How Do I Get COBRA Insurance if My Company Goes Bankrupt?

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Just because your company goes bankrupt doesn't mean you can't get COBRA insurance. Find out how to get COBRA insurance if your company goes bankrupt with help from the President of The Stratford Financial Group, Inc. in this free video clip.

Part of the Video Series: COBRA Insurance
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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 how do I get Cora Insurance if my company goes bankrupt. If an employer declares bankruptcy, it would normally take one of two forms, a reorganization under Chapter 11 or a liquidation under Chapter 7. A Chapter 11 bankruptcy or reorganization usually means that the company continues in its business under the court's protection until which time its financial affairs are set back in order. In this scenario, the employer's bankruptcy will likely not effect your eligibility to obtain Cobra Insurance. You will be notified of your rights within 14 days of your date of termination or the date of your loss of coverage whichever is later. In a Chapter 7 bankruptcy, the company generally liquidates its assets to pay off its creditors and the group health insurance plan and the business cease to exist. In this scenario, employers typically cancel all group health insurance plans and all group insurance plans and typically Cobra would not be eligible in this scenario. If the employer cancels the group insurance plans and you are not able to continue under Cobra, you should investigate if the insurance carrier offers a conversion policy or investigate replacement coverage through the individual marketplace. 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 on line at www.stratfordlink.com and you just watched how do I get Cobra Insurance if my company goes bankrupt. Thank you.

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