It is possible to get your healthcare needs covered under employer’s group health insurance policy even after you quit or lose your job. The COBRA coverage is available for a time period of up to 18 months and in some cases, the COBRA coverage for spouse as well as dependents might even extend for up to 3 years for a nominal administrative fee. Besides, there may be few other healthcare insurance alternatives that can be accessed by jobless people with ease. Thanks to the Affordable Care Act (ACA)!
You can opt for COBRA coverage if you have:
- Quit or lost your job because of COVID disease.
- Been fired from job for whatsoever reasons other than gross misconduct.
- Drastically reduced working hours at your current source of employment.
Additionally, even family members or dependents can choose COBRA coverage in the event of:
- Death of employee covered under employer sponsored healthcare insurance scheme.
- Adult child having attained 25 years of age and so unable to stay on parent’s health insurance plan.
- Legal separation or divorce of spouse covered under employer sponsored healthcare insurance policy.
- COBRA covered employee is eligible for state sponsored Medicare program.
Thus, as per law prevalent in the United States, just retired employees are entitled to stay covered under employer group health insurance schemes under COBRA for up to 18 months if they have quit or lost jobs or employers have reduced working hours. COBRA health insurance coverage can also be accessed for a period of up to 3 years if loss of coverage is on account of some other reasons. But to qualify for COBRA, it is essential that an employee is covered under employer sponsored health insurance plan.