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Q: I am currently getting insurance coverage with COBRA via my previous employer. I send them a check every month for my coverage. They have in the works a closing or selling of the company. What will happen to my insurance coverage if they close? Is there any subsidized coverage available through the government or some other supplier in the even they close? How does it work if the company is sold?
A: If an employer eliminates their group health benefits for all active employees, it is reasonable cause to terminate benefits for your COBRA. You still may want to contact the employer to see if they have a severance package that you may be able to take advantage of. The past employer should be able to provide you with detailed information regarding your coverage.
If the company has been sold and the seller ceased to maintain health coverage, the buyer is responsible for providing COBRA.
If COBRA does terminate for you, and you are fairly healthy, you may be eligible for an alternative policy that would cost you less. This policy will cover any new and unexpected illness or injury.
If you are interested in an Alternative to COBRA, Click Here for more information.
If you do have preexisting medical conditions, you can check locally to see if you are eligible for any of those policy's or you may want to check with your state insurance department to see if there are any state issued plans that will work for you.
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