If you have been laid off or know someone who has, you’ve probably received information about COBRA health insurance. While it might be a lot of paperwork to fill out, here are 3 things you need to know about COBRA:

What is COBRA insurance?

COBRA also known as- Consolidated Omnibus Budget Reconciliation Act, was created to allow laid-off employees to continue receiving benefits through their employers’ health insurance plan. If this plan is chosen, the premiums must be paid by the employee and this coverage only lasts about 18 months.

How do you qualify?

If your company is larger than 20 workers, your eligible for COBRA but not necessarily if you quit your job. Some other instances you might be eligible are qualified dependents, divorced spouses as long as they are not re-married, in the event of a spousal death or if you are disabled.

An example of this would be if there was a layoff, your employer reduces your work hours below the minimum level for group coverage, the company will no longer pay for your health insurance. You would, however, be eligible for COBRA.

How much does COBRA cost?

Once you are layoff are you responsible for your COBRA premiums yourself. You’re still getting the group rate, but the coverage can be expensive.

For an alternative way to have health insurance coverage outside of the available COBRA plan, contact Brazelton Insurance Group who can provide insurance quotes for several different options and customize a package to fit your needs and budget.