Are you eligible for COBRA?
A federal law known as COBRA (short for the
Consolidated Omnibus Budget Reconciliation Act of 1985) provides a
vital bridge between health plans for qualified workers, their
spouses, and their dependent children when their health insurance
might otherwise be cut off. Because of that security, COBRA has been
hailed as a much-needed safety net for families in the midst of
crisis, such as unemployment, divorce, or death.
For some, COBRA still proves elusive
The cost of the monthly premiums for COBRA can come as quite a surprise if you're accustomed to you employer picking up most of your health insurance tab via pretax paycheck deductions. When you opt to buy COBRA, you must pay the full premium amount which can be a hefty monthly sum even for group health coverage. For a family, you can figure COBRA coverage is going to be $400 or $500 a month. For a single person, you can expect to pay upwards of $200 a month.
For information on alternatives to COBRA visit our health insurance site.
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