Can You Have New Insurance & Still Use COBRA?
If you have new insurance and still want to use COBRA there are a few key things you need to know. Learn about whether or not you can have new insurance and still use COBRA with help from the President of The Stratford Financial Group, Inc. in this free video clip.
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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: Can You Have New Insurance and Still Use COBRA? COBRA is the federal labor law that allows qualified beneficiaries to continue their group insurance coverage that may otherwise be lost or terminated. So can you have new insurance coverage and still use COBRA? The simple answer is no. COBRA is designed to allow participants to keep their COBRA coverage until which time they become eligible for replacement coverage, often through a new employer. It's not designed to be maintained after you become eligible for replacement and therefore should technically end once eligibility for new coverage begins. There is one exception to the rule and it pertains to pre-existing conditions. In the case of a new plan, through a new employer, that would contain a pre-existing condition clause that would negatively impact the COBRA participants coverage, in that particular scenario the COBRA participant can remain on COBRA for the maximum allowable time. I'm Jeffrey Ingalls, I'm the 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: Can You Have New Insurance and Still Use COBRA? Thank you.