What is cobra medical insurance?
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. The purpose of COBRA medical insurance is to extend group health insurance benefits for those who would no longer be eligible for these benefits.Temporary CoverageRather than being a permanent solution, COBRA serves temporary health insurance in between employment. COBRA benefits generally expire after 18 months, although they can be extended in cases of qualifying events such as disability.Who is EligibleFormer employees and their spouses and children qualify for COBRA if they were members of group health insurance plans meeting certain criteria according to the U.S. Department of Labor. For example, the company must employ a minimum of 20 employees on more than half of the business days in the prior year in order for the plan to be subject to COBRA.Election PeriodIndividuals have two months after receipt of an election notice to decide whether they would like to sign up for COBRA.Timing of First PaymentThe first pay
