"COBRA insurance may sound scary, but once you understand it, it’s actually quite helpful. Watch this COBRA video with me and Captain Contributor (the original benefits superhero) for more information."
Check out Betty the Benefactress and Captain Contributor in this COBRA video. You’ll wonder:
COBRA insurance is an employer benefit that allows you to keep your group healthcare coverage if you lose your job or have another qualifying event. A qualifying event includes:
You must have at least 60 days to choose to keep COBRA coverage or not. You can keep any coverages you were already enrolled in prior to the qualifying event. However, you can also choose to only keep certain coverages while waiving others.
The same applies for those who are covered. You can keep just yourself; or just your kids or spouse on the coverage, as long as they were covered before the qualifying event.
In most cases, you are responsible for the full cost of COBRA coverage. If your employer paid part of the premiums, you will also have to cover that.
You can keep COBRA insurance for up to 18 months. In some cases, you may be able to get an 18-month extension, for a total of 36 months.