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Consolidated Omnibus Budget Reconciliation Act (COBRA) Insurance
What is COBRA health Insurance ?
COBRA is a federal law about health insurance. If you lose or leave your job, COBRA lets you keep your existing employer-based coverage for at least the next 18 months.
How Does the COBRA Insurance Work ?
Your existing healthcare plan will now cost you more. Under COBRA, you pay the whole premium — including the share your former employer used to pay.
Who is Qualify for COBRA Insurance ?
To be eligible for COBRA coverage, you must have been enrolled in your employer's health plan when you worked and the health plan must continue to be in effect for active employees.
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How Much Does COBRA Cost ?
The majority of employers cover the costs of their employees' health plans, with the remainder being deducted from your wages. Workers typically pay 30% of the family premium and 20% of the individual premium.
How Much is COBRA Insurance ?
Expect the COBRA premium to cost between $400 and $700 per person per month. Based on your prior paycheck contributions and the sum the company had subsidized, you can determine your monthly cost.
How to Calculate COBRA Insurance ?
Add the percentage you will pay to the total monthly cost. Assume, for instance, that the total monthly cost of your insurance is $450 and that you must pay a 102 percent premium each month, which becomes $459.
What is Covered by COBRA ?
The same benefits that your employer's health plan provides are also covered by COBRA insurance. Supplemental insurance including disability, life, hospital care, and other types of voluntary coverage are not covered by COBRA.
How to Apply and Enroll in COBRA Insurance ?
When you "sign up for COBRA," your employer's human resources department or its third-party administrator will re-enroll you in your prior plan.
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