What are COBRA, HIPAA or State-Sponsored plans and how do they come into play?
These terms (acronyms) are laws or regulations passed and monitored by the government. For your information; we have summarized them briefly below. The REALTORS® Core Health Insurance plans are not subject to these laws or regulations. COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law where employers with 20 or more employees must give departing employees the option of continuing their medical coverage at the worker’s own expense (plus an administrative fee) for up to 18 months – including family coverage. HIPAA (Health Insurance Portability and Accountability Act) plans are sometimes referred to as continuation plans. You must first use up your COBRA or be denied medical insurance by an insurance company before you are eligible for a HIPAA plan. HIPAA plans are typically very expensive and continue to go up a substantial amount each year. There are certain states that have “risk pools” for health insurance. These plans vary by state and are expensive. Typically t
Related Questions
- How does Anthem notify a potential Qualifying Beneficiary of their rights and obligations under COBRA for those plans that have contracted with Anthem to provide COBRA administration services?
- What are COBRA, HIPAA or State-Sponsored plans and how do they come into play?
- Are flexible spending accounts or cafeteria plans covered under HIPAA?
