What is Kobra insurance.. !!!
2007-09-01 17:56:15 · 3 answers · asked by preciouschynadoll2005 3 in Business & Finance ➔ Insurance
COBRA is not really a type of insurance. The name refers to a Federal law that mandates anyone covered under a qualified group plan through an employer has the right to continue the same coverage for a specified period of time after they leave the company, or otherwise become ineligible for corporate benefits (for instance, if they become a part-time employee working less than the specified number of hours per week.)
Essentially, it's an option to keep the SAME coverage you had through the group plan of the employer you're leaving. You have 63 days from the last day of coverage under you old plan to decide if you want to take the COBRA option, or to find an individual plan and still have coverage for pre-existing conditions. (This deadline is VERY important if you have ANY pre-existing conditions!)
For more info, you can visit the Dept. of Labor web site: http://www.dol.gov/dol/topic/health-plans/index.htm
I should also add that you are likely to find better rates on an individual policy than what you would have to pay for COBRA (because the employer has usually been picking up at least half of the monthly premium and they will not continue to do so if you're no longer an employee -- you may also be charged a 2% administrative fee) IF you do not have any serious pre-existing conditions. Keep in mind that what you may consider serious and what the health insurance companies may consider to be serious may be very different things. I say that only to recommend that you get some individual health quotes early and be very honest about any health issue you've been treated for during the previous five years.
Good luck!
2007-09-01 18:21:47 · answer #1 · answered by ISOintelligentlife 4 · 1⤊ 0⤋
It is spelled COBRA. It has do to with a way to have insurance after you leave a job. See the link below for a much better explanation than I can provide.
2007-09-01 18:08:42 · answer #2 · answered by Jeff H 5 · 0⤊ 1⤋
COBRA - it's a law that says that if you leave a job, you can keep the health insurance for six months. You have to pay for it though, the employer doesn't.
2007-09-01 18:29:34 · answer #3 · answered by Judy 7 · 0⤊ 3⤋