COBRA insurance?
Can anyone tell me about COBRA? I currently have health insurance through my employer. However, when I go on maternity leave I do not qualify for FMLA (I've been there less than 1 year) so during my leave my job is UNPROTECTED. I am worried that I will be fired and replaced and am extremely nervous about losing health insurance for myself, my husband, and our new baby (my husband is a PhD student so I have the health insurance for our family). Has anybody used COBRA? Can you explain what exactly it is and what it does?
Comments
http://www.dol.gov/ebsa/faqs/faq_consumer_cobra.ht...
If you get laid off or replaced, you will be eligible for COBRA. You pay the premiums (roughly equivalent to what was being paid by the company before). I believe it lasts only 18 months and that it is possible to apply for an extension. Check this with your employer and check to make sure that your current insurance will last through your maternity leave period regardless of what actions the company takes (hiring a replacement). Then your COBRA coverage would begin at the time you would have returned to work.
If you are eligible for COBRA, you will be given the opportunity to continue your current group coverage at your own expense. People say COBRA is expensive, but it is 102% of what your current employer is being billed for your coverage now. Many people are not aware of the cost of their insurance because of employer contributions.
If you elect to continue coverage, you will be eligible for up to 18 months of coverage. If you return to work, or get a different job, you can, when eligible get off of COBRA and back on a group plan. The link that was given by the first answerer is a great help. Take the time to read it and then talk to your Human Resources department or Benefits Administrator.
I'm about to retire and the COBRA system will allow me to continue my health coverage for the next 18 months. The coverage is exactly the same coverage that I have a work right now. It will cost me about 60% of what it will cost after the COBRA time frame.
I've used it.
Basically, it allows you to pay a monthly fee to keep your insurance that's usually only available through an employer. I think it's still cheaper than buying a policy on your own, but it's pretty much the full amount your employer paid to cover you. Usually it's good for 90 days roughly. I'm a little sketchy on the details.
It allows you to keep your insurance. However be careful. For the company I work for COBRA is $717.00 a MONTH!!! Ouch
CORBA would replace the insurance that you lost however the premiums run about $250 a month per person.