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COBRA Insurance Free For 6 Months | - YouTube
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exciting news in march of 2021 that by
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administration announced that as part of
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their stimulus
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recovery act that they are going to
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allow six months of free cobra
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continuation
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you worked for a large employer with
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over 20 lives
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and you lost your job so you
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involuntarily lost your job
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you did not quit you can get six months
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of free cobra from
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april through september 2021 so
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that's a very generous benefit because
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normally if you lose your job
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and you have you have to have it has to
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be a large employer or 20 lives
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you are eligible to continue on your
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health insurance plan for a certain
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number of months
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but whereas normally you paid a
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percentage of your health insurance
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and your employer paid a percentage if
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you're on cobra you have to pay both
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parts
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and most people can't afford that but
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many of you have
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experience with cobra so they're going
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to say
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hey you get a free cobra you don't pay
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your part and the employer doesn't pay
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his part
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so everybody's like this would really
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help you know because we were laid off
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but i wasn't laid off because of covid
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necessarily
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the law does not specify that you were
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laid off
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because of the coronavirus it doesn't
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have to have anything to do with the
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coronavirus if you lost your job for any
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reason
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they terminated you because they don't
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like you any reason
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you're eligible to apply to get this
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free cobra
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now everybody is calling me and they're
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saying how do i get it this could really
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help
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nobody knows the government said by may
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31st
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we expect employers will be a lot loud
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we'll have the information necessary
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to let people start applying well that's
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already two months into a six months
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program so that's the government for you
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it's currently april so people like i
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could use the money now
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well we know this much from the law
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which is you know
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you know like anything it's this is a
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summary of it
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is that the employer will have to pay
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for all of cobra so the employer has to
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pay his percentage
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and your percentage all of it and then
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seek reimbursement
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through the government so for for the
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small employers out there like us
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we're not exactly excited about that but
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for the employees that lost their job
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they're very excited about the lifeline
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even though we're not really sure when
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the lifeline's going to come
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so it's for those six months and i've
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had people already call me they're like
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i already declined cobra
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can i can i go back and get it and with
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cobra once you decline it
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if you've declined it it's been over 60
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days then you can't
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go back but if you've declined it and
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it's been less than 60 days then yes you
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can go back to your
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old employer go to your hr department
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and you could get back
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on cobra i don't know right now if
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they're going to make you pay it
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until the employers figure out what the
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rules are and then they pay it
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because a lot of people can't afford it
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that's why they didn't take it to begin
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with and
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if you're on medicare which most of our
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viewers are on medicare
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i'll stick this in there that cobra
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is not credible coverage for medicare
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part b
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so if you're eligible for medicare part
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b and you're like oh instead of taking
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medicare i think i'll just take this
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cobra deal
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you could end up with a part d penalty
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and get locked out
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i'm not going to go into that because
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it's it's confusing it's
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frustrating it's something that we in
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our industry have been working
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very hard to change the law and we
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we haven't been able to get a change
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because all these other things keep
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popping up like the election and
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coven um i i feel very confident it will
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get changed but for right now still
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and probably for at least the next year
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cobra is not credible coverage so if
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you're eligible for medicare
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part b you need to take it and don't go
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onto cobra
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because when you come off of cobra you
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might have that penalty for late part b
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which is
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very steep it's 10 a year and you'll
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have it for the rest of your life
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okay so if you make this mistake because
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you didn't work with an agent
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i can't fix it later so call us here at
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the medicare family
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my family would love to help your family
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with these very important
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decisions that are going to impact you
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for the rest of your life
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unfortunately right now you can't call
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us with your cobra questions because the
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government hasn't given us those
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answers yet they have said that we will
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know
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by may 31st so thanks for watching if
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you do not subscribe
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please consider hitting the subscribe
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button we put out one video
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every week to help everyone with their
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medicare
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social security and retirement questions
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