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Q: Can I quit my job 3 mo. before my retirement and be eligible for cobra ? A friend told me you have to be laid off or fired to get cobra.
A: Contact your HR department to find out if you would be eligible for COBRA. COBRA is the name of a federal law. COBRA contains provisions giving certain former employees, retirees, spouses and dependent children the right to temporarily continue their health coverage at group rates. Your employer is required by law to offer you the continuation of their group health policy for up to 18 months if there are more than 20 employees. You will need to request a COBRA packet from your employer, sometimes the HR dept or benefits manager. They will send you an election form in the mail (they have 45 days to send it) for you to complete. Once you complete this form and return it with in 60 days, your insurance will be retro-active to your last day of employment. You will not have any lapse or gap in coverage.
The types of qualifying events for employees are:
· Voluntary or involuntary termination of employment for reasons other than "gross misconduct"
· Reduction in the number of hours of employment
· The types of qualifying events for spouses are:
· Termination of the covered employee's employment for any reason other than "gross misconduct"
· Reduction in the hours worked by the covered employee
· Covered employee's becoming entitled to Medicare
· Divorce or legal separation of the covered employee
· Death of the covered employee
The types of qualifying events for dependent children are the same as for the spouse with one addition:
· Loss of "dependent child" status under the plan rules
Since COBRA is offered on a temporary basis here is a list of qualifying time periods.
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