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Cobra Health Insurance ? Enjoy an Extended Health Insurance Coverage Even When You are Out of a Job!

Most of the people new to?Cobra health insurance may wish to know what it is and how it can benefit them. These days, people are coming across a huge challenge when they leave a job. This is the time when you will have no solid income source and there will be no benefits offered by your old health insurance policy. So, under this condition, you will have just one option left! You will have to send money to the previous employer for getting the benefits of your group health insurance plan.

Well, this is most likely what you will need to do. Here, the big question is what is the cost? Do you have coverage? At this level, you will surely find a huge rates increase with the like Cobra health insurance. All you need to pay is your premium rate and you can enjoy the benefits of being covered. There will be no lapse of benefits due to your previous health insurance plan.

So, what is?Cobra health insurance?and how I can get it?

Before 1986, a loss of job was also considered as a loss of benefits related to health insurance policies. But during the year 1986, COBRA or the Consolidate Omnibus Budget Reconciliation Act was passed. As per the Cobra health insurance law, insurance policy owners will have the right to extend the health insurance coverage offered by their previous employer.

According to the US Department of Labor; COBRA gives former employees, spouses, retirees, dependent children and former spouses, right to the temporary continuation of the health coverage at group rates. This coverage is available when the coverage is lost because of some specific events. The group health coverage for COBRA participants is generally more costly than the health coverage for the active employees, as the employer pays the part of premium for the active employees whereas COBRA participants normally pay the whole premium themselves. This is ordinarily less costly, although, than individual health coverage.

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Source: http://www.1-health-insurance-quotes.com/cobra-health-insurance/

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