11:42 PM
John Kumar
01 Apr
Posted by: Cobra Help Center in: Health InsuranceIf you're new here, you may want to subscribe to the RSS feed to keep up to date on all new posts and information. If your COBRA is within 63 days of expiring, your ability to get guaranteed major medical insurance is running out! Contact Cobra Help Center today!
The world of Health Insurance and COBRA can be a very confusing one, especially with our current economy. News is constantly changing and new information about COBRA is becoming available daily. If you did happen to miss any of our posts last month concerning changes in COBRA or Health Insurance, we have put together a “Best of” list for you:COBRA Insurance Qualifying Events COBRA insurance is an extension of health care benefits that would have been otherwise lost due to a variety of reasons. There are a number of qualifying events that will make you eligible for COBRA health insurance coverage, provided you were previously covered under your employer’s major medical health plan.The first and most common qualifying event is that you were fired or voluntarily left employment with the company. COBRA will be offered to you under these “separation circumstances”, as long as you were not terminated for gross misconduct.COBRA coverage is also available if you, or your spouse or legal guardian, have experienced a reduction in the number of hours worked which has caused a loss of full-time benefits.Finally, COBRA eligibility may be established if you undergo one of these “change in life” events: divorce or legal separation from your spouse, divorce or separation of a legal guardian, death of a spouse or guardian, a spouse or guardian becoming entitled to Medicare, and the loss of dependent child status under the rules of your guardian’s health plan.How is Medical Insurance Underwritten? Medical insurance underwriting is a formal process through which major medical insurance companies evaluate the risk of possible financial loss if coverage is extended to a single individual or group.There are several risk factors that medical insurance companies may consider in their underwriting criteria for individuals such as age, health status and history, occupation, hobbies, risky behaviors, and lifestyle. If you are applying for individual coverage, the insurance company will often require you to fill out an application that will be reviewed by the underwriter. In addition to giving identification information such as your name, address and Social Security number, you will probably be required to answer questions about your past and current medical history, weight, hobbies, and habits such as smoking and drinking on an individual coverage application.The Cost of COBRA is Relative Measuring the cost of health insurance can be an eye-opening experience. In this era of rising health costs, all employees, their spouses and even their dependents are aware of the cost of health insurance. There is no such thing as a low cost health need. Unfortunately, most individuals do not give much thought to the cost of health care until they are faced with the possibility of losing their health insurance. Even then, the cost of COBRA coverage compared to the value of Cobra health insurance is often misunderstood.The cost of Cobra health insurance is regulated. But, if the individual participated in a group plan, the cost of COBRA far exceeds the individual’s previous cost experience. Persons who elect to continue their Health Plan through Cobra may be required to pay up to 102% of the premium cost.Which was your favorite? Confused by a issue? Want more information about a specific topic? Let us know in the Comment Box below!Share Information about Health Plans with your Friends:
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