Although for most people COBRA insurance coverage will only last 18 months, there are some situations where COBRA health insurance can actually extend beyond the typical 18 months. Knowing what these circumstances are can save you and your family from having to switch insurers or experiencing a lapse in health insurance coverage.
1. A Second Qualifying Event: Under the federal COBRA insurance laws, there are certain events, known as a Secondary Qualifying Event” that will extend COBRA insurance coverage for an additional 18 months to 36 months in total. The downside to this law is that it almost only extends to dependents and spouses and not to the former employee. If the formerly covered employee becomes entitled to Medicare, becomes divorced or separated from a spouse covered on the COBRA plan, or the formerly covered employee dies, their dependents/spouses are able to have health insurance under COBRA insurance plans. Also if a dependent child covered under COBRA loses their dependent status, they can qualify for an additional 18 months of COBRA health insurance coverage.
2. State Sponsored COBRA Insurance: Many states offer their own COBRA insurance programs normally known as mini COBRA plans. In some states, these plans offer an additional 18 months of coverage to eligible state recipients and their dependents. Learn if your state offers state sponsored COBRA insurance here.
As always, before you decide to extend your COBRA insurance coverage for an additional 18 months you should always consider alternatives to make sure you have the right coverage at the right price.
With the unemployment rate still hovering at 9% this month, that means that thousands of folks are finding themselves needing a sound health insurance option for themselves and their families. Knowing this and know how complicated it can be to determine what health insurance plan is right for you, here are some of the key factors to consider when looking into health insurance options for you and your family. And the best way to make a decision, make a chart, include the following information, and weigh out your options. At the very least you should compare COBRA health insurance, individual health insurance plans, and short term health insurance plans (also known as catastrophic or high deductible plans. To get this information fast, use online insurers and request quotes – it’s the fastest way. You can find this links on our website under COBRA insurance alternatives.
e someone who has recently lost or quit your job, likely you are facing the difficult decision of whether COBRA health insurance is the right choice for you. COBRA health insurance is actually not health insurance at all, but actually a governmental law that allows you to choose to continue your group health insurance plan under the COBRA health insurance act with your previous employer. Most people qualify for COBRA health insurance if they work at a company with over 20 employees and were not fired for gross misconduct. Also, under COBRA health insurance it is likely that anyone previously covered under your plan (i.e. spouses, children, and other dependent) will be covered under COBRA health insurance.
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