be a qualified beneficiary, such as a spouse or dependent of the former employee.So, in order to get COBRA coverage, you must: These are all qualifying events that allow you to get COBRA.īut you’re not eligible for COBRA if your employer discontinues a health plan altogether or goes out of business. Or you get divorced or legally separated from a covered employee and no longer have coverage. So, instead of having your plan canceled the month you leave a job, you can use COBRA to continue getting the exact same benefits and choices that you had before you left your company.ĬOBRA protects everyone affected by the loss of group health insurance, including the former employee, his or her spouse, former spouses, and dependent children-when certain events occur.įor instance, let’s say your hours are cut and you’re no longer eligible for benefits. It’s a law that gives you the option to continue your employer-sponsored health insurance after you’re no longer employed. Even though the name of this law doesn't mention anything about health insurance, and it conjures up some scary images of snakes in baskets, it’s actually a good thing!ĬOBRA isn’t an insurance company or a health plan. Now, let’s talk more about COBRA, which stands for the Consolidated Omnibus Budget Reconciliation Act. These include getting married, having a child, or exhausting your maximum period of COBRA coverage. If you miss the special enrollment deadline, you generally won’t be able to get a marketplace plan unless you have another qualifying life event. But you only have 60 days to sign up for a marketplace plan after losing your insurance at work. However, losing your group coverage at work is one of several life events that qualify you for a special enrollment period or SEP to get coverage. Open enrollment for marketplace health plans is limited to the last few weeks of the year.
If your income is below certain limits based on your family size, you’ll qualify for a federal subsidy, which reduces your healthcare premiums. You can learn more and compare individual and family health plan prices on the marketplace by working with an insurance broker, using health insurance websites, or visiting.
THE INN BETWEEN JOB REVIEWS FREE
Getting free or low-cost coverage for young dependents through the Children’s Health Insurance Program (CHIP).Getting free or low-cost health coverage through Medicaid if you have low income.Enrolling in a parent’s health plan if you’re younger than age 26.Here are several options you may have to continue getting health coverage: For example, if your last day on the job is July 2, your health coverage will likely end at midnight on July 31. In general, your policy extends through the end of the month that you leave a job. There’s no doubt that group health insurance is one of the most valuable benefits you can get as an employee.
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