
Anyone who finds themselves in a situation in which they are considering this type of medical coverage should consider it as a temporary solution. If finances are tight, it may initially be more important to obtain new employment as soon as possible, and push looking for alternative health insurance options until later.
Previous employees without pre-existing conditions have a plethora of options when it comes to finding affordable health insurance. Almost all health insurance companies offer the option of applying for a quote online or over the phone, during which a good deal of otherwise private information will need to be disclosed. Failing to provide accurate information can result from a policy being immediately terminated and having to re-pay any previous coverage.
People with pre-existing conditions may find themselves eligible for Medicaid or the state high-risk pool. Many states are now offering additional options for health insurance as well, making the necessity to maintain COBRA coverage long-term usually unnecessary.
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