Comprehensive COBRA Insurance Information

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Colorado COBRA Insurance

In addition to the federal COBRA insurance coverage, the state of Colorado also offers an extended COBRA insurance plan for employees at companies with less than 20 employees. This means that even if you do not meet the requirements for federal COBRA insurance, you may still be eligible for COBRA insurance coverage in Colorado. This law is called Colorado Mini COBRA insurance or Colorado COBRA.

Eligibility: In order to be eligible for Colorado Mini COBRA coverage, you must have been covered by the employer group health insurance plan at the time employment ended or the qualifying event occurred. You also can not qualify for federal COBRA insurance. As with federal COBRA laws, your beneficiaries are also eligible for COBRA insurance in Colorado. You are not eligible for Colorado Mini COBRA insurance if you are eligible for Medicare or if you qualify for another group health insurance plan.

Signing Up: To sign up for the Colorado Mini COBRA insurance coverage, you must apply in writing within 10 days of losing coverage. You also must pay the COBRA premium in advance. Your employer and the group health insurer are responsible to provide you with an election notice for COBRA insurance when your employment ends within 30 days of the qualifying event. If you do not receive notification of eligibility from your employer, you may be eligible to extend your election period to 60 days.

Length of Coverage: Colorado Mini COBRA insurance covers you for 18 months from the day your group health insurance plan stopped coverage. This applies to former employees, spouses, and dependents.

Termination: Colorado Mini COBRA insurance can be terminated for a variety of reasons. The most common reasons for termination of Colorado Mini COBRA insurance coverage is failure to pay premiums, termination of the group health insurance plan by the employer.

For help signing up for Colorado MIni COBRA insurance, you may consider contacting the following state agencies.

Colorado Division of Insurance
1560 Broadway, Suite 850
Denver, CO 80202
Phone: 303.894.7499 OR 800.930.3745
http://www.dora.state.co.us/insurance/

U.S. Department of Labor Employee Benefits Security Administration
Kansas City Regional Office
1100 Main Street, Suite 1200
Kansas City, MO 64105-5148
Tel 816.426.5131
Fax 816.426.5511
http://www.dol.gov/ebsa/

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Frequently Asked Questions

Can I keep COBRA insurance even if my new job offers health insurance?

Sometimes people may find a new job but still would like to stay on their previous plan with their former employer under COBRA because they prefer that plan. This is completely possible under COBRA insurance laws as long as you do not sign up for the new insurance. However, when your COBRA insurance benefits run out, you will likely want to sign up for your new employers health insurance plan or find a private plan.

Can I sign up for COBRA Insurance if I retire?

Yes - under the COBRA insurance law, retiring from your job is considered a qualifying event which means you can elect to continue to keep your group health insurance plan with COBRA insurance. Make sure to get the COBRA enrollment form from your employer, complete it on time, and submit it on time with the premium that is due.

How many days do I have to elect COBRA insurance?

Under the current law, you have 60 days to decide if you want to elect COBRA insurance. During that time it is important that you explore all of your options to make sure that is the right plan for you. The exact date that you need to make an enrollment decision will be listed on your COBRA insurance election form.

Are my COBRA insurance premium payments tax deductible?

It all depends on your health insurance plan and your current income and taxes. Unfortunately there is no simple answer here. The easiest way to find out if your health insurance premiums under COBRA is to contact your health insurance administrator or reach out to the IRS or a specialized tax agent.

Is there a grace period before they cancel COBRA insurance if I can't pay?

With most health insurance plans, there is a 30 day grace period, within which you need to pay your COBRA health insurance premium. If you fail to pay the premium within this window it is likely that your COBRA insurance will be cancelled and you will not be able to sign back up.

Who is eligible for COBRA insurance in my family?

If you are a covered employee under the COBRA insurance law, then generally anyone who was previously covered in your health plan will continued to be covered if you elect COBRA medical insurance. These generally includes your spouse, children, and any other dependents.

How much does COBRA insurance cost?

If you elect to sign up for COBRA health insurance coverage, you will be responsible for 100% of the premium for your insurance (including your contribution and any contribution your former employer made) plus a 2% administration fee. You can locate this information on a recent pay stub, by contacting your employer, or by looking on the COBRA insurance notification form that lists the premium due.

Why would I apply for state sponsored COBRA health insurance?

The most common reason that someone would apply for a state sponsored COBRA insurance plan is because they do not qualify under the federal COBRA insurance laws. In many states, there are state sponsored programs often called Mini COBRA laws or COBRA continuation laws which extend COBRA benefits to people who work at companies of between 2-19 employees and wouldn't be eligible under the federal law.

Can I keep my HSA or flexible spending account with COBRA insurance?

COBRA insurance laws provide that you can continue to maintain your current health insurance plan if you leave or quit our job and meet the COBRA insurance requirements. This means that you can keep all benefits of the previous plan, including HSA and flexible spending accounts under COBRA insurance laws. If you have specific questions about what this looks like you should contact your group health insurance provider.

Can I be denied COBRA insurance if I have a preexisting condition?

No. As long as your were receiving health insurance in your previous job and meet all of the federal COBRA insurance requirements than you can no be denied COBRA insurance because of a preexisting condition.

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