How to Buy Cobra Health Insurance

Looking to buy Cobra health insurance? Here’s everything you need to know, from eligibility requirements to how to sign up.

Checkout this video:

Introduction

Cobra health insurance is a type of temporary health insurance that can provide you with coverage after you leave a job. Cobra can be an expensive way to maintain health insurance, but it may be the only option available to you if you have a pre-existing health condition. Here’s what you need to know about how to buy Cobra health insurance.

What is Cobra Health Insurance?

COBRA is the Consolidated Omnibus Budget Reconciliation Act and is a law that was created in 1986. This law requires employer group health plans to offer continued health insurance coverage to employees (and their families) when they experience a qualifying event that would cause them to lose their health insurance coverage.

A qualifying event could be something like termination or reduction in hours worked, getting divorced, or a death of a covered employee. If you have a qualifying event, you would be eligible for up to 18 months of continued health insurance coverage under COBRA.

It’s important to note that you would have to pay the entire premium for your health insurance coverage under COBRA, plus an additional 2%. So, if your monthly premium was $500/month, you would have to pay $510/month for your health insurance coverage under COBRA.

In some cases, you may be eligible for a subsidy that would help offset the cost of your COBRA premiums. The American Recovery and Reinvestment Act (ARRA) of 2009 introduced the 65% COBRA Premium Subsidy, which is available to certain individuals who have been involuntarily terminated from their jobs between September 1, 2008 and May 31, 2010.

If you’re eligible for the subsidy, you would only have to pay 35% of the cost of your health insurance premiums under COBRA. So, if your monthly premium was $500/month, you would only have to pay $175/month for your health insurance coverage under COBRA.

The subsidy is available for up to 9 months (or until you become eligible for another group health plan).

How to Qualify for Cobra Health Insurance

COBRA is a temporary health insurance program that gives you the opportunity to continue your employer-sponsored health insurance for a limited period of time. To qualify for COBRA, you must have been enrolled in your employer’s health insurance plan on the day before you experienced a qualifying event. A qualifying event is any of the following:
-You lose your job (for any reason other than gross misconduct)
-You become ineligible for coverage because you work fewer hours
-You experience a divorce or legal separation from your covered spouse
-Your covereddependents no longer qualify for coverage under your plan

If you’re qualified to enroll in COBRA, you’ll be responsible for paying the entire premium, plus a 2% administrative fee. The premium will be based on the employer’s group rate; individual rates are not available through COBRA. You may also be required to pay up to an additional 15% if you have preexisting medical conditions.

How to Enroll in Cobra Health Insurance

If you recently lost your job, you may be wondering how to enroll in Cobra health insurance. Cobra is a government-mandated program that allows you to continue your employer-sponsored health insurance for a limited time after you leave your job. Here’s what you need to know about enrolling in Cobra health insurance.

You should receive a notice from your employer informing you of your right to continue your health insurance under Cobra. If you do not receive this notice, you can contact your former employer or the human resources department to get more information. Once you have been approved for Cobra, you will need to pay the premiums yourself. The premium will be higher than what you were paying while employed because your employer is no longer paying a portion of the premium. You can typically enroll in Cobra for up to 18 months, but there are some exceptions. If you are disabled, you may be able to enroll for up to 29 months. You can also extend your coverage if you are still unemployed when your initial coverage period ends.

To enroll in Cobra, you will need to fill out an application and send it to your former employer or the human resources department. You will also need to pay the first month’s premium. Once you have been approved, your coverage will begin on the first day of the month following your approval date. If you have any questions about enrolling in Cobra, you can contact your former employer or the human resources department for more information.

How Much Does Cobra Health Insurance Cost?

The cost of Cobra health insurance depends on a number of factors, including the type of plan you choose, the benefits you need, and the amount of coverage you want. There are a few ways to save on your Cobra health insurance costs, so be sure to shop around and compare rates before you buy.

Cobra health insurance plans are available through a number of different providers, so it’s important to compare rates and coverage options before you decide on a plan. The best way to do this is to use an online comparison tool that will allow you to compare quotes from multiple providers at once.

When you’re comparing quotes, be sure to take into account the deductibles, copayments, and coinsurance levels for each plan. You’ll also want to consider the length of the policy term and the cancellation policy before you make your final decision.

Once you’ve compared rates and found a plan that fits your needs, you can apply for coverage online or over the phone. Be sure to have all of your personal information handy when you apply, as well as your current health insurance policy information.

What Does Cobra Health Insurance Cover?

Cobra health insurance is temporary insurance that is available to people who have lost their health insurance due to a job loss or other qualifying event. Cobra health insurance can be an expensive way to maintain health insurance coverage, but it is often the only option available to people who have lost their job-based health insurance. Cobra health insurance is available for up to 18 months, and it can be extended for up to 36 months in certain situations.

Cobra Health Insurance vs. Other Health Insurance Plans

Cobra health insurance is a type of health insurance that allows you to continue your coverage from a previous employer. Cobra plans are often more expensive than other health insurance plans, but they can be a good option if you need to maintain continuity of care or if you have a pre-existing condition.

How to Cancel Cobra Health Insurance

If you have a change in your employment status, you may be eligible to continue your health insurance under the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA is a law that requires group health plans to offer continuation of coverage to employees and their families in certain situations where coverage would otherwise end.

If you are eligible for continuation coverage under COBRA, you will be sent a notice explaining your rights and options. You must then decide whether or not to elect continuation coverage. If you do elect continuation coverage, you will be responsible for paying the full premium, plus a 2% administrative fee.

If you decide to cancel your COBRA coverage, you must notify your employer or the health insurance plan administrator in writing of your decision. Once you have cancelled your COBRA coverage, you will not be able to re-enroll in the plan at a later date.