Q:I was laid off 3 days ago. With my previous employer I was on an HSA plan. Can I do a Cobra or independent company's HSA plan? I know that would reduce my monthly cost.
A:Under the Federal COBRA law you would be able to continue the same benefits you had before, if you were on a HSA plan before then when continuing coverage you would still be on a HSA plan.If you elect to sign up for COBRA you will be required to pay 100% (both what you paid for coverage each month and what your employer paid for coverage each month) of the monthly premium and up to an additional 2% administration fee.You are not required to take your COBRA continuation of coverage, in a lot of cases if you are a healthy person, independent health plans can be much more affordable options.
A lot of people I speak to sign up for a more affordable alternative to COBRA, click here for more information.
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