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I am going to lose my dependent status on my parents insurance policy. How do I apply for COBRA?

how do i apply for cobra insurance


Best Answer: You will be automatically eligible for COBRA benefits under your parent's plan, because this is a qualifying event. Your parent will have to advise the Benefits Department of the change, and your coverage ending date will be dependent upon the Plan. Sometimes it is the date of the event, and sometimes it is the end of the month.

The Plan Administrators have to send you the paperwork within 14 days of the end of coverage. It will include a COBRA election form, a HIPAA certificate, and other information (possibly coupons to make your payments). If the company administers their own plan, then they have 14 days. If they use a third-party administrator, then they have 30 days to send the term notice to the TPA, who then has 14 days to send out the election to you. You will have 60 days to elect, and it will go back to the first day without active coverage.

The Benefits Department should also be able to tell you how much the coverage is going

to cost. The standard is 102% of the original cost of coverage. My company has a very generous plan, and single coverage in the Midwest is between $500 and $600. Don't count on it costing less than that, and it won't give you heart failure when you get the bill.

My advice would be to check with a REPUTABLE local agent and find out about a gap plan, to see if it would be less costly for you to go that route. You're smart enough to know not to drop your coverage, which is good.

When you are ready to graduate, you land your dream job, and you have new coverage pending, be sure to read the fine print before dropping COBRA or other coverage and make sure that you understand exactly what your starting dates will be. Not everyone starts coverage on Day 1.

Maybe someone else can answer this question--is Type 1 Diabetes on the list of diseases that cannot be considered pre-existing?

Source(s): Benefits Specialist

katiesquilts · 7 years ago

Category: Insurance

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