What You Need to Know about COBRA Health Insurance
Purchasing health insurance is something that every person
should consider. Again, employers can sponsor group health plans for their
employees. However, there are certain reasons that can cause you to lose your
health insurance. For instance, losing your job, reduction in hours worked, a
transition between jobs or other life events. The good thing, however, is that
you have an option of continuation coverage with COBRA health insurance.
Nowadays, many people want to learn more about COBRA
insurance and how it works, the rules and the cost. COBRA stands for
Consolidate Omnibus Budget Reconciliation Act. This federal law requires an
employer to allow an employee to keep their health insurance plans for some
time if something happens to them that affects their job negatively. COBRA has
been put in place to help employees maintain the employer-sponsored health care
plans. To know more about insurance, visit this website at https://www.britannica.com/topic/health-insurance
With COBRA health insurance, you will still pay all your
health insurance together with the employer’s potion to remain in the plan for
a certain period. The main purpose of COBRA insurance at https://cobrahealthinsurance.orgs
to ensure you remains in your current health plan while still between jobs. As
a result, many people enjoy comfort since they have a guarantee that they have
health insurance that covers them, as well as their families.
Before COBRA become law, people lost their health insurance
while between jobs. However, COBRA health insurance offered a solution for
people to remain covered while between jobs. There are, however, certain things
that will qualify you for COBRA benefits. For instance, losing your job
involuntarily and voluntarily, or having the hours cut among other reasons will
qualify you for the COBRA benefits.
The only difference with cobra health insuranceis that you
meet the entire insurance cost, rather than the employer taking a portion of
it. To be eligible, your employer should have had a minimum of 20 employees. If
your employer is a small business with few employees, you would not be eligible
for COBRA benefits. But if the company has had 20 employees or more, you would
be eligible for COBRA.
If you quit your job and your employer has met the COBRA
requirements of a minimum of 20 employees, you would be qualified for the benefits.
COBRA will be available to everyone as long as you had a group health insurance
sponsored by the employer. Whether you voluntarily left or you were let go, you
would qualify for COBRA benefits.