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2021 COBRA Continuation Coverage



What is a COBRA Health Plan?

COBRA health coverage is continuation of your health plan provided from your employer. COBRA is a federal law that enables you to keep your individual or family insurance from your employer in the event of losing your job. When enrolling in COBRA continuation coverage, you are extended the length of time you will receive insurance through your employers’ provider.


How much is COBRA health insurance?

COBRA insurance rates vary by employer and insurance plan. Typically an employer will pay for a portion of your health insurance plan as part of your employment benefits. Once you are no longer employed, you must pay 100% of your health insurance plan cost, but through COBRA you are able to keep your same health insurance plan and health insurance provider. This means that if you were paying $100 per month for health insurance while employed, and your employer paid 80% of your health insurance benefits cost, you would now need to pay $500 for the same health insurance coverage.


What does COBRA stand for?

COBRA is an acronym for the Consolidated Omnibus Budget Reconciliation Act, the federal law that also amended ERISA to enable temporary health insurance for people who have lost or left their jobs. The law took effect in 1985.


Who is eligible for COBRA?

Eligibility for COBRA includes employees who have voluntarily or involuntary lost their jobs, had their work hours reduced, are transitioning between jobs, or have experienced a life-changing event such as a death or divorce.


What are alternatives to COBRA?

Alternatively to COBRA, your health coverage options include your spouse’s health insurance plan, the federal government’s health insurance marketplace, your state’s health insurance marketplace, the government-backed Medicaid program, or a short term medical policy designed for gaps in health coverage. Many times alternatives can cost much less than COBRA continuation and you should compare your options.


Where can I learn about COBRA alternative health insurance options?

You can learn about options and costs for options alternative to COBRA by contacting a licensed health insurance agent. Our health insurance agents are licensed in 44 states and can provide quotes at no cost to you. We’ve helped thousands of people save money on their health insurance plans by helping compare options, understand personal health needs, and enroll in health insurance plans that fit their situation and budget so they don’t risk the cost of catastrophic medical events. Yes, we can enroll you in health insurance over the phone.


How Long Can I Be on COBRA?

COBRA continuation act allows you to stay on your employers health plan for up to 18 months. If you do decide to stay on your employers plan, you’ll have to file with COBRA within 30 days of your change in employment. Remember, COBRA plans will require you to pay 100% of the health insurance premium that your employer has been contributing to, so you should quote comparison policies to see if you can save money for the same coverage.

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