When seeking out health insurance coverage past when it is partially covered by your previous employer, how do you choose between picking COBRA or Private Health Insurance? Both have pros and cons. The right choice, however, depends on your unique circumstances.
Let’s discuss COBRA vs. Private Health Insurance.
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. Under this Act, group health plans are required to provide temporary benefits and group health coverage to individuals who experience adverse events, such as job termination. In the United States, COBRA is a continuation of health coverage for workers for a certain period of time.
The Coronavirus pandemic has had a massive impact on the financial health of thousands of companies in the United States. These employers have seen the enormous reduction in business and the effect it has on their employee benefit programs, and adjust them to meet the needs of both their employees and their business. These adjustments still carry certain obligations the employer must meet under federal legislation. So what do employers need to know about FFRCA and benefits?
As COVID-19 continues to impact our daily lives, unemployment has reached a record high, jumping to 14.7% as of April 2020. There are many things to consider when assessing these new statistics and, as an employer or an employee, it’s important to ask yourself this question: How will unemployment affect insurance coverage for workers?
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