For how long can I keep my employee health insurance after being terminated from my job? Do I pay the same premium as when I was still employed?
If you want to continue your employee health insurance, you must pay the percentage of the premium usually shouldered by the employer. This creates the impression that COBRA is expensive but it is actually not. You just pay the full amount of the premium. Like with the other provisions under COBRA, the premium goes between 102% and 110% on the true cost of the plan. If you think the premium is too expensive for you then you should get a low-cost individual health plan or a short-term health plan instead? However, not all short-term health insurance plans cover pre-existing conditions. You can check the provisions in adding dependents under these plans. COBRA is applicable only to a company with 20 or more employees. So not all employee health insurance plans can apply the COBRA law. The employer has to notify the insurance company of your termination. If COBRA covers your employee health insurance, you will receive more information in two weeks on how to go about it. From the date of the notification letter, you will have 45 days to pay for the full amount of the premium. If there are no qualifying events such as disability or accident, COBRA covers for you applies for 18 months. Your employee health insurance from your previous job act as a temporary health plan until you find/get another job. Answer by general public — June 19.2009 @ 4:50pm No CommentsNo comments yet. Leave a comment |
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The provisions of the Consolidated Omnibus Budget Reconciliation Act (COBRA) help workers to keep their employee health insurance for a certain period, usually up to 18 months.
