Replacing Group Coverage with Individual Health Insurance

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What do I do now that I've lost my group health insurance coverage?

Replacing Group Coverage with Individual Health Insurance

If you recently have become ineligible for health insurance coverage under a group policy there are a couple of options. If you were insured under your employer's group policy and the business had 20 or more employees, federal COBRA laws qualify to continue your insurance under that plan. COBRA stands for Consolidated Omnibus Budget Reconciliation Act. Employers with more than 20 employees are required to allow continuation of coverage to employees and their dependents who leave their jobs. You will, however, be responsible to pay the entire monthly premium. You can continue your COBRA coverage for up to 18 months, and surviving dependents can receive coverage for even longer. If you had group coverage through a professional association or group and are no longer eligible for that coverage, you can purchase an individual insurance policy to cover yourself and your family. An insurance agent may represent a range of different insurance companies and will be able to provide you with an individual health insurance quote from a range of different companies. If you deal directly with a specific insurance company, it should be able to quote you on different products with different deductibles and coverage features. For a list of insurance companies approved to provide coverage in your state, visit your state insurance commission's Web site or call the office directly.



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