Cobra Insurance

According to the US Department of Labor, The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events.

This is great, but there is a catch. It's expensive. One family we know paid $1,200 a month for Cobra benefits. It seemed the logical thing to do, but they didn't have/want to take the time to shop for alternatives. Most people stay on Cobra because they have a pre-existing condition. In 2014, adults in Colorado will be "guaranteed issue" - an insurance carrier will not be able to deny them based on medical history. This means that Cobra won't be your only option, unless you really love your plan. Insurance carriers also offer short term coverage for people between jobs or situations.

Right now in our state, Cover Colorado is an option for anyone who has no access to insurance or who has been denied coverage because of past health issues. Talk to your broker about your options.

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