Colorado Health Insurance Expert Says There May be Better Alternatives to COBRA After Losing Employment
Colorado Springs, CO (PRWEB) April 26, 2007 -- Employees in Colorado who lose their jobs may want to consider an individual health insurance policy as an alternative to continuing their former employer's group policy through COBRA. "While the decision to participate in COBRA depends on multiple factors -- such as pre-existing conditions and the length of time someone will be out of work -- the cost of COBRA coverage is often surprising," according to Healthquotes.com founder Michael Horvat, who has over 28 years of experience as a Colorado health insurance broker. "Individual policies can be prohibitively expensive in some states; however, Colorado has very reasonable rates, making individual policies an attractive alternative to COBRA."
Introduction to COBRA
COBRA is often confused for a health insurance plan; however, it actually is an acronym for the Consolidated Omnibus Budget Reconciliation Act (COBRA). Congress passed this law in 1986 to provide certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. The law generally covers health plans maintained by 1) private-sector employers with 20 or more employees, 2) employee organizations, or 3) state or local governments. COBRA continuation coverage generally lasts for a maximum of 18 months.
The cost to continue group health coverage for COBRA participants is often significantly more expensive than the cost for active employees, who typically pay only a fraction of the insurance premium. COBRA participants, on the other hand, may be required to pay up to 102% of the premium costs.
Individual Health Policies
Individual health policies are an alternative to COBRA and fall under two categories: short term and permanent. In Colorado, inexpensive short term policies are available, particularly for someone who has no pre-existing conditions. These policies typically provide 90 days of coverage but can be extended up to 185, or in some cases, 365 days. Short term policies usually have more exclusions than COBRA coverage or permanent policies. This is why it is important to work with an experienced broker to understand how the details of each type of policy will impact the applicant's unique situation.
If a separated employee anticipates being out of work for a longer period of time or wants to investigate self employment, then a permanent individual policy may be a better option. These plans usually offer more comprehensive coverage than short term plans.
Final Considerations
COBRA coverage may be a reasonable option if a separated employee or family member has a pre-existing medical condition; however, it is important to speak with an experienced health insurance broker to see how much pre-existing conditions will impact the cost of an individual health policy. A good broker may still be able to obtain significant savings for separated employees with pre-existing conditions.
About Healthquotes.com
Healthquotes.com is a Colorado based health insurance broker. We provide free quotes for Individual Health Insurance which includes Major Medical, Preferred Provider Organizations (PPO), Health Maintenance Organizations (HMO), Group Health Insurance, Self Employed Health Insurance, Medicare Supplements, Long Term Care Insurance, Medical Savings Accounts, Disability Insurance, Life Insurance, and the following specialized plans: Student Health Insurance, International Health Insurance, Dental Insurance, and Short Term Health Insurance. Please visit our website at www.healthquotes.com.
Contact Information:
Michael Horvat
Healthquotes.com
1423 W. Colorado Ave.
Colorado Springs, CO
80904
Toll Free: (800)-345-0789
Phone: (719) 630-1515
Fax: (719) 630-1010
www.healthquotes.com
###
Employment Articles:
Work at Home Jobs Vs Self Employment
Work at Home Jobs vs Owning a Home Based BusinessNot everyone is interested in owning their own home business, but a lot of people are interested in dropping out of the rat race a little bit. More and more jobs are available where you can work from home.
Northeast Technical Institute Partners with Synernet, Inc. to Offer its Graduates Exclusive Employment Opportunities
Northeast Technical Institute, a leader in short term health care training, announced its partnership with Synernet, Inc., a Portland, ME company that provides innovative and effective cost saving solutions to the health care industry.
Local Job Openings Poorly Promoted Overseas : Global survey by international employment agency Robert Half reveals that Australian companies are fal
Australian companies are poor in promoting local job openings overseas and are losing out to their Asian counterparts in the race to entice international candidates to take up overseas jobs, according to a 17 country global survey conducted by international employment agency Robert Half.
Pre-employment Criminal Background Checks
Every business owes its success to the dedication and diligence of its employees. It is critical to hire candidates who are not only qualified and professionally well-equipped but have a high sense of integrity and truthfulness; individuals who have repeatedly in their past displayed commendable work ethics, honesty and constant adherence to the best principals of professionalism.
How do I Find Good Employment Law Firms in Los Angeles?
Over the past 30 years, Los Angeles has made significant steps in protecting the employment rights of its residents especially that of the lesbians, gays, bisexuals and transgender.
Factual Employment Screening Part 2
An Employment Screening OutlinePolicy DevelopmentA policy of Factual Employment Screening; Personality Evaluation/testing; and/or Drug Testing should be developed and embedded into the core policy manual rather than exist as a supplement or bulletin policy. This avoids any "after the fact" ramifications, should the policy be challenged under discriminatory theories.
Employment Law Training Suggests Employers Offer Alternative Jobs Before Redundancies.
Several tips and pitfalls for employers regarding offering and moving employees to new jobs as an alternative to making staff redundant Employment law training offers UK businesses the full picture of options when axing staff looms
Jobfox Receives ?Official Honoree? Distinction in Employment Category for the 12th Annual Webby Awards
Jobfox, a site that matches job seekers with employers, is honored by the 12th Annual Webby Awards.
JWT Employment Communications Recognized with Six WebAwards Including Employment Best of Industry
JWT Employment Communications, one of the world's leading employment marketing and communications companies, was honored with six Web Marketing Association's WebAwards, the premier annual Web site awards that name the best Web sites in 96 industries while setting the standard of excellence for all Web site development.
Employment Background Investigations, Inc. Amplifies Image with New Logo and Web Design
New Branding and Website exemplifies EBI?s ?Just One Solution? Approach to Applicant Screening.
Common Bases of Employment Complaints
A particular Labor Law violation in Los Angeles deserves a particular action that needs to be done in order to avail all the guaranteed legal remedies. Thus, all employees must be familiar of the various laws that state their rights and obligations. With adequate understanding of these provisions, they may accurately define what exact violations their employers may be liable of.
Searching For Los Angeles Employment Attorneys 101
Many issues and problems may arise from ones employment. In Los Angeles, for example, a worker may face issues such as sexual discrimination, minimum wage disputes or wrongful termination, to name a few.
Nursing Employment Opportunities
There has been a dramatic increase in nursing employment opportunities around the world in recent years, which is great news for qualified and experienced nurses worldwide. Once you understand the reason for the increase in nursing vacancies you will understand that this is a long term opportunity that nurses can take advantage of to boost their careers and life experiences.
Advancing Business Through Employment Recruitment
The average business in the United Kingdom has a number of investments that they make to advance their cause within the marketplace. Businesses invest in infrastructure, ranging from storefronts throughout their community to warehouses that facilitate supply to far-off places. UK businesses will also put their hard earned pounds into new technology, like data networks and new computers, in order to provide workers with the best tools to do their job. Finally, UK businesses invest in advertising and marketing efforts in order to build a strong public profile in their local and regional community.
JWT Employment Communications Releases "Health Care HR Best Practice Brief -- Exit Interview Surveys"
JWT Employment Communications, one of the world’s largest recruitment marketing and internal communications companies, has released the Health Care HR Best Practice Brief: Exit Interview Surveys(EIS), detailing the strategy and benefit behind exit interview surveys in the health care field, written by Senior Partner Beth A. Brooks, PhD, RN, FACHE.