All About COBRA Insurance

So you want to understand the COBRA insurance? It is important to have a complete and thorough knowledge of COBRA, also known as the Consolidated Omnibus Budget Reconciliation Act, and to understand who is eligible, how to register, and when you should consider other alternatives. Knowing that critical information will help you make an intelligent decision for your home.

First, understand the law of COBRA Insurance
In 1986, Congress approved landmark legislation known as the Consolidated Budget Reconciliation Act or COBRA. This act, for the first time to protect people from suddenly losing health insurance if they lost, quit, or retired from work. Basically, COBRA health insurance laws to allow the employee and anyone else has been covered with the employee's health insurance plan, to continue the coverage on the floor of the employer. This means that workers and their families could choose to keep exactly the same coverage (physicians, hospitals, prescriptions, all of them). So what's the catch? Well, here are two main negative aspects of COBRA medical insurance coverage. First, the law, an employee must pay the full fee and a surcharge of 2%. Since most employers pay up to 80% of the cost of health insurance, this is a fairly significant number, sometimes up to $ 1,000 per month for families.
In addition, the COBRA insurance only takes eighteen months for most people. This means that eventually you will find other insurance, either private companies or a new employer. This can be difficult, especially if you have any pre-existing condition.

So how do you qualify?
Fortunately, it's really not too difficult to qualify and more people find they are eligible for COBRA health insurance. The law establishes three main criteria for enrollment in COBRA insurance continuation - qualification plan (employer plan), classification (they lost coverage), beneficiaries (which is covered), and although it seems complicated, is actually quite simple.
  • Qualification Plan: Your previous employer health insurance plan was at least 20 full-time employees (or their share of person-years)
  • Qualifying event: Are you finished, fired, lost, leave, or retired from his job, without a serious crime (eg theft, sexual harassment, or other serious crimes)
  • Eligible Recipients: Anyone who has been covered under your previous level are almost always covered by COBRA - spouses, children and other relatives. You can also add new people as you can under your plan - remember that the plan is the same!

What about the inclusion of COBRA insurance?
At this stage, I hope to understand what is COBRA insurance, and now you might think - "Well done, how do I?" Fortunately for us, and it is very simple. Within 14 days after the last day of health insurance coverage, the employer is legally required to give the COBRA election form. Fill out the form with the names of all those who would like to continue COBRA insurance, and send the full payment of the premium. It must be sent within 60 days of receipt of the notification.

Should I consider other options COBRA insurance?
Virtually all insurance companies and financial experts believe it is important to consider alternatives to COBRA. It is mainly for two reasons. First COBRA is expensive. There are probably many other private insurance plans that offer a much better deal for similar coverage. Second, there may be a better plan here for you. But it always depends on your health, lifestyle, budget and needs, we always recommend at least get quotes for other insurance companies, but to make the decision that best suits your needs.

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