Are YOU Looking for Cobra Insurance? Here's, Cobra Insurance information for you!

April 29th, 2009 |

Author: admin

Cobra Insurance – All About Cobra Insurance

Exclusive Summary about Cobra Insurance by Samsul S.

COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law that founded on 1985. Generally COBRA is known as Cobra Insurance. Cobra Insurance ensures your health insurance coverage still continue until 18 months since you are fired from your company.

The law mandates companies that supply their employees with groups insurance, to accept Cobra Insurance.

The health insurance coverage in some conditions could be extended. The extension time is vary from 18 months, 29 months and 36 months.

Cobra Insurance: Who Will Get The Benefits from Cobra Insurance?

: Cobra insurance

If you are terminated from your job and there’s a change that you will lose your health insurance coverage, Don’t worry! Cobra Insurance will protect you. Cobra Insurance as a stand-by facility, is able to help you through the hard time. By the way, not every employee that are terminated from their job, get Cobra Insurance. Employers should know whether Cobra Insurance exclusion are applied to their companies and employees and companies.

Since you are terminated from the job, you are allowed by the law to get a health insurance for you (and your family) at group or company rate although you are not working anymore. The health insurance coverage isn’t cheap and every month you have to pay the cost and 2% surcharge.

If you have been terminated from your job and you meet the Cobra Insurance qualification, the Cobra Insurance will keep cover you minimum for 18 months or until you get a new group health insurance plan or a new private health insurance plan.

Employers are mandated by the law to tell their eligible employees about there is another option to get health insurance coverage through Cobra Insurance. The employees also have to specify the cost for this Cobra Insurance. To employees who are already notified about this Cobra Insurance option, they have limited time (up to 60 days) to make a decision for this option.

As Cobra Insurance extends the health insurance coverage of terminated employee for 18 months, there are no any changes in the health insurance benefits. In Cobra Insurance, the benefits of health insurance still the same. The only different or change is now you are responsible to pay the monthly premium. If before your group insurance from company covers your family, Cobra Insurance still covers your family. The changes in your health insurance plan will occur if the employers make modification or change the health insurance plan.

Cobra Insurance : It’s only For Temporary Time

Although Cobra Insurance only for temporary time, Cobra Insurance is very important. Cobra insurance guarantees that you will get health insurance coverage for 18 months since you are terminated from your company. By the way, you won’t get health insurance coverage from Cobra Insurance after 18 months or after you get group insurance plan from your new company or new private health insurance coverage plan.

One important thing that you should know, you won’t get health insurance coverage from Cobra Insurance if you are found yourself in the 1^st time that you have serious disease such as cancer. If this happen you become un-insurable because your preexisting medical condition.