COBRA Insurance and Low Cost Alternatives in Nevada

COBRA Insurance and Low Cost Alternatives in Nevada

If you live in Nevada and have lost your job, regardless of the reason why, or you have had your hours reduced, you may be able to get COBRA health insurance. While most people fear losing their health insurance when they lose their job or their hours get reduced, COBRA insurance makes it possible for you to continue your current policy. COBRA is a federal law ensuring people can continue their health insurance plan, as long as they meet the guidelines.

COBRA Insurance Alternatives in Nevada

COBRA insurance premiums are usually more than most people can fit into their budget. The good news is that there are affordable alternatives to consider, and our team members are experts at helping people find a plan that will work for their budget, and provide them with the coverage they need. Some COBRA insurance alternatives in Nevada to consider include:

• Short Term Insurance. These are health insurance plans for those who need short term coverage. Short term insurance plans in Nevada can provide you with coverage for 30 days or up to a year, filling in the gap between jobs.
• Indemnity Plans. These health insurance plans allow you to go to the doctors you want, and then submit the bills for payment. You will have to pay a deductible prior to the plan helping with the bills.
• Associate Plans. If you belong to a specific type of group, such as being a freelancer or self employed, you may be able to get a more affordable health insurance plan with an association. The association plans allow groups to come together to get better rates.

COBRA Insurance in Nevada

COBRA stands for Consolidated Omnibus Budget Reconciliation Act, which is a federal law that was enacted in 1985. Prior to this law, when people lost their job or had their hours reduced, they would simply lose their health insurance. The law makes it possible for people to keep their health insurance plan, but you have to absorb all the costs for it.

One of the biggest concerns regarding COBRA health insurance is that it’s unaffordable for most people. The cost of COBRA in Nevada is 102% of what the policy you have costs. This amount represents the portion you were paying, what your employer was paying, and a 2% administrative fee. This can add up to a rate that is unaffordable. It’s a good idea to learn about some alternative health insurance plans in Nevada, which will be more budget friendly.

To qualify for COBRA insurance in Nevada, you have to have been working for a company that had at least 20 employees. They also had to have been providing you with health insurance. Whether you quit your job, you were let go, or you had your hours cut doesn’t matter, you are still able to use COBRA if you can afford the rates.