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| Can COBRA premiums be paid semi-annually? |
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Q: In the near future, I plan to quit my job and take between 6 and 9 months off before resuming a different job. Can I pay for 6 months worth of premiums at once, or do I need to pay each month? Also, what happens if my employer were to go out of business after I leave? Do I send the future payments directly to Cobra?
A: You will send your premiums to the previous employer or the 3rd party COBRA administrator that they hire. Usually, COBRA premiums are paid monthly. You should check with your employer or their 3rd party plan administrator to see if you can pay six months at one time. If not the plan administrator may allow you to make your payment over the phone or by internet.
If your employer goes out of business and no longer has a group health insurance policy in force, then your COBRA coverage will end.
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