Last December when I resigned from my old firm and embarked into the realm of the 1099 Independent Contractor, I was formally introduced into Cobra Health Insurance. I’ve helped many clients plan their transition periods between job changes and layoff’s, but you never really learn the ropes until you are actually in the situation. Luckily, I didn’t have to be under Cobra insurance for too long since my new firm offered a group plan. For those that may take an extended period of time before they can get covered again, here’s all the information you will need to know about Cobra Health Insurance.
First thing you need to understand is that COBRA is not a health insurance plan. Many people often get that confused. So what is Cobra insurance exactly? It is a law that was put into place with the Consolidated Omnibus Budget Reconciliation Act. The Act was put into place to protect you and your family if you lose your employer-sponsored health benefits. Hence, when I changed jobs, Cobra was there to take of care of me and family in case of a medical emergency. […]
