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Insurance By Cobra - Protecting For You After Termination

Jan 5, 2008
After 1986 COBRA was given the status of a law that the employees who have severed their ties with the companies and organizations should be facilitated with the benefits of health even after the retirement. COBRA insurance helps you out in many ways after your retirement and gives you incentives and benefits even after you have completed your term in the company.

A health insurance plan does not come at a low cost. Rather it is not only expensive but also tiring job. First you will need to fill an application form and wait for it to be processed and even after that you will have to go through the first step once again. The first step involves completing the pre-existing conditions, medical coverage and other such things. According to COBRA insurance you are entitled to take advantage of the health policy even though you are no longer working with the company.

Premium of the policy that you were paying before would have been quiet low as compared to the premium you would be paying after leaving the company, but if you want to get a new policy outside the group of your company it is still very much expensive then this. Thus carrying on with the original COBRA insurance policy that your company was offering will be still much cheaper as compared to insurance policy that you would be getting on your own.

One of the biggest advantages of COBRA health insurance is that it allows you to retain the rights to your medical history. If you have signed up for any pre-existing condition you can continue being covered by it. If any condition has been recently afflicted then it will be covered. However, if you signup for a new insurance policy then this will not be the case. All the previous conditions will be filed as pre-existing conditions and the new insurance policy will not cover it.

Before completely leaving your company or employer, make sure that you have all the data that you will need to continue your health insurance by way of COBRA. Ask the personnel head and any other people who are privy to the details of the group policy for the things that you need to know in order to take full advantage of the chance offered by a COBRA insurance. There will definitely be changes and adjustments to the policy and usually, it is advisable to comply with all the necessary requisites and complete all the paperwork that need to be done in order for your COBRA insurance to be updated.

Usually, company-sponsored medical and other insurance packages are paid annually and are therefore effective for one full year. In normal circumstances, the alteration of the policy is not allowed and considered legit. Any changes or modifications to the insurance policy may only be implemented for life-changing events such as an employment termination, marriage, death of a spouse, giving birth or a divorce.

Because an employment termination is considered a legal ground for modifying an insurance policy within its enrollment period, you can make your desired changes to your policy as soon as possible. You can either upgrade or downgrade your insurance package, add or remove dependents and many others.

COBRA insurance gives you that assurance that even without a regular employment or connection to the company that originally purchased the health insurance, you can still enjoy its benefits and continue to do so for as long as you like by paying its premiums on your own and assuming the share that used to be paid by the company. COBRA insurance sees to it that you are well-protected and covered by an insurance policy that suits you best even after leaving your job.
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