It's a federal law that was created in 1985 that gives individuals who experience a job loss or other qualifying event the option to continue their current health insurance coverage for a limited amount of time. For example: Prior to ending State employment you were enrolled in the State Health Plan PPO. Doing a little research and comparing quotes from multiple providers can help you figure out if COBRA is right for you. If youâve experienced an event that caused you to lose your benefits, you are eligible for COBRA.2) How long do I have to sign up for COBRA benefits?You have a period of at least 60 days to decide whether to elect or waive COBRA coverage. With COBRA, your coverage must be identical to what your employer gives its current employees. “Joining Cobra Network was one of the best decisions we’ve made. For those who are relatively healthy or have a limited budget, this type of coverage may not be the ideal option. COBRA, known in full as the Consolidated Omnibus Budget Reconciliation Act, allows qualified workers to continue employer-sponsored health care coverage most commonly for 18 months after they leave their job. If you’re losing job-based coverage and haven’t signed up for COBRA, learn about your rights and options under COBRA from the U.S. Department of Labor. If you meet the eligibility requirements, you have the COBRA option whether you quit, are terminated or if you are laid off. Getting quotes from multiple carriers at once is a good way to ensure that you donât overpay.Answer a few questions and get your options in minutes. How much COBRA costs varies by how much the plan costs the employer. To be covered by COBRA, you must have been enrolled in a health plan provided by your employer and this plan must be in effect for active employees. It’s been invaluable to our growth, and I wouldn’t hesitate to recommend it – as I have, on many occasions. COBRA stands for Consolidated Omnibus Budget Reconciliation Act. The average annual employer-sponsored health insurance costs for family coverage is more than $20,000. COBRA requires you to pay 100% of the health insurance costs plus up to 2% adminstrative fee. You may want to consider purchasing a COBRA plan if the following situations describe you:COBRA is a great option for people who fit the descriptions above. If you lose the health coverage provided by your employer for any reason, you can keep your benefits for a set period of time by signing up for a COBRA health insurance policy. The full premium will include the amount previously paid as the employee’s share plus the State's share and, in some cases, an additional 2% service fee. This period begins on either the date you are furnished the election notice or the date you would lose coverage (whichever comes later).The coverage you receive under COBRA must be the same as the coverage currently available under the plan to similarly situated active employees and their dependents. You no longer get any help from your former employer. COBRA provides temporary continuation of group health, dental, and vision coverage that might otherwise end due to a certain qualifying event.COBRA is a continuation of your State Group benefits that you were enrolled in, prior to benefits ending. COBRA is a law (It is not an endorsed insurance plan or company). We make it easy for you to find great health insurance. Any change made to the plan that affects the active employees will also apply to those enrolled through COBRA.You will be covered for 18 to 36 months, depending on what type of qualifying event caused you to loose your original coverage. Instead of wasting hours researching which providers are affordable, we give you the answers in a fraction of the time. Answers and comments provided on COBRAinsurance.com website are general information and are not intended to substitute for informed professional medical, psychological, tax, legal, investment, accounting, governmental, or other professional advice. With COBRA, your coverage must be identical to what your employer gives its current employees. When you lose job-based insurance, you may be offered COBRA continuation coverage by your former employer. At the same time, it can be a costly choice, with some policies costing up to 102% of your premium. If the qualifying event was a reduction in hours or the termination of employment, you are entitled to 18 months of COBRA coverage. However, COBRA is not intended to be the answer to every … For example: Prior to ending State employment you were enrolled in the State Health Plan PPO. Health, dental, and vision are all available for continuation, and you may also be eligible for life insurance continuation if you are on a leave of absence or layoff from State service.Several different events may trigger the loss of insurance coverage for employees, spouses, or dependent children, some examples of those events are:Under COBRA if you, a spouse, or dependent should lose eligibility for State group health, dental, or vision insurances you may be eligible to continue these coverages temporarily by paying the full premium directly to the State of Michigan. It gives employees in certain situations the right to pay premiums for and keep the group health insurance that they would otherwise lose after they: Reduce their work hours
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