The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. COBRA provides the same benefits as your employer-sponsored plan, but you are limited to 18 months of coverage. You can also qualify if your hours were cut below the minimum to qualify for group coverage. The exact COBRA eligibility period depends on the qualifying event, such as whether youre eligible for COBRA because you got laid off, had a legal separation or your spouse died. Your Employer's Bankruptcy: How Will it Affect Your Employee Benefits? 877-262-7241 These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. COBRA Insurance Knowledge Base General insurance information provided on COBRA Insurance Website is not intended to substitute for informed professional medical, psychological, tax, legal, investment, accounting, governmental, or other professional advice. Some people may be able to keep it longer. However, since the emergency is expected to end on May 11, 2023, the normal timeframe for COBRA election windows will start being used again in July 2023. You might be eligible for a federal income tax credit to help you with COBRA premiums. Call: 1-877-262-7241 and discuss with a licensed agent or complete a free quote online. Should You and Your Spouse Have Separate Health Insurance Plans? If you lose your job, your company has an obligation to advise you of your COBRA benefits rights. Frequently Asked Questions for Reservists Being Called to Active Duty Related to their Retirement and Health Benefits That said, switching to a new plan is not always the best option. Death of a covered employee. Previously, she reported on money, home and living for HuffPost. 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. The cost of COBRA can vary depending on where you live. A qualifying event must also occur, which is an event that caused you to lose your group health insurance coverage. Qualifying events are certain events that would cause an individual to lose health coverage under a group health plan. COBRA insurance can also affect your income taxes. The maximum period of continuation coverage. Finally, to be eligible for COBRA, you must have been enrolled in your employers group plan while you worked. Enroll yourself in a health plan while in between jobs to protect yourself from the high costs of illnesses or accidents. For example, if you've already paid a lot of out-of-pocket costs for the year, switching to a marketplace plan would mean starting over at $0 on the new plan'sdeductibleandout-of-pocket maximums. Employers usually pick up more than half of those costs. This is called "continuation coverage." Avoid gaps in coverage & the Part B late enrollment penalty It requires employers with 20 or more employees in the previous year to offer continuation of their group health plan for a limited time period. Health insurance programs help workers and their families take care of their essential medical needs. An official website of the United States government. If that individual qualifies for COBRA benefits, the same benefits must be offered at the employee's own costs. Reduction in working hours; Leave of absence; or Termination of employment for reasons other than gross misconduct. For example, an employee may have had medical, hospitalization, dental, vision, and prescription benefits under his/her company plan. [CDATA[/* > Does Lendingpoint Do A Hard Inquiry, Articles C