Lost Your Job How To Keep Your Insurance Coverage

Lost Your Job How To Keep Your Insurance Coverage



Lost Your Job? How to​ Keep Your Insurance Coverage
In this day when companies are facing layoffs,​ buyouts,​ and other financial difficulties,​ it​ may be difficult to​ hold on​ to​ a​ good health insurance policy. Thanks to​ the​ government,​ however,​ there has been a​ couple of​ programs that will allow you​ to​ keep the​ same coverage you​ had before your situation changed if​ you​ act soon enough. Here are some things you​ need to​ know about the​ COBRA program that could enable you​ to​ enjoy the​ same health insurance coverage you​ had.
COBRA,​ which stands for the​ Consolidated Omnibus Budget Reconciliation Act,​ enables you​ to​ keep the​ same coverage for up to​ 18 months. in​ some cases,​ this time period may be extended for an even longer period of​ time for dependents.
Qualifying Events
In order to​ qualify for this program,​ participants have to​ meet certain qualifications. the​ good news is​ that the​ conditions for COBRA are rather lenient. if​ you​ were an employee,​ and are now out of​ work,​ you​ may qualify even if​ you​ were fired,​ or​ laid off. the​ exception is​ if​ you​ were extremely negligent in​ your duties,​ or​ performed some act of​ misconduct that got you​ fired.
Other qualifying situations may occur in​ the​ event of​ a​ divorce or​ the​ death of​ the​ employee. Sometimes there may also be a​ separation involved,​ or​ the​ employee may retire,​ or​ go on​ Medicare. in​ cases like this the​ coverage may be extended for periods up to​ 36 months. One situation,​ however,​ where coverage will not be given,​ is​ in​ the​ event that the​ company goes out of​ business. in​ that event,​ though,​ you​ may still be able to​ get your health insurance coverage through HIPAA.
Application Time is​ Limited
After a​ qualifying event occurs,​ you​ need to​ act rather fast because there is​ not a​ lot of​ time given in​ which you​ need to​ apply for the​ COBRA program. you​ must act within 30 days of​ the​ event by informing the​ insurance plan administrator the​ employer of​ your intent to​ continue the​ coverage. it​ is​ best that you​ do it​ in​ writing for your own records. After you​ notify them,​ they will send you​ a​ letter within 14 days,​ and then you​ have up to​ 60 days to​ decide if​ you​ will accept the​ COBRA coverage.
The Premiums
While you​ are able to​ continue the​ coverage that you​ had prior to​ the​ event,​ there is​ a​ major difference that also takes place. Whereas the​ employer paid a​ part of​ the​ premiums previously now it​ becomes entirely up to​ you​ to​ meet the​ full price. So,​ there may be a​ little sticker shock,​ because it​ will not be cheap. Since group insurance is​ usually much less expensive,​ you​ may be surprised at​ just how much the​ employer was paying.
The Coverage
One of​ the​ great benefits of​ using the​ COBRA health insurance coverage is​ that there most likely will not be any preexisting conditions given since you​ were already covered before. This means that your coverage continues without any hitches hopefully,​ and you​ can then continue to​ enjoy what you​ had before.




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