The Consolidated Omnibus Budget Reconciliation Act(COBRA), A Law Created In 1986, Gives Workers (andmembers Of Their Family) Who Lose Their Healthinsurance Benefits The Right Continue Their Grouphealth Insurance For A Limited Period Of Time Undercircumstances Such As Voluntary Or Involuntary Jobloss, Reduction In Hours, Transition Between Jobs,divorce, Adoption And Death.Generally, The Employee Pays Up To 102 Of The Premiumcost For The Same Policy; This Is Still Usually Lessexpensive Than Buying An Individual Insurance Policy.There Are Three Basic Aspects For Qualifying ForCOBRA: The Qualifying Event, The Insurance Plancoverage And The Qualified Person.Each Aspect Is Taken Into Consideration When Applyingfor COBRA And You Must Elect To Either Apply For COBRAor Waive Your Rights To COBRA Within 14 Days After Aqualifying Event.You Must Also Have Been In The Group Insurance Planduring Your Employment To Be Eligible. Although Thereare Exceptions, Generally You May Continue To Pay Yourown Premiums To Keep COBRA Coverage Intact For Up To18 Months.Companies Who Have Fewer Than 20 Employees, State OrFederal Employers Or Employee Organizations May Notoffer COBRA Coverage.Check With Your Health Insurance Administrator To Seeif You May Qualify. You May Also Have This Informationreadily Available In Your Group Health Insurancepolicy Or In Your Company Handbook.Although It May Be Expensive, The Cost Of Being Ableto Keep Your Group Insurance Coverage Rate May Be Wellworth It.
