The importance of health insurance to the average American is very glaring today. It is one thing that everyone want to provide for themselves and their families. The truth is some insurance plans are priced at exorbitant prices, whereby not everyone can afford them.
Well, the government of the United States of America have decided to come to the aid of Americans. They have set up government health insurance plans that can be afforded by almost anybody. One of such plan is the COBRA health insurance.
What is COBRA health insurance?
COBRA is an acronym that stands for the Consolidated Omnibus Budget Reconciliation Act. It was created and signed into law by the United States in 1985. The major aim of COBRA is to help those that have been laid off from work, retired, fired, and also those that quit.
The COBRA health insurance is not a lifetime insurance. It does not last for more than three years, depending on the state that you are from. Within the period that one enjoys its benefits, you are advised to seek other alternatives before it ends. This is highly important so that you do not get stranded and confused. Checkout more about Cobra health insurance on https://www.animalloverpetcare.com/using-cobra-for-health-and-medical-insurance-coverage/
Am I eligible for COBRA health insurance?
Unlike insurance plans under the Affordable Care Act (ACA), not everyone is eligible to register for COBRA. There are several underlying situations that qualifies one for COBRA health insurance. These situations are collectively called “qualifying events.”
No need racking your brains on your brains for the qualify events that determines your eligibility, as we already have the answers here. Below is a comprehensive list of business types and individuals that are eligible for COBRA.
- A private business with less than 20 employees is not eligible for COBRA. The only instance that private businesses are eligible is when they have more than 20 workers and have been operating for over 3 yrs. Only then can such businesses offer COBRA coverage to their employees that are qualified.
- Your employer must have registered you under you under his employer-sponsored health plan.
- You must have been laid off from work, fired, retired or quitted the job. Also, COBRA also makes provisions for those that have had their work rates reduced by their employer. This really holds when your salary was reduced as well.
- The wife, children, and relatives of those under COBRA health insurance also get to benefit from it.
- Even after a divorce with your spouse, you can still enjoy COBRA benefits under his name.
- The demise of your eligible spouse does not take your eligibility status either.
Hence, all we have to do is ask questions. Do not sign up for what you know nothing about. If you are not sure of the terms and conditions? Speak with the human resources in the organization you work in.
Remember that COBRA enrollment starts a day after you undergo any of the qualifying events. You have 60 days to register for it. If you do not register within the time frame, you would have to wait for the next enrollment period.