Definition of COBRA Insurance

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Can You Have New Insurance & Still Use COBRA?....5

COBRA is a term used to describe a very particular type of health insurance plan. Get a definition of COBRA 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 talk about the definition of COBRA insurance. So what is COBRA? COBRA is a federal labor law that would allow qualified beneficiaries to continue their group insurance coverages that might otherwise have been lost or terminated. It's administration is regulated by the government, most notably, the department of labor. However it's the IRS that audits COBRA procedures, investigates problems, and would hand out fines if necessary. There are really three elements to the definition of COBRA insurance. The first is: Which plans are eligible to be continued. A good example of this would be a core coverage such as your medical or health insurance plan. Second would be:Who can continue as a qualified beneficiary? A good example of this would be a former employee, his spouse, and his dependents. Thirdly: What is a qualifying event? An example of a qualifying event would be an employee who recently lost his employment and therefore lost his coverage. It's also important to note that under COBRA employers are required to send out the proper notices to COBRA participants or potential COBRA participants within the required time frames. Additionally COBRA participants themselves need to make the elections within the formal time frames and also make timely premium payments. Lastly: Insurance carriers are required to reinstate coverage as per the COBRA participants election. 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: Definition of COBRA Insurance. Thank you.

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