What You Need to Do About Cobra Insurance Extension

Are you one of the many Americans who have been laid off in recent months? Are you concerned about no longer having health insurance benefits for you and your family in addition to the loss of income? If so, you will want to know more about the COBRA Insurance plan provided by the federal government.

It is always best to take advantage of this health insurance benefit if it is available. A lapse in coverage may result in difficulties being added to a new plan in the future. In addition, there is no way to predict the occurrence of accidents or illness that might debilitate you or a dependant.

COBRA Qualifications

The COBRA benefit provides a supplemental insurance policy that bridges the gap in coverage between employment. The individual’s most recent employer is the provider of the plan. You can receive this benefit if you have been terminated for any reason other than gross misconduct, laid off, or have had your hours reduced to part-time status which disqualified you from receiving health insurance. The coverage also applies to your family members who were previously included in the policy.

If you lost your job between September 2008 and February 2009, you can still take advantage of COBRA health insurance benefits. The American Recovery and Reinvestment Act (ARRA) allows a further extension to anyone losing employment during this time period and who is still unemployed.

Paying for COBRA Insurance

After you are no longer employed, you will have to foot the bill for health insurance premiums. The former employer is still the administrator of the plan, but they are not required to pay any part of the monthly premium. You should be aware that the cost may still be far less than if you purchased an individual plan. The federal government also offers subsidies, up to 65%, to anyone who is unable to afford the entire insurance premium.

What to Do When You Lose Your Job

The responsibility of reporting a layoff or termination is up to the employer. They have 14 days to do so. Eligibility for COBRA insurance extension is determined by a number of factors including the size of the employer, the circumstances of separation, and many other rules and regulations. It may be helpful to use the services of a consultation company to help you sort through the details.

The employee has 60 days to decide whether he or she wants to take advantage of COBRA benefits. If the former employee does elect to continue health insurance coverage, there is a 45 day period in which the first premium must be paid.

Each health plan is subject to specific rules regarding how to file a claim for benefits. After filing a claim, you may be deemed ineligible. There are protocols in place that allow you to protest this assessment, and you must do so within 60 days. If you are not aware of the insurance rules and regulations in place, it might be best to use assistance in claiming COBRA benefits or submitting a protest.

Many times there are special circumstances that apply to continued health insurance coverage through COBRA insurance extension. Luckily, you do not need to sort out all the issues, rules, regulations, and specifics yourself. There are resources available to help those who are entitled to the benefits receive them. See the website for more details.

Looking to find more information on the Cobra Extension? Then visit www.cobraextension.org to find the best advice on Cobra Insurance Plan to help you.

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