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From GunGame5 Documentation
Cobra Health Insurance - What You Want to know
This post we can easily discuss what is cobra health insurance? And how do I figure this out? There is an incredible challenge faced by a lot of customers; you've been leg go by your employer. Basically, you have no income, and no health insurance benefits. Currently, the worst thing you want to do is send money to the exemployer for health insurance benefits. However, that is possibly what you will have to do.
Cobra health insurance is a region of insurance law that is affected with a clear degree of uncertainty and yet this law will impact the lives of many Americans at some point in their lives. This is not an obscure law that only affects a compact number of folks limited special situations. Cobra (or the Consolidated Omnibus Budget Reconciliation Act of 1986) amends the staff member Retirement Income Security Act, the Internal Revenue Code and the general public Health Service Act to produce continuation of group health coverage that otherwise could possibly be terminated.
In line with the US Department of Labor, Cobra provides certain former employees, retirees, spouses, former spouses, and dependent children the ability to temporary continuation of health coverage at group rates. This coverage, however, is purely available when coverage is lost because of certain specific events. Group health coverage for Cobra participants is usually more expensive than health coverage for active employees, since usually employer pays an element of the premium for active employees while Cobra participants generally pay for the entire premium themselves. It is ordinarily more affordable, though, than individual health coverage.
Usually, if you are an employee in a company which includes 20 or more employees and you leave your group health plan (perhaps group health plan terminates for some reason) for some reason rather than gross negligence then you will probably be offered Cobra continuation coverage (You can also get provisions for spouses and dependent children).
Practically speaking, should you elect the Cobra continuation coverage option? If you maybe family has major health issues then yes. If you and your family are relatively healthy then you should probably compare individual health insurance plans as individual rates are approximately half the Cobra health insurance cost premium. One major difference between individual health plans and group health plans is that with individual health plans you will often have to be charged extra to acquire maternity coverage where of all group plans maternity coverage is included. If having maternity is essential then make it a point and compare the rates offered to you by Cobra with the rates offered from someone plan with maternity coverage to obtain a true apples to apples comparison.
