COBRA PACK PAY INSURANCE PLUS

LetвЂ™s look at how COBRA works, and how you might be able to deduct your COBRA premiums. And you may be able to defray some of the expense by deducting qualified COBRA premiums on your federal income tax return. Still, if you need to maintain the same level of benefits as you had while employed, COBRA can help you do that - at least temporarily. And if you receive an 11-month extension of coverage for a disability, your expense may be as much as 150% of the total cost of coverage.

COBRA PACK PAY INSURANCE PLUS

Typically, youвЂ™ll have to pay 100% of the premium costs - the portion you paid before losing your job and the portion your employer paid - plus an additional 2% for administrative costs. Although this can be a less stressful and less time-consuming alternative to finding your own health coverage, it can be a costly option. The Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA, allows you to temporarily extend your coverage at your own expense under your employerвЂ™s group health plan for you and your family.

And the benefits might not match what you had through your employerвЂ™s plan.ДЄnother option is to continue on your employerвЂ™s plan and shoulder the total costs yourself. But the premiums could be higher, especially if your employer covered a portion of the monthly premium costs - as many do.

When that happens, you could buy a medical plan from a private insurer or from the federal or state marketplaces established by the Affordable Care Act of 2010. Leaving or losing a job typically means losing the employer-subsidized health insurance that came as a benefit of that job.

Cobra pack pay insurance