Know your COBRA rights
If you've lost your job, don't panic yet about losing your health coverage, too. You could be eligible for the continuation of your health insurance benefits.
A federal law known as COBRA (short for the Consolidated Omnibus Budget Reconciliation Act of 1985) provides a vital bridge between health insurance plans for qualified workers, their spouses, and their dependent children when their health insurance might otherwise be cut off. Because of that security, COBRA has been hailed as a much-needed safety net for families in the midst of crisis, such as unemployment, divorce, or death.
Under COBRA, if you voluntarily resign from a job or are terminated for any reason other than "gross misconduct," you are guaranteed the right to continue your former employer’s group plan for individual or family health insurance for up to 18 months at your own expense. In many cases, your spouse and dependent children are also eligible for COBRA coverage, sometimes for as long as three years. However, individual plans — that is, plans you buy on your own, rather than through work or an association — are not subject to COBRA law, and once you lose that coverage, you won't be able to get an extension under COBRA.
To find out more about COBRA, please visit: Insure.com - COBRA
Sample COBRA Forms:
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