Thursday, March 3, 2016
Many people are confused about the cost of COBRA and how it has been affected by the Affordable Care Act. To understand the cost, it is important to know that the cost gap between employer-based and individual coverage has closed dramatically since 2009. Because group coverage has always been guaranteed issue, rates were typically higher on a group plan than they were if you could qualify for individual coverage. Then, a 1% administrative fee was added for COBRA administration.
Since individual rates are higher than they were in 2009, it is important to shop for coverage and to know the cost of both COBRA coverage and individual coverage before making a coverage selection. It may be to your advantage to continue COBRA for 18 months. For more information about making that choice, contact Lucy Grosz at 614-889-0934.
Friday, July 25, 2014
Friday, September 13, 2013
Monday, June 21, 2010
Wednesday, May 28, 2008
No. Many times, shopping the open market is a much better option than choosing COBRA. Rates can be significantly less, especially with healthy families. In addition, the open market provides the option of selecting from multiple carriers – increasing the opportunity to find an affordable option to COBRA. In addition, some of the plans available today have tax advantages that may not be available with group health plans.
Wednesday, May 21, 2008
For an employee to qualify for COBRA, there must be a reduction in hours or a termination -- either voluntary or involuntary. Spouses and dependents can also qualify if the employee is entitled to Medicare and receives benefits, in the event of the employee's death, or due to a divorce or legal separation.
Thursday, March 20, 2008
Who is eligible?
Family members who are considered “qualified beneficiaries” include the covered employee, spouse, dependent and children – even adopted children. Each qualified beneficiary has individual rights to make a choice about continuation of their health benefits. This means that COBRA can be used as an option for all or part of the family.