COBRA is a law known as the Consolidated Omnibus Budget Reconciliation Act of 1985. Cobra medical insurance plan is a continuation of an individual’s employer group insurance. COBRA is NOT a policy conversion. COBRA provides continued group coverage for terminated employees. If an employee voluntarily leaves their place of employment, they are usually ineligible for COBRA health care insurance plan. COBRA does carry a steep cost because whatever the employer was contributing is no longer being contributed and the employee is responsible for 102% of the health insurance premiums. The additional 2% is added for administrative expenses accrued. If an employee has preexisting conditions that would make them ineligible for an individual family plan it is in their best interest to elect for the COBRA health care insurance. COBRA usually lasts up to 18 months.
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