Continue Health Insurance Coverage with COBRA

For most people, if you leave your job, whether voluntarily or if you've been fired or laid off, health insurance coverage becomes a major and costly concern. This is especially true if you have a medical condition that requires continuous care and/or on-going prescription medication. Having a lapse in health insurance coverage under this scenario might result in denial of a new health insurance policy due to a "pre-existing condition".
This is where the feds stepped in to help. In 1986, Congress passed the Consolidated Omnibus Budget Reconciliation Act (COBRA) to provide for continuation of health insurance coverage that might be otherwise be terminated upon leaving or changing employment.

Under COBRA, you may be able to stay in your old group health plan for a certain amount of time after separation from employment. Basically, COBRA allows former employees or retirees, and their spouses (including former spouses if they were also covered under the employee's plan), and dependent children the right to continue health coverage at group rates for up to 18 months. COBRA, however, is not available when termination of employment is due to gross misconduct on the part of the employee.

Under COBRA, there are limits to what you will need to pay to continue your coverage. It will be likely be much more than you are used to paying under a employee group health insurance policy, but it will still be less expensive than paying out-of-pocket for unexpected major or catastrophic illnesses or hospitalizations. This can be a great load off your mind during those times when you are between jobs or waiting for a new health insurance plan to cover your pre-existing condition.

For further information concerning COBRA, ask your employer's health plan administrator, or better yet, visit the COBRA information website.

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