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Q: I am interested in knowing if I qualify to continue my health insurance through COBRA, thus also qualifying for the 65% premium cost reduction. I was laid off 2/20/09 and I am currently paying the full cost of insurance through my ex-employer (not through COBRA). If possible I would like to switch to COBRA to help lower my monthly premium, which is currently $350/month.
A: COBRA is the name of a federal law. COBRA contains provisions giving certain former employees, retirees, spouses and dependent children the right to temporarily continue their health coverage at group rates. Your employer is required by law to offer you the continuation of their group health policy for up to 18 months if there are more than 20 employees. You will need to request a COBRA packet from your employer, sometimes the HR dept or benefits manager. They will send you an election form in the mail (they have 45 days to send it) for you to complete. Once you complete this form and return it with in 60 days, your insurance will be retro-active to your last day of employment. You will not have any lapse or gap in coverage.
If you are looking for information on the stimulus package and how it will affect your COBRA coverage, you should contact the Federal Department of Labor, they regulate the COBRA law. The department of labor’s phone number is 866-444-3272 or visit their website at www.dol.gov
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