Don’t fear the COBRA

Cobra (consolidated omnibus budget reconciliation act) gives associates who lose their health insurance  due to employment loss an ability to purchase health coverage directly. 

 

How/why you lost employment doesn’t matter. You will qualify for COBRA as long as you had coverage while employed. 

 

If you lost your job medical coverage ends at the end of the month in which termination of employment occurred. 

 

Example: you resigned/got laid off/fired on September 2nd – your coverage should run until September 30th. If you resigned/got laid off/fired on September 29th – your coverage ends on September 30th 

 

✉️Cobra notice will either be given or mailed to you by whichever company is the provider. They have 14 days to get your the documents.

 

🧮Cobra is NOT automatic! You have to elect it and fill out some forms. 

 

✅You have 60 days to enroll in COBRA following date of notification. 

 

The cost is typically high because you would have to cover the entire cost (employer + employee portion). While you work most of the cost is paid by employer hence the price point change.

 

⏱Cobra can last between 18-36 months (check your plan). It can be cancelled at any point. 

 

Cobra (if elected) kicks in the day after your employment ended! 

 

🩺If you elect COBRA you can keep seeing same doctors. 

 

If you don’t want to elect Cobra – just ignore the notices! 

 

If Cobra is too expensive – you may have other options through www.healthcare.gov 

 

Cobra coverage can be negotiated for both during termination and upon hire. There is no guarantee that your employer will agree to pay for it – but it never hurts to ask.