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USING COBRA FOR HEALTH AND MEDICAL INSURANCE COVERAGE

Most people are unaware of government sponsored insurance coverage. One thing that is appealing about government-sponsored coverage is that they are usually affordable. Apart from the ACA, the government also developed COBRA health insurance.

In this article, a detailed but concise explanation of what COBRA is and it’s benefits are explained.

What is COBRA health insurance?

First of all, COBRA stands for the Consolidated Omnibus Budget Reconciliation act. The law that governs this policy was established in 1985 by the United States government.

COBRA was created with the aim to cater to the health insurance needs of the fired, retired, and laid off work individuals. It provides them with a comprehensive insurance coverage for a restricted amount of time.

Private business with less than 20 employees may not apply for COBRA coverage. This is because COBRA policy does not recognize them. However, if your private business has more than 20 employees, you are eligible. The employers of your business are required to offer COBRA coverage to employees as long as they are qualified. Click here for affordable health care.

Eligibility status for COBRA health insurance

Not everyone is eligible for COBRA. To be eligible you need to have an underlying “qualifying events.” It is these events that determines if you are eligible for COBRA or not. Some of these events includes;

  • Getting fired or laid off your job qualifies you for COBRA.
  • Reduction in work hours by your employer makes you eligible for COBRA. Checkout more about COBRA health insurance on https://www.healthcare.gov/unemployed/cobra-coverage/
  • If you are the wife, children, relative, or divorcee of a COBRA sponsored employee, you are also eligible.

USING COBRA FOR HEALTH AND MEDICAL INSURANCE COVERAGE

Health plans are covered by COBRA health insurance

COBRA health insurance covers the same health benefits that you enjoyed in your employer-sponsored group plan. This is called COBRA continuation of benefits. If you want to change it, you might have to wait for next enrollment period.

There are some health issues that COBRA does not cater for. Some of these health issues include voluntary, supplemental, hospital care insurance, disability, and so on.

Cost of COBRA health insurance

The cost for COBRA health insurance can turn out to be very expensive. Even with that you will enjoy every bit of the benefits. Besides you cannot place a price on your health or that of your family.

COBRA covers pays 100% of all the cost incurred by your chosen health plan. it is because of this that it is expensive. Learn more about COBRA continuation coverage.

COBRA alternatives after leaving my job

The good news is there are several alternatives to COBRA after leaving your job. These alternatives to depends on your condition. If at the end of the day your situation is in compliance with any of the alternatives, you may apply.

Some of these alternatives include partners’ employer-sponsored plan, health insurance marketplace at health.gov, Professional group plan, OBAMACARE, short-term health insurance, independent health insurance, high-deductible health insurance, and so on.

Before the expiration of your COBRA benefits, make sure you already have a back-up plan. You can pick any of the aforementioned alternatives that is best suited for you. Also, ask questions before agreeing to any health insurance deal.

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COBRA HEALTH INSURANCE VS OBAMACARE: WHICH IS BETTER

Affordable health care is one thing that everyone needs in the United States of America. Most times, affordable health care plans come with employment. An employer might have an employer-sponsored health plan for his/her workers. This would serve as one of the benefits attached to being employed under the employer.

But what happens when you lose that job? All the benefits are immediately stripped from you. This will leave you distraught and confused for a while. In a bid to assist individuals in such situations, the government set up OBAMACARE and COBRA health insurance.

These health plans were created to help you and your family in any event of job loss or financial-strain. However, the question now would be, which is better? The answer is not far-fetched as some parameters are used to explain their differences below.

What is COBRA and OBAMACARE?

COBRA is an acronym for the Consolidated Omnibus Budget Reconciliation Act. It is a health insurance plan developed by the government over two decades ago. This health care plan is provided to assist individuals that have been laid-off work, retired, or experienced a reduction in work hours.

Obamacare was founded under the Affordable Care Act in 2010 to make health insurance plans more accessible and affordable to the citizens of America. This Act has had a profound effect on the health system, as more citizens are getting insured. Click here for different insurance coverage.

COBRA HEALTH INSURANCE VS OBAMACARE: WHICH IS BETTER

Difference in cost

The cost of an insurance plan plays a huge role in the choice we make. COBRA health insurance costs an average of $600 per month. Mind you, this price depends on the health insurance plan you enjoyed under your employer.

OBAMACARE on the other hand is cheaper. It cost an average of $462 per month. This price is solely dependent on your choice of plan. There are plans more expensive than the aforementioned average price. So, you just have to choose what you can afford.

Difference in longevity

COBRA health insurance can last for up to three years depending on the circumstances. All you have to do is register yourself within 60 days after you are laid off from work.

OBAMACARE under the ACA does not have an expiration. As long as you are buoyant enough to renew it, you do not have a problem.

The Difference in who can enroll

Only workers under an employer-sponsored COBRA insurance plan are eligible. Because of this,you will enjoy the benefits of COBRA even after you lose your job, retire, or quit. With COBRA, your spouse, children, and other relatives get to benefit also.

It is quite different for OBAMACARE. All citizens of America are eligible for OBAMACARE health insurance. You are only disqualified if you are not a citizen of the United States, in prison, or no medicare coverage.

Switch between COBRA and OBAMACARE

With the differences given above, making a choice should no longer be a task. You just have to find one that is most suitable for you and your family. Also,

make sure to weigh your financial status and your circumstances before making a choice.

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AM I ELIGIBLE FOR COBRA HEALTH INSURANCE?

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.

AM I ELIGIBLE FOR COBRA HEALTH INSURANCE?

  • 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.