| If you lose your job in Dallas, one of
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| | out of luck. Many states have adopted
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| the many questions you'll have is: "Will
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| | their own laws, sometimes known as
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| I lose my health coverage, too?" If
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| | "mini-COBRA," that often grant broader
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| you're an employee at a company that has
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| | rights in determining coverage
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| 20 or more employees, and you leave your
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| | eligibility.
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| group plan for reasons other than gross
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| | If your employer has more than 20
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| negligence, then you'll be offered COBRA
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| | workers, but doesn't offer health
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| continuation coverage.
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| | coverage, or offers coverage only to
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| This federal law, known as COBRA
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| | certain groups of employees and you're
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| (Consolidated Omnibus Budget
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| | not one of them, you won't be eligible
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| Reconciliation Act of 1985), fills that
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| | for COBRA even if one of the qualifying
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| important gap for health insurance plans
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| | events occurs. That ineligibility will
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| for qualified workers, their spouses, and
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| | include your spouse or children.
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| their dependent children so their health
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| | Additionally, if your former employer
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| insurance does not have to stop when they
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| | changes its health insurance plan for its
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| leave their job.
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| | current employees, you are entitled to
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| Under COBRA, if you voluntarily resign or
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| | receive benefits under the new plan,
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| are terminated for any reason other than
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| | although the benefits may change. If your
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| "gross misconduct," you are guaranteed
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| | employer switches plans, you won't be
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| the right to continue your former
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| | able to keep the old plan.
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| employer's group plan for individual or
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| | And if your former employer offers
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| family health insurance for up to 18
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| | separate health insurance plans (dental,
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| months at your own expense. In most
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| | medical, and vision, for example), you
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| cases, spouses and dependent children are
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| | and each of your qualified family members
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| also eligible for COBRA coverage, for
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| | may choose to continue any combination
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| sometimes up to three years. However,
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| | under COBRA. However, if your employer
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| individual plans - plans you purchase on
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| | sponsors one plan with multiple health
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| your own, rather than through work or an
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| | insurance benefits, you must each elect
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| association - are not subject to COBRA
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| | all the benefits or nothing.
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| laws, and once you lose that coverage,
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| | But eligibility isn't the only issue to
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| you won't be able to get an extension
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| | consider when it comes to COBRA. Cost is
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| under COBRA.
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| | a major consideration, too. If you have
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| If offered, should you elect the COBRA
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| | no pre-existing conditions and decide
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| continuation coverage option? If you or
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| | against COBRA, you should consider buying
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| your family has major health issues, then
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| | individual insurance or even a short-term
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| yes. If you and your family are
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| | major medical policy to tide you over
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| relatively healthy, then it's wise to
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| | until you land a new job with health
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| compare individual health insurance
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| | benefits.
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| plans, as individual rates are likely to
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| | The following health plans are subject to
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| be half the cost of a comparable COBRA
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| | COBRA:
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| group health insurance premium or even
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| | Medical plans.
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| less.
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| | Dental, vision, and prescription drug
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| Group health coverage for COBRA
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| | plans.
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| participants is usually more expensive
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| | Drug and alcohol treatment programs.
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| than health coverage for active employees
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| | Employee Assistance Plans, known as EAPs,
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| because the employer usually pays a part
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| | which provide medical care such as
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| of the premium for active employees,
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| | counseling or psychological treatment.
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| while COBRA participants generally pay
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| | On-site health care, including discount
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| the entire premium themselves.
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| | or free medical services.
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| In addition, keep in mind that one major
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| | Section 125 spending arrangements, also
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| difference between individual and group
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| | known as cafeteria plans, under certain
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| health plans is maternity coverage. With
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| | circumstances.
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| individual health plans, that coverage,
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| | The following benefits are not subject to
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| if offered at all, is extra, while most
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| | COBRA:
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| group plans include maternity coverage.
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| | Wellness programs.
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| So, if you need maternity coverage, you
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| | Life, disability, and long term care
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| should compare COBRA rates with the rates
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| | insurance plans, and medical savings
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| offered through an individual plan with
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| | accounts.
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| maternity coverage.
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| | EAPs that do not provide medical care.
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| If you forgo COBRA, any of your qualified
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| | If you become unemployed, and even if
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| family members may elect to continue
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| | your employer offers COBRA, you should
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| their health insurance benefits under
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| | also take a look at the revolutionary
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| your former employer's plan. And your
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| | comprehensive individual health insurance
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| spouse or any of your children may enroll
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| | solutions created by Precedent
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| in COBRA independent of your COBRA
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| | specifically for young, healthy
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| election decision.
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| | individuals. The cost difference between
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| Even if you work at a small company (20
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| | COBRA and an individual policy might be
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| employees or fewer) that is exempt from
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| | the deciding factor.
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| federal law, you might not be completely
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