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COBRA Coverage and Disability

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Losing your job because of a permanent disability does not necessarily mean you lose coverage under your former employer’s group health plan. You may have the right to elect COBRA healthcare …

Losing your job because of a permanent disability does not necessarily mean you lose coverage under your former employer’s group health plan. You may have the right to elect COBRA healthcare continuation coverage under the plan.

Published in: Health & Medicine

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  • 1. COBRA Coverage and DisabilityLosing your job because of a permanent disability does not necessarily mean you lose coverage underyour former employer’s group health plan. You may have the right to elect COBRA healthcarecontinuation coverage under the plan.Federal law requires employers with 20 or more employees to provide COBRA. To be eligible, you mustalso have been enrolled in your employers health plan when you worked and the health plan mustcontinue to be in effect for active employees.Under COBRA, you have the option to keep your employer’s group health plan coverage for a limitedperiod of time after your employment ends. COBRA generally allows you and your dependents to keepthe group health plan coverage for 18 months after your employment ends.Choosing Between COBRA and Private CoverageTrying to decide whether COBRA coverage is best for you is not easy. Like most things, the choicecomes down to weighing the costs versus the benefits of having the coverage. Pros of COBRA Coverage  COBRA coverage allows you to continue your previous health insurance and cover your increasing medical needs.  Pre-existing conditions covered while you were with your employer will be covered under COBRA because you will be continuing your coverage vs. going to a new health insurance plan.  Though COBRA is expensive, it is still usually less expensive than getting comparable individual health coverage from a non-employer source. Cons of COBRA Coverage  For the first 18 months, the premium for continuing health insurance coverage costs 102% of the cost to the plan for those still employed. This will include any cost you paid as an employee plus any portion your employer had paid as an employee benefit, plus a 2% administrative fee.Unfortunately, there is no one-size-fits-all answer to whether getting COBRA coverage or if keeping it isbest for you. The best way to decide is to compare the monthly costs of using a private health insuranceplan compared to COBRA coverage.When You Need Help Covering Healthcare CostsIf you don’t have the money to pay for premiums, consider exploring some low-cost healthcare options tohelp with some of the essential costs. These include drug company and state pharmaceutical assistanceprograms. There also are various government programs such as Medicaid, Veteran’s assistance benefits,and State and local health services that provide health insurance coverage to people who can’t afford tobuy it themselves.If you are or will soon be eligible for Medicare coverage and have questions visit Allsup.com. For moreinformation on COBRA coverage and disability click here.