| |
 |
|
|
 |
|
|
Here is some
Information to help the confusion with the District and
the Cobra Forms. This come from a website:
http://health.howstuffworks.com/cobra-insurance.htm
As the price of health care costs continues to rise,
many Americans aren't able to buy individual insurance
policies and must rely on the group coverage they
receive from work. But what happens to that coverage
should you leave your job or your company goes out of
business? Does that policy just evaporate? The
Consolidated Omnibus Reconciliation Act (COBRA) is a law
passed by Congress in 1985 that gives former employees
the option to continue their policy should they cease to
be a member of their previous group insurance plan.
COBRA was made as an amendment to the Employee
Retirement Security Act, a Public Health Service Act
designed by the Internal Revenue Code for many of the
same purposes as COBRA, to offer a continuation of
health care coverage that might have ended.
COBRA Insurance works to provide coverage for you in the
event you lose your job.
In this article, we'll take a closer look at COBRA to
find out who qualifies and under what circumstances
COBRA is available. First, let's find out just how much
COBRA can cost you.
What's the Cost?
COBRA was set up to offer temporary coverage to workers,
but it comes at a cost. If you choose to enroll in
COBRA, you're responsible for your own monthly premiums
and out-of-pocket expenses. This can come as a shock
since most employers pay for a big portion of health
care expenses. It might be costly, but health care is
often a necessary expense, and coverage under COBRA is
often much cheaper than an individual policy. As anyone
with a pre-existing medical condition can testify, any
lapse in health insurance can result in long waiting
periods or exclusion from coverage entirely. COBRA
exists to make sure that lapse doesn't happen.
Nothing about the details of your policy changes, unless
you make the changes yourself. You're entitled to the
same medical benefits you had while working full-time,
like prescription coverage, hospitalization or even
dental and vision care. The price of a plan under COBRA
varies greatly, because it depends upon the price
negotiated between your employer and the insurance
provider. It's worth noting that COBRA tacks on a 2
percent administrative fee to the monthly premium.
Coverage under COBRA is retroactive (to the date of the
qualifying event), and the first payment is due 45 days
after you elect to participate in COBRA.
|
|
|
"MTEA: A great
organization with a great future." |
|
|
MTEA
206 Hoffman Ave.
Williamstown, NJ 08094
856-740-6800 |
|
|
|