So, you were let go, fired, downsized. Whatever the term used, you no longer have a job. Now, you need to consider Cobra insurance if you want continued health care coverage. But how do you get Cobra insurance?
Your qualifying event was your firing. If you choose to be covered by Cobra after receiving your notification about your Cobra eligibility from your ex-employer, you will be covered for a total of 18 months. Your coverage will be the same as if you were still employed with your former employer.
The cost will no longer include your employer’s contribution and will therefore be much costlier. Cobra requires your ex-employer keep you on the roles, but they are not required to pay their portion any longer. Your cost could go up 102% including a 2% administration fee. This coverage while expensive, is the best health coverage most individuals can get in the health insurance marketplace.