What Are COBRA Insurance Benefits?

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COBRA style insurance has a wide variety of different types of benefits that you're going to want to be aware of. Learn about COBRA insurance benefits 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 talk about: What are COBRA insurance benefits? COBRA is the federal labor law legislation that allows employees, retirees, spouses, former spouses, and dependent children the right to continue coverage at group rates that might otherwise be lost or terminated. Which benefits comprise COBRA benefits? Whichever the participant elects. And they can elect from any of the core coverages which are medical benefits, pharmacy, dental, vision, flexible spending account or HRA or Health Reimbursement Arrangement benefits. How much will it cost? Well COBRA participants are charged the same rates as their employer plus a potential 2% administrative surcharge to help cover the employers cost in administering the COBRA program. How long can you continue? That will depend on the qualifying event in which you've experienced. Those of you who have lost coverage due to termination of employment, reduction in hours, or medicare entitlement will be eligible to continue for 18 months. Those individuals losing coverage as the result of a divorce or legal separation, death of a covered employee, or a dependent child ceasing to meet the dependent guidelines under the plan will be entitled to 36 months of continuation. Those of you experiencing a total disability may be eligible for an 11th month extension. I'm Jeffrey Ingalls, president of Stratford Financial Group and Stratford Employer services in Wayne, New Jersey. We can be found at www.stratfordlink.com and you just watched: What are COBRA Insurance Benefits. Thank you.


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