How long is health insurance extended (Pls see addl details)?
Posted on Mar 13, 2008 under Insurance Information |If I were to leave my job for a new one, lets say 3/31/08, does my current employer have authority to cease my medical benefits immediately or would it stay in force for a period of time, say 30 days? Benefits from my new employer would not begin until 5/1.
March 13th, 2008 at 8:47 am
Its up to the employer…..no set rules…………..
March 13th, 2008 at 8:47 am
COBRA is what you're looking for, but it depends on the size of your business:
http://www.dol.gov/ebsa/faqs/faq_consumer_cobra.html
March 13th, 2008 at 8:47 am
You have the option to extend coverage, but you may be surprised how expensive it is. Employers often pay a large portion of the bill, and they have no obligation to pay after you've left. You'll also want to check carefully into what provisions of your new insurance become immediately available. You may have only partial coverage for some months after switching over.
March 13th, 2008 at 8:47 am
Depends on the employer, they can terminate your coverage immediately if they want to most places. Quite a few places will extend your coverage but you have to pick up the full cost - and that can be very, very expensive.
March 13th, 2008 at 8:47 am
You have the option under COBRA to continue with your current coverage. But, your former employer is NOT required to contribute. Most likely, you would have to pay the full amount of it.
On the plus side, though, you do have some time before you have to decide (I don't remember exactly how long), and (I may be wrong, so don't hold me to this) it's retroactive back to the date you left your job. So, you can go for those 30 days without insurance coverage, and if something happens that costs more than the premium of the insurance would cost you, you can get the coverage. Otherwise, save your money and sign up for coverage at your new job.
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