Check out these facts about COBRA & Medicare.
When it comes to making your health a priority, it’s important that you have the right health insurance coverage. The right coverage can help you get the resources that you need to cover your health expenses. If you were to lose your coverage, however, getting back on track would be difficult. Fortunately, under the Consolidated Omnibus Budget Reconciliation Act (COBRA), you’re able to temporarily obtain coverage when you lose your health insurance through your group health plan. Find out more about COBRA coverage and Medicare with these facts about coverage.
- Offers “Continuation Coverage.” If you should lose health insurance coverage, COBRA offers the potential to temporarily keep your employer group coverage.
- 18 Months of Coverage. After losing your employer coverage, COBRA coverage usually lasts for up to 18 months.
- Notification After Death, Job Loss, or Medicare Eligibility. If you lose your health insurance coverage because the employee with coverage has either died, lost his or her job, or has opted for Medicare, the employee’s employer must notify the plan administrator. Once notified, they’ll inform the insurance carrier and you will be notified of your right to opt for COBRA.
- COBRA & Medicare. You may not be able to have both. It depends on when you qualify for Medicare. If you are on COBRA and enroll in Medicare, your COBRA will most likely end on your Medicare effective date. If you are on COBRA and become eligible for Medicare, you should not delay enrolling in Part B! You could be charged a penalty for delaying Medicare since there is not a Special Enrollment Period (SEP) for when COBRA ends.
- Consulting with Professionals. Before you opt for COBRA coverage, it’s important that you understand all the conditions of your coverage. Consult with your Human Resources coordinator and plan administrator.
For more information about when to enroll in Medicare and avoid a penalty, contact SeniorChoices NW to schedule an appointment.