What does COBRA mean in terms of insurance?
COBRA is a Federal law that gives you the right to continue most (not all) group health insurance for a set period of time after leaving the company (or becoming ineligible for benefits, such as if you were to go from a full-time to part-time status.) You can keep the SAME coverage; however, you have to pay the FULL premium (and most people have no idea how much that is since employers usually shoulder a large portion of the monthly premiums) PLUS an additional 2% administrative fee. You can read more about it on the Dept. of Labor web site: http://www.dol.gov/dol/topic/health-plan… By the way, you can probably do better in terms of premium on an individual plan unless you have serious health issues (and keep in mind that the insurance company’s idea of what constitutes a serious health issue may surprise you.) You have 63 days from your last day of creditable coverage to accept COBRA, or find your own ind
