How does COBRA work? Is it offered if I quit or only if your fired?
2007-02-15 12:10:55 · 5 answers · asked by pinkchicchild 3 in Business & Finance ➔ Insurance
COBRA is offered anytime you are covered by an insurance through your employer and you stop working there. No matter if you quit or if you are fired. And you can have the coverage for up to 18 months. This will allow you to have the same insurance coverage you had when you were employed but the employer will no longer pay any part of your premium. You will be responsible for it in full. Usually this takes a few months to get straight with the insurance companies, but once it is they will pay your claims with no delays and no laps in coverage. If you allow your insurance coverage to laps, your next insurance can exclude conditions you were previously treated for and state they are pre-existing for up to 1 year after your coverage starts. This is why COBRA is important. Good Luck.
2007-02-15 14:33:49 · answer #1 · answered by Nette 5 · 1⤊ 0⤋
It is a federal law. You will get offered COBRA if you quit. You should receive a letter from your employer giving you a certain number of days to apply for COBRA after you leave your job. If your employer was paying for your medical insurance, or a portion of it, while you were employed, they won't be doing that after you leave. My medical coverage was $26 per paycheck while I was employed. The COBRA premium was almost $400 per month when I quit my job.
2007-02-15 12:18:51 · answer #2 · answered by Faye H 6 · 1⤊ 0⤋
Either - as long as you are not employed by the company. You MUST go to your benefits person or human resources and ask them to get you the COBRA paperwork, along with the address you pay for the insurance. (Some employers allow you to pay them, others require you to pay the insurance directly) You can keep it for up to 18 months from date of termination - but you can be dropped if you miss a payment or are late on a payment.
2007-02-16 05:05:41 · answer #3 · answered by zippythejessi 7 · 1⤊ 0⤋
It is offered ANY TIME you leave your employer, for any reason. If you quit, if you're fired, whatever. You can get it for UP TO 18 months, but YOU have to pay 100% of the premium, and there is NO grace period on it. So if it's due March 1st, put it in the mail Feb 15th. That's today.
2007-02-15 12:27:33 · answer #4 · answered by Anonymous 7 · 1⤊ 0⤋
It's offered if you quit.
Today's my last day actually, and I'll be getting it. I was told to expect a letter in the mail in about a week.
i was told i'll have to pay the premium though and then they'll send the statement to my former employer and they'll do whatever they need with it.
i guess it's just a way to have health coverage while you're unemployed or between insurances at a manageable cost.
2007-02-15 12:18:37 · answer #5 · answered by Sgt. Pepper 5 · 1⤊ 0⤋