What to Do When Your Employer Drops Your Medical Insurance?

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It's important to remember that you have options available to you when your employer drops your medical insurance. Find out what to do when your employer drops your medical insurance with help from the president of The Stratford Financial Group, Inc. in this free video clip.

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Video Transcript

Hello, I'm Jeffrey Ingalls; President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. And right now, we're going to discuss what to do when your employer drops your medical insurance. There are many important things to consider when an employer drops your medical insurance. The first of which is will you now be eligible to continue your medical insurance under COBRA. If the employer drops your medical insurance coverage for all employees and in essence, cancels the entire group health insurance plan, you will not be offered eligibility to continue under COBRA. If an employer drops coverage because of a bankruptcy or reorganization under Chapter 11, may provide you the opportunity to continue under COBRA. However, a liquidation under Chapter 7 will likely not. If your employer sells the company and your medical insurance is dropped as a result, the purchase agreement will typically spell out whether or not the former employer and their employees will be eligible to continue coverage under COBRA, however, under the purchaser's group health insurance plan. If COBRA is not an option, you should investigate if your current carrier offers a conversion policy or pursue the individual market place to find out if their plan and a product is reasonably priced and affordable for you. My name is Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found online at www.stratfordlink.com and you just watched what to do when your employer drops your medical insurance. Thank you.

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