Insurance - What is COBRA?
COBRA
COBRA stands for Consolidated Omnibus Budget Reconciliation Act. But what does that mean?
Simply put, COBRA says that if you have employer-provided health care and lose your job (you’re fired, you quit, etc…) your employer must continue to offer you health care for 18 months (in most cases. Some cases have gone as long as 36 months.)
The bad news…
The bad news is that you will be responsible for 100% of the cost of coverage. And in some cases, you may have to pay as much as 110% of the cost.
My opinion
COBRA may be useful for you if you find yourself between jobs, and have no other means of health care coverage, but at costs of 100% to 110% of the premium, COBRA can get expensive.
