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February 05, 2008

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Florida COBRA Health Insurance

COBRA Insurance

Here is a nightmare faced by many people; you've just become unemployed. Suddenly, you have no salary, and no health insurance. Right now, one of the last things you want to do is send a check to your ex-employer! However, that is exactly what you'll need to do. In most cases, you are likely eligible to be covered by your employer's COBRA health insurance plan. By paying the premiums yourself, you will be eligible to remain covered, without any lapse in benefits, by your former employer's health insurance plan.

What Is COBRA Health Insurance?

Prior to 1986, loss of employment would also mean loss of you and your families health insurance coverage (if they were also covered by your employer). In 1986, the Consolidated Omnibus Budget Reconciliation Act (COBRA) was passed. COBRA health insurance provides you the right to extend your employer-provided health insurance coverage. You continue to receive the same benefits, but at your own expense.

COBRA health insurance requires your former employer to offer extended health insurance coverage to covered employees, and their covered dependents. However, there are certain qualifying conditions. These conditions include the death of the employee, termination (fired, or laid off through no fault of the employee), a reduction in work hours except if due to gross employee misconduct, a spouse's divorce or legal separation from the covered employee, a covered employee being eligible for Medicare, or a child that loses his dependent status under the plan. The COBRA health insurance program covers many contingencies.

Insurance professional Carl DiNello says, "COBRA health insurance provisions apply to private employers with at least 20 employees. Individual state and local governments may also make rules regarding eligibility for COBRA health insurance. Take note that the COBRA health insurance provisions don't apply to health insurance plans sponsored by the Federal government. Also, these provisions don't apply to certain church sponsored insurance plans, or certain church-related organizations.

Former employees who elect to receive the continuation offered by COBRA health insurance agree to take over payment of the plan's premiums. The former employer has the optional right to charge an administrative fee of up to 2%.

Should you lose eligibility for group coverage for yourself, or your dependents, there may be another option. Automatically enrolling in COBRA health insurance may not be your best bet. You may have the right to "special enroll" (without waiting for an open enrollment season) in other available group health coverage. Before deciding to enroll in COBRA health insurance, be sure to carefully weigh all your options.

If enrolling in COBRA health insurance is your only option, do it. Continue to protect yourself, and your family until you find a new employer, or new insurance. Contact your state's Department of Insurance to learn your full rights under COBRA health insurance."

For permanent life insurance policy, the price of insurance is high, so is the coverage. Family life insurance policy of permanent type has a longer payment duration. It might not be the best choice because of the high price associated with the family insurance policy.Term life insurance policy is comparatively cheaper and hence a preferred life insurance policy. It is suggested to take term life insurance policy if you are considering for your family for a shorter duration of crisis only. In, family insurance policy of type term, you will have to pay the insurance payments for shorter period of time.

It is advisable to choose the a family life insurance policy thoughtfully, because converting from tem family life insurance to permanent family life insurance would result in more monthly premiuims.Term Family insurance policy can be purchased depending on how long you need it. Usually, when people are beginning with family life they prefer to go for the 20 year long family life insurance policy, thus useful till the time children grow up. Imagine you have a baby in your family, children fall sick, get injured and if you do not have a family life insurance policy covering your child's health then you can end up making high payments.

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