Information on COBRA Insurance

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How Long Can COBRA Insurance Be Carried?....5

COBRA insurance is a very complicated topic, so it can only be natural to have a few questions. Get information on 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 information on COBRA insurance. COBRA is actually a federal labor law. What it does is it provides qualified beneficiaries the right to continue coverage that might otherwise be lost or terminated, at group rates. So who is a qualified beneficiary? A qualified beneficiary is a former employee, retiree, spouse, or dependent child. What coverages can be continued? Core coverages, such as medical, pharmacy, dental, vision, FSA or Flexible Spending Account, and HRA or Health Reimbursement Arrangement. The right to continue is only available when a qualified beneficiary experiences a qualifying event such as loss of employment and loss of coverage. What does it cost? COBRA participants generally will pay the full group insurance rate. However COBRA benefits are generally less expensive and provide better benefits than can be found in the individual market place. So who is eligible for COBRA? To be eligible for COBRA you must meet three basic requirements. Your group plan must be subject to the requirements of COBRA, you must be deemed a qualified beneficiary, and you must have experienced a qualifying event. How long can a COBRA participant continue? Most qualifying events will allow a participant to continue for 18 months. Some events will allow for 36 months of continued coverage, and still some secondary events,such as total disability, will allow for an 11 month extension. I'm Jeffrey Ingalls, president of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found on the internet at and you just watched: Information on Cobra Insurance. Thank you.


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