COBRA Administration: What You Need to Know If you're leaving your job, one of the things you may be concerned about is losing your health insurance coverage. However, thanks to the Consolidated Omnibus Budget Reconciliation Act (COBRA), you have the option to continue your health insurance even after leaving your job. French Cormany Insurance Services Inc offers COBRA administration as one of their specialty services, and in this blog post, we will discuss everything you need to know about it. Who is eligible for COBRA coverage? COBRA coverage is available to employees who work for companies with 20 or more employees. It applies to both full-time and part-time employees, as well as their dependents. However, it's important to note that COBRA coverage is not available for employees who were terminated for gross misconduct. How long does COBRA coverage last? Under COBRA, you can continue your health insurance coverage for a certain period of time. The duration of COBRA coverage depends on the reason for your job loss. For most employees, COBRA coverage can last up to 18 months. However, if you qualify for an extension due to certain circumstances such as disability, you may be eligible for up to 29 months of coverage. Additionally, if you have dependents who were covered under your health insurance, they may be able to continue their coverage for up to 36 months. What does COBRA coverage include? COBRA coverage allows you to maintain the same health insurance benefits you had while employed. This includes medical, vision, and dental coverage. It's important to note that COBRA coverage may not include certain benefits such as life insurance or disability coverage, so it's essential to review your plan details. How much does COBRA coverage cost? While COBRA coverage allows you to continue your health insurance, it's important to be aware that you will be responsible for the full cost of the premium. This means that you will be paying both the employee and employer portions of the premium. However, it's worth considering that COBRA coverage can be a valuable option if you have ongoing medical needs or if you're in the middle of treatment. How to enroll in COBRA coverage? To enroll in COBRA coverage, you must notify your employer within a certain timeframe after leaving your job. Your employer will then provide you with the necessary information and forms to complete the enrollment process. It's crucial to adhere to the enrollment deadlines to ensure you don't miss out on the opportunity to continue your health insurance coverage. At French Cormany Insurance Services Inc, we understand that COBRA administration can be a complex process. That's why we're here to guide you through it. Our team of experts will help you understand your options, navigate the enrollment process, and make informed decisions about your health insurance coverage. If you have any questions or need assistance with COBRA administration, stay tuned for our upcoming blog post where we will dive deeper into the details. French Cormany Insurance Services Inc is dedicated to providing the best health insurance solutions for your needs. Contact us today to learn more about how we can support you during this transition.
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