The short answer to this question is... You can still keep your insurance. Why?
Thank god the United States Government passed a law in 1986 that gave workers and immediate family members the right to continue their personal health (and family) insurance plans. This act is known as COBRA (Consolidated Omnibus Budget Reconciliation Act)
-There are some limitations though.
-You will have up to eighteen months to stay on the plan
-You will have to pay for the premiums
-You will have to act quickly to keep the benefits
Small companies with a few employees may not be required to keep you on the health insurance policy
You must also have been in the group insurance plan during your employment to be eligible. Although there are exceptions, generally you may continue to pay your own premiums to keep COBRA coverage intact for up to eighteen months.
Typically, the former employee pays 100% (sometimes more) of the premium cost for the same policy. This will probably be less expensive than buying a personal health insurance policy. Although, you may be able to find a policy that is more affordable, depending on your overall health condition.
There is limited period of time under circumstances such as voluntary or involuntary job loss, reduction in hours, transition between jobs, divorce, adoption and death. You must elect to either submit an application for COBRA or relinquish your rights to COBRA within fourteen days after employment.
If you are thinking about leaving your job, it would be a good idea to check with your human resources department or the person that administers your health insurance to see if you may qualify. If your decision has to be immediate your policy or your employee handbook may have the answers. Although it may be expensive, the cost of being able to keep your group insurance coverage rate may be well worth it.
If you decide you want to cut ties then you simply can not afford to be without health insurance. Insurance in general can be confusing. I have answers to many common personal and family health insurance questions. You can not afford to be in the dark when it comes to the coverage you may or may not have. Get answers now! My name is Francis Murray and I have been an insurance professional and helped hundred of clients lay down a solid finiancal foundation for their future. A huge portion of a financial success is having a basic insurance plan (this includes Personal Health Insurance). I have a passion for educating people in the insurance and financial fields. I will give you free advice to help you when you need to make insurance decisions. My goal is to give you easy to understand but comprehensive knowledge. Go to Personal Health Insurance now.
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