COBRA Insurance Coverage

COBRA

Did you know that you may be able to continue your health insurance coverage in the event of a layoff?  If you meet the criteria, you and your currently covered family members may be eligible to purchase your insurance through COBRA coverage.  If you work for an insured employer group of 20 or more employees, Congress passed the landmark Consolidated Omnibus Budget Reconciliation Act (COBRA) health benefit provisions in 1986 that lets you continue to purchase health insurance for generally up to 18 months if you lose your job or your coverage is otherwise terminated, and in some instances may permit a beneficiary to receive a maximum of 36 months of coverage.  Group health coverage for COBRA participants is usually more expensive than health coverage for active employees, since usually the employer pays a part of the premium for active employees while COBRA participants generally pay the entire premium themselves. It is usually less expensive than individual health coverage though.