If you are considering COBRA benefits, you are probably wondering what COBRA is and what it means. Simply put, COBRA is a group insurance plan for your employer which provides health insurance to the employee. The employee is forced to purchase COBRA health insurance at a certain monthly rate and cannot be dropped once they've chosen to join the group. This type of health insurance is usually short term in nature. Many people choose to take advantage of COBRA benefits during a time frame when they are not sure whether or not they'll need this type of health insurance, but eventually will.
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Knowing what COBRA health insurance covers and how it functions, can also help you decide whether it is right for you in light of recent events. COBRA eligibility includes: You must be currently employed and currently covered under an existing employer's group insurance policy. The current policy will remain in effect during the time period COBRA applies. There are specific regulations and qualifications that must be met in order to qualify for COBRA benefits.
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To know what your COBRA coverage actually consists of in its entirety, you must understand what the "covered" part of COBRA means. Simply put, your COBRA health insurance will provide coverage for illness, injury, malpractice, maternity and other services that are deemed by the company you are working for. The "covered" part of the agreement provides that your beneficiaries will receive the same benefits that are listed above.
What Is COBRA Insurance?
COBRA will only cover your beneficiaries during the time period specified in your employment contract. If you resign or are let go from your position as an employee of your employer prior to the effective date of the plan, you will need to know what your COBRA premiums will be in order to determine whether or not you qualify for COBRA continuation. COBRA premiums are based on a number of factors, including your age at the time of signing up for insurance, the length of time you have worked with your employer, your earnings, your family situation (i.e. whether or not you have dependents), the health insurance coverage you already have in place at your workplace and the level of COBRA deductible you choose.
What is COBRA health insurance if my spouse is covered under a spouse's COBRA? COBRA can also apply to a dependent spouse or a former spouse if they are not receiving coverage through their individual health insurance plan, their former employer does not provide coverage for them and the dependent spouse and former spouse are employed by the same employer. In this instance, COBRA would apply for the dependent spouse and allow them to continue to receive health care coverage through their spouse's employer. COBRA does not apply to children who have been awarded coverage through their own individual or family health insurance plan.
What is COBRA if my employer does not offer any group health insurance? If you have worked for an employer that does not offer any type of group coverage for employees, you can still obtain COBRA benefits by enrolling yourself on COBRA waiting lists provided by many different companies. A COBRA waiting list is simply a list of individuals who have already qualified for coverage under the COBRA law.
What is COBRA if I am currently covered through a job-based health plans like an HMO? COBRA benefits will only apply to individuals who are currently covered through an HMO. COBRA will not apply to individuals who are still covered through group plans or group insurance coverage offered by an employer. COBRA coverage will lapse if the employee leaves the job or the employer stops offering it to current employees.
What is COBRA if I am currently covered through a newly created job? In many cases, COBRA can be very helpful to individuals who are in the situation of having had a sudden termination from a job. COBRA can prevent an ex-employee from immediately losing his or her health coverage and can often give time for the person to find a new job that offers health coverage. In many cases, COBRA can also help the person maintain the same level of health coverage that he or she had prior to getting the new job. However, COBRA will not always be an option for people who have just started working for a new job.
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