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This
is an Insurance article by an independent author and jml
Insurance takes no responsibility for its accuracy or content
Lost
Your Job? How To Keep Your Insurance Coverage
By Joseph
Kenny
In
this day when companies are facing layoffs, buyouts, and other
financial difficulties, it may be difficult to hold on to
a good health insurance policy. Thanks to the government,
however, there has been a couple of programs that will allow
you to keep the same coverage you had before your situation
changed - if you act soon enough. Here are some things you
need to know about the COBRA program that could enable you
to enjoy the same health insurance coverage you had.
COBRA,
which stands for the Consolidated Omnibus Budget Reconciliation
Act, enables you to keep the same coverage for up to 18 months.
In some cases, this time period may be extended for an even
longer period of time for dependents.
Qualifying
Events
In
order to qualify for this program, participants have to meet
certain qualifications. The good news is that the conditions
for COBRA are rather lenient. If you were an employee, and
are now out of work, you may qualify - even if you were fired,
or laid off. The exception is if you were extremely negligent
in your duties, or performed some act of misconduct that got
you fired.
Other
qualifying situations may occur in the event of a divorce
or the death of the employee. Sometimes there may also be
a separation involved, or the employee may retire, or go on
Medicare. In cases like this the coverage may be extended
for periods up to 36 months. One situation, however, where
coverage will not be given, is in the event that the company
goes out of business. In that event, though, you may still
be able to get your health insurance coverage through HIPAA.
Application
Time Is Limited
After
a qualifying event occurs, you need to act rather fast because
there is not a lot of time given in which you need to apply
for the COBRA program. You must act within 30 days of the
event by informing the insurance plan administrator (the employer)
of your intent to continue the coverage. It is best that you
do it in writing - for your own records. After you notify
them, they will send you a letter within 14 days, and then
you have up to 60 days to decide if you will accept the COBRA
coverage.
The
Premiums
While
you are able to continue the coverage that you had prior to
the event, there is a major difference that also takes place.
Whereas the employer paid a part of the premiums previously
- now it becomes entirely up to you to meet the full price.
So, there may be a little sticker shock, because it will not
be cheap. Since group insurance is usually much less expensive,
you may be surprised at just how much the employer was paying.
The
Coverage
One
of the great benefits of using the COBRA health insurance
coverage is that there most likely will not be any preexisting
conditions given since you were already covered before. This
means that your coverage continues without any hitches – hopefully,
and you can then continue to enjoy what you had before.
Joe
Kenny writes for the UK Loans Store for loans
in the UK and offer more information on secured
loans in the UK and other loan topics on site.
Visit Today: http://www.ukpersonalloanstore.co.uk
Article
Source: http://EzineArticles.com/?expert=Joseph_Kenny
The
information supplied on this page is by a third party and
jml Property Services do not take any responsibility to its
accuracy ©jmlpropertyservices 11/06
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