You are only eligible for Cobra if you leave your employment and continue to pay the Cobra premium out of you pocket. It's not cheap, but you will continue for up to one year at your previous coverage.
I was a M08 (Medicare) consultant for 10 years. First off, yes, you should be able to carry Cobra if you want to. Looking at the big picture though, Cobra is always very expensive when you have to go the premiums alone. Medicare, if you have part A and part B and then a supplement policy which would run you a lot less than Cobra would take care of you very well. Medicare would become your primary insurance and then a good supplemental policy would take care of the balance. To be honest with you, Medicare pays very little due to the contractual adjustment the hospital are required to write off. Having Cobra as your primary insurance and Medicare secondary is not as good as the other way around. If you should decide to go with Medicare as primary find a reliable insurance company, make sure the policy is a "supplement" which means it pays the balance that Medicare would not. Don't let them sell you a policy that conforms to paying like a primary insurance. Its a waste of your money. I hope I have helped.
COBRA or Consolidated Omnibus Reconcilliation Act for those who hate acronyms will allow a member of a terminated, retired, or recent medicare qualified employee to recieve the health care benifits of their previous job for a limited time.
When you qualify for medicare, it is what is known in COBRA terms as a 'qualifying event" that means that if your EMPLOYERS COVERAGE DOESN'T SUPPLEMENT/AUGMENT the medicare plan, you can be eligble for COBRA insurance. If your employers insurance IS COMPATABLE with a medicare plan, then the only way you can become eligble for COBRA is if you leave your place of employment for some reason.
Whether or not u can have COBRA insurance at the same time as medicare depends on the timing. If you qualify for medicare becuase of age BEFORE you qualify for COBRA, the Age Discrimination Employment Act prevents an employer from dropping coverage due to a loophole. If you qualify for medicare AFTER you have chosen to exercise COBRA (use the employers benifits after you have retired/left or have stated that you are going to) the employer has a right to terminate coverage due to medicar eligabillity.
Cobra as I understand it, is continuing the same coverage you have now with your employer, but at a very significant increase in rates. We went through this
cobra thing with my husband and we could not afford it with him being down and out after his heart surgery. It is very expensive, but the coverage is good. I think they make the premiums so high so no one can afford them. But any way, the law says you can continue coverage for up to one year.
I believe it was implemented so that there would be no lapse in ocverage until you can get more insurance. As, far as your medicare goes, I believe you can have both. Your cobra would be the primary coverage, which means they would pay off first, then your medicare would kick in. You should be in pretty goood shape as far as insurance coverage goes.
July 8th, 2008 at 9:17 am
When you leave employment you have the right to continue the same or equivalent coverage provided that you pay for it.
July 8th, 2008 at 9:17 am
yes you are ,if the employer pays
July 8th, 2008 at 9:17 am
You are only eligible for Cobra if you leave your employment and continue to pay the Cobra premium out of you pocket. It's not cheap, but you will continue for up to one year at your previous coverage.
July 8th, 2008 at 9:17 am
I was a M08 (Medicare) consultant for 10 years. First off, yes, you should be able to carry Cobra if you want to. Looking at the big picture though, Cobra is always very expensive when you have to go the premiums alone. Medicare, if you have part A and part B and then a supplement policy which would run you a lot less than Cobra would take care of you very well. Medicare would become your primary insurance and then a good supplemental policy would take care of the balance. To be honest with you, Medicare pays very little due to the contractual adjustment the hospital are required to write off. Having Cobra as your primary insurance and Medicare secondary is not as good as the other way around. If you should decide to go with Medicare as primary find a reliable insurance company, make sure the policy is a "supplement" which means it pays the balance that Medicare would not. Don't let them sell you a policy that conforms to paying like a primary insurance. Its a waste of your money. I hope I have helped.
July 8th, 2008 at 9:17 am
COBRA or Consolidated Omnibus Reconcilliation Act for those who hate acronyms will allow a member of a terminated, retired, or recent medicare qualified employee to recieve the health care benifits of their previous job for a limited time.
When you qualify for medicare, it is what is known in COBRA terms as a 'qualifying event" that means that if your EMPLOYERS COVERAGE DOESN'T SUPPLEMENT/AUGMENT the medicare plan, you can be eligble for COBRA insurance. If your employers insurance IS COMPATABLE with a medicare plan, then the only way you can become eligble for COBRA is if you leave your place of employment for some reason.
Whether or not u can have COBRA insurance at the same time as medicare depends on the timing. If you qualify for medicare becuase of age BEFORE you qualify for COBRA, the Age Discrimination Employment Act prevents an employer from dropping coverage due to a loophole. If you qualify for medicare AFTER you have chosen to exercise COBRA (use the employers benifits after you have retired/left or have stated that you are going to) the employer has a right to terminate coverage due to medicar eligabillity.
July 8th, 2008 at 9:17 am
Cobra as I understand it, is continuing the same coverage you have now with your employer, but at a very significant increase in rates. We went through this
cobra thing with my husband and we could not afford it with him being down and out after his heart surgery. It is very expensive, but the coverage is good. I think they make the premiums so high so no one can afford them. But any way, the law says you can continue coverage for up to one year.
I believe it was implemented so that there would be no lapse in ocverage until you can get more insurance. As, far as your medicare goes, I believe you can have both. Your cobra would be the primary coverage, which means they would pay off first, then your medicare would kick in. You should be in pretty goood shape as far as insurance coverage goes.