College Student
COBRA Health Insurance (Consolidated Omnibus Budget
Reconciliation Act)
This coverage can be expensive because you will
most likely have to pay the full cost of the premiums, which will be much
higher than what your parents paid. However, there are often no restrictions if
you have a pre-existing medical condition.
If you have recently reached the upper age limit of
your parent's health insurance plan, your
parents' employer may offer you alternative coverage. This is called
COBRA. COBRA
legislation allows students who are losing their dependent coverage status to
extend their coverage up to 36 months through their parents' health plan
provider. Graduates previously covered under their parents' group coverage have
60 days after being dropped to elect to pay for coverage under their parents'
employer-provided plan. The employer may charge you 100% of the premium plus a
2% administrative cost.
Excerpts taken from the CareCounsel,
LLC web site, www.carecounsel.com
and, Insure.com.
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