LEAVING YOUR JOB
I'm leaving my job. When does my insurance coverage stop?
Your coverage will end on the last day of the month in which you terminated your employment. Example: last day of work January 2nd – last day of benefits January 31st; OR, last day of work January 30th – last day of benefits January 31st.
What is COBRA continuation health coverage?
COBRA is a law passed by Congress that allows you to continue group health insurance coverage that otherwise might be terminated. COBRA provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporarily continue their health coverage at group rates. This coverage, however, is only available when coverage is lost due to certain specific events. Group health coverage for COBRA participants is more expensive than health coverage for active employees, since usually the employer pays a part of the premium for active employees while COBRA participants pay the entire premium themselves. It is ordinarily less expensive, though, than individual health coverage.
What benefits can I continue under COBRA?
You can obtain COBRA benefits for medical, dental, vision, and/or EAP as long as you had the coverage at the time you terminated your employment.
What do I need to do to get COBRA coverage?
You will receive a letter from Aetna explaining your rights and costs under COBRA. COBRA gives you the right to have a temporary extension of coverage. You will have 60 days to decide whether to elect COBRA coverage. If you elect to have COBRA coverage, you will be given 45 days after electing coverage to pay your first premium.
When does COBRA coverage begin?
Your COBRA coverage will begin on the 1st day of the month following your termination date. Once you elect COBRA coverage and you pay your first month's premium, your coverage is reinstated retroactively to the date that your active employee' coverage ended. You first payment generally must cover the period of coverage from the date of COBRA election retroactive to the date of the loss of your active employee' coverage. Any claims that you incurred during that period would be covered. Generally, COBRA may continue for up to 18 months. Coverage automatically ends if you fail to make the premium payment or when you notify our insurance carrier you no longer wish to participate.
Please Note: Make sure your department provides the termination paperwork to HR in a timely manner; otherwise, your COBRA coverage will be delayed.
What's a HIPAA certificate and why do I need one?
This certificate is evidence of your coverage under our medical plan. You may need this certificate to:
Provide evidence of your coverage to eliminate (or reduce) a preexisting condition exclusion period under another plan
Help you get special enrollment in another plan
Get certain types of individual health coverage even if you have health problems