It can be both exciting and scary to leave your job. Whether you’re being downsized or starting off on your own, one of the first questions you probably have is how you will manage with health insurance.
When you leave your job, whether it’s by your choice or not, you may be eligible for COBRA. Since 1985, COBRA has been allowing employees to keep their health insurance coverage when they leave their positions. The law applies when your group health plan was offered by an employer with 20 or more employees. You may keep coverage for up to 18 months, and you will have to pay the entire premium, rather than just the employee share. And if you worked at a California company, you are eligible for another 18 months of CalCOBRA.
Once your 18 or 36 months is up with COBRA, then you’ll have to make some decisions about health insurance. Depending on what your future job plans are, you may be interested in taking a short-term policy that covers you for a few months or up to a year. Or if you are self-employed or starting your own company, you may be interested in health insurance policies available through trade and professional associations that you are a member of.
No matter what you decide to do after you leave your job and your current health insurance coverage, you have many options available to you. If you need a quote on California medical insurance coverage, or for help going through your options, contact us at Benefit Packages today. We can help you look at your options and find the most economical one for you.