If you have lost your job, whether voluntarily or not, or your hours have been reduced, you may feel your health insurance is at risk. This is where COBRA health insurance comes in, because it helps to ensure you will have coverage between jobs. It’s important to know about COBRA insurance and low cost alternatives in Colorado, so that you can make the best choice for you and your family. The goal is to keep you with health care coverage during this period, but to also ensure it’s something you can afford.
If you qualify for COBRA insurance, you can keep your health insurance plan, but you will pay for the full amount that it costs. COBRA costs 102% of what the health insurance costs, which will be the portion you were paying, any amount that your employer was paying, and an administrative fee. When people see the premiums they are often shocked and feel they are unaffordable.
There are alternatives to COBRA in Colorado, which will help people continue having health insurance, but will be much more affordable. Some of the other alternative options include:
Most people tend to think that COBRA insurance premiums are not affordable. This is why it’s important to get a quote on alternatives. This will give you the information you need to be able to make the decision on what type of health insurance plan to go with. We specialize in helping people find affordable alternatives to COBRA insurance in Colorado. Our team of professionals can help you find the best plan for your budget and needs within minutes. Call us today for a quote!
Prior to 1985, when someone lost their job or had their hours cut it could lead to them losing their health insurance. This is when the federal government created the law called Consolidated Omnibus Budget Reconciliation Act (COBRA). The law allows people to keep their health insurance between jobs. There are some conditions that have to be met to qualify for it, but many people are eligible to continue getting their health insurance plan through COBRA.
In order to qualify for COBRA insurance in Colorado, you would need to have been working for a company that employs at least 20 people. The company would also need to have been providing you with health insurance. If you meet those qualifications then there is a good chance you can keep your health insurance plan through COBRA. It doesn’t matter if you quit your job, you were let go, or if your hours have been reduced.
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