COBRA Health Insurance: Continuation Coverage After Job Loss
COBRA (Consolidated Omnibus Budget Reconciliation Act) requires employers with ≥20 employees to offer continued group health coverage after qualifying events (job loss, reduction in hours, divorce, etc.).
Key Points
- Not free: You pay 100% of premium + up to 2% admin fee.
- Eligibility exceptions: Gross misconduct termination, voluntary resignation without qualifying event, employers with <20 employees.
- Election window: 60 days from coverage loss or COBRA notice (whichever is later).
- Duration: Maximum 18 months (29/36 months for disability/second qualifying event).
- Early termination: If you gain other group coverage or Medicare.
COBRA bridges coverage gaps but is costly. Compare with ACA marketplace plans (may qualify for subsidies) before electing.
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