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Protect Yourself After Termination, Get Cobra Insurance:

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.

A slight catch in this policy is that you will have to pay a slightly higher premium if you have left the company after getting the group policy. However, the upside is that the premium you need to pay in this case is still much lower then getting an entirely new policy. Thus if you have to pay the share of the premium that your previous company was paying originally, making you pay higher premium then before, still you will be paying a lot lesser then getting a new health insurance.

Perhaps one of the most important factors that make COBRA really useful is that it allows you to continue your medical history with the insurer. Any preexisting conditions that have already been allowed will continue to be covered. Any condition that you have just been afflicted with will be covered. If you file or apply for a new insurance policy, these will not hold true. All those conditions will be treated as preexisting conditions and as such, will not be covered by your new insurance policy.

After leaving your company you must go through your papers and you should have all the required data that is beneficial for you and is important. It will help you in continuing your existing COBRA insurance policy. You should have all the papers so that you are able to take advantage of the COBRA insurance completely. There might be many changes within the policy if a person is going to update his COBRA health insurance policy.

The medical and other such insurance policies covered by the company are usually effective for only one full year. Normally you are not allowed to alter or change your policy but there are certain circumstances under which this change is allowed. These circumstances include getting married, getting divorced, death of spouse, giving birth and even employment termination.

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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