cobra insurance information

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cobra insurance coverage

If you are worried about losing your job and health insurance, or if the cost of insuring your children and other dependents has grown too great, click here to view the individual health insurance quotes that might be right for you.

If you are losing your job, there are many alternatives to staying on your current employer's insurance plan other than COBRA. This could actually be an opportunity for you to get an individual health insurance plan. A health insurance plan that is easy to administer, one that you own, an affordable health plan, tailored to you and your needs. As unique as you.

Help!  I just lost my job, and with it, my health insurance.  My employer says I am eligible for COBRA, what is that?

Consolidated Omnibus Budget Reconciliation Act, or COBRA, is a law that requires employers to offer employees continuation of their health insurance coverage when they have lost their jobs.  COBRA is temporary, usually between 18 to 36 months, varying from state to state.

Under COBRA, what will I pay for health insurance?

If you have COBRA insurance, you pay 100% or all of the monthy premiums for your plan.  Additionally, you could be charged as much as 2% for administrative fees.  All of this can be very costly, as historically, employer or group plan rates for health insurance are much more expensive than individual rates.

Are there any other disadvantages to COBRA?

In addition to being costly, COBRA is temporary, and the longer you are on it, the greater risk that you run of developing an illness or condition that will be labeled pre-existing to future health insurance applications.  Pre-existing conditions could make it difficult for you to get health insurance when your COBRA runs out. 

If I get my own individual insurance, can I keep my same doctor?

Most likely.  The vast majority of doctor’s networks are the same and accept a wide variety of plans, allowing you to keep your same doctor.

My work no longer pays the cost of insuring my dependants.  Should I pay for their insurance through my employers’ plan, or is it better to get them an individual plan? 

Typically, it is better to get dependants each an individual plan that stays with them as they grow, move on to college, enter into jobs of their own.  The rates for an individual plan over your employers’ group plan could be as little as half of what you pay now, and there is no minimum age for insuring each dependant. 

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