The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows employees and their families to continue their health insurance coverage after they lose their job or experience a reduction in hours. COBRA coverage is typically more expensive than employer-sponsored health insurance, but it can provide peace of mind during a difficult time.
To apply for COBRA, you must contact your former employer’s health insurance plan administrator within 60 days of losing your job or experiencing a reduction in hours. The plan administrator will provide you with a COBRA election form, which you must complete and return within 30 days. You will also need to pay the first COBRA premium payment within 45 days of losing your job or experiencing a reduction in hours.