Whether it’s your personnel or business insurance: Auto, life, home, fire, flood, and cyber – the list of insurance products on the market goes on and on, and it can be difficult finding trustworthy information to guide you in your search. Insurance is such a vast marketplace, and without the information needed to make an informed decision this is why Simco Services is “Simply Efficient”, helping you take the search and question out of the equation. We are not brokers and we do not have one company that we work with, at Simco it’s about the customer experience.
How COBRA Affects Your Obamacare Health Insurance Subsidy. Are you eligible for COBRA continuation health insurance because you’re losing your job, getting divorced, newly widowed, or aging off of a parent’s job-based health insurance? Those same qualifying events also make you eligible for a special enrollment period on your state’s Obamacare health insurance exchange.
With COBRA continuation coverage, you don’t have to pick a new plan. You simply continue the same coverage you currently have. No finding a new doctor because your current doctor isn’t in-network with your new health plan. No transferring medical records or prescriptions. You can continue your current health insurance for 18-36 months, time enough to get back on your feet and make a new plan.
However, not everyone is allowed to use the COBRA law to continue their health insurance. Understanding whether or not you’re eligible for COBRA health insurance will help you plan for a secure future.
To be eligible for COBRA, you must satisfy all three of the following requirements:
Your current health plan must be subject to the COBRA law. But not all health plans have to offer COBRA continuation coverage. It does if it’s a group plan offered through a private-sector employer with at least 20 full-time employees. COBRA also applies to most state and local government health plans.
You must be considered a qualified beneficiary of your current health plan. To be considered a qualified beneficiary, you must be insured by the health plan the day before the qualifying event happens. In addition, you must be one of the following: an employee of the employer sponsoring the health plan, a spouse or ex-spouse of that employee, a dependent of that employee, an agent, director, or independent contractor that isn’t technically an employee and In some cases, you may be eligible if you’re a retired employee, retiree’s spouse, or retiree’s dependent child and you’re losing coverage because your former employer is going bankrupt.
You must have a qualifying event: What qualifies as a life event depends on whether you’re the employee losing coverage, or a dependent of that employee. Your life-event will qualify you for COBRA coverage if you’re the employee and: You’re laid off, quit, fired, but not for gross misconduct like stealing or assaulting the boss. Your employment is terminated for any other reason and if you’re still employed, but your hours are reduced causing you to lose your health insurance benefit.
Your life-event will qualify you for COBRA coverage if you’re the spouse or dependent of the covered employee and you’re losing coverage because: (any of the above) or if you are becoming eligible for Medicare, employee died, getting divorced or legally separated from the employee or if you are 26 and coming off your Parents Health Insurance.
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