The Lords Insurance Blog

Making Insurance

Term of the Day

From our insurance terms section, this is the definition:

COBRA – COBRA means Consolidated Omnibus Budget Reconciliation Act of 1985. Under COBRA, if you resign from a job or are laid off for any reason besides ‘gross misconduct,’ you’re can still be covered under your former employer’s health care plan up to 18 months.”

In depth explanation:

What is COBRA?

(hiss)

Oh! Right. Insurance.

COBRA means Consolidated Omnibus Budget Reconciliation Act of 1985. Under COBRA(hiss), if you resign from a job or are laid off for any reason besides ‘gross misconduct,’ you’re can still be covered under your former employer’s health care plan up to 18 months. In most cases, your close family members(kids, spouse) are also eligible. The downside is that the premiums are quite pricey since you’re paying both you and your former employer’s share. The whole concept of COBRA(hiss) is remain covered until you’re able to arrange another health insurance plan.

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Written by lordsinsurancelog

January 6, 2011 at 12:05 am

Posted in Daily Quip