Every insurance coverage has its benefits. But some guidelines govern one’s eligibility for specific insurance coverage. Here is an overview of cobra insurance rules to know.
For you to be entitled to continue with Cobra coverage, you must be a qualified candidate. Meaning, you must have lost your job for other reasons besides gross misconduct or reduced working hours. Note, your group health plan must be under Cobra coverage.
Once confirmed as an eligible member, pay the first premium within 45 days after signing up. Failure to pay, the plan can choose to terminate your Cobra rights. After the first payment, 30 days must be allowed before you pay the subsequent premiums.
Even after losing your job, you enjoy the same coverage benefits you had while under your employer’s plan. But that’s for 18 to 36 months, provided you honor the monthly premium payments. Stay protected with Cobra insurance.