Lost Your Job? – How To Keep Your Insurance Coverage
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...
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