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Q:  I recieved a notice from my employer informing me that I have been laid off. It also states that my health Ins. also terminates the day I was laid off. Isnt there a law that I should have employer ins for 30 days after termination?

A:  Your current insurance will end whenever your company policy says it will.  COBRA is a federal law that requires a previous employer to offer a tempurary continuation of coverage.  Your previous employer must mail you information on signing up for coverage within 45 days from your last day of benefits.  The employer must give you at least 60 days to elect COBRA from the date the election notice was received or from the date you lose the group health benefits which ever is later. 

The amount of your COBRA is no more than 102% of the monthly cost. You are responsible for the entire cost of the group health plan offered by the employer. So, you will be paying the portion you are used to paying from your pay checks, and the portion of the insurance that the employer contributed. You will get the premium information in the mail with your election notice.

A lot of people I talk to are interested in a more affordable option to COBRA, click here for more information.