Tuesday, May 31, 2011

COBRA INSURANCE QUESTIONS?

I was laid off back in Ocotber 08 and opted to not do COBRA. Now it will be affordable so I will do it. My questions are: If its not retro-active then does the one year dental period have to start over to be able to take advantage of the higher costs of such things as crowns? Is COBRA basically the same insurance benefits as the company provided its employees? Thank you for your help!
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Under the stimulus bill, a new Cobra election pweriod will be offered for those people who were involuntarily laid off and did NOT elect to take COBRA. You will have to pay back premiums. Here's a nice explanation provided by one of my carriers: Employers must offer an additional COBRA election period to any individual who became a qualified beneficiary due to involuntary termination on or after September 1, 2008, and who would be eligible for the reduced premiums if he or she were enrolled as of the effective date of the Act. The additional election period must be offered to individuals who previously declined COBRA coverage as well as to individuals who elected and then terminated COBRA coverage. It is important to note that individuals who previously declined COBRA coverage or elected and terminated it have another opportunity to elect it under the new premium arrangement.
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