COBRA Problems Can Hurt Texas Residents
Keywords: precedent, health insurance texas, affordable health insurance texas, health insurance dallas, health
Texas residents faced with a job loss in Dallas, Houston, Austin, or throughout the state, once had a big problem when it came to health care.
Before the advent of federal legislation commonly referred to by its acronym — COBRA (short for the Consolidated Omnibus Budget Reconciliation Act of 1985) –leaving one job typically meant losing the coverage altogether, whether the employee left for another job or they were terminated for reasons other than “gross misconduct.”
Since passage of the Act, those same workers have had COBRA working for them, the key option being the ability to continue the employer’s group health insurance plan for up to 18 months, though this can be quite costly, as the former employee typically has to pick up 100% of the cost.
The introduction of COBRA also came with its own set of cautions, since the window for signing up for a continuation of an employer’s coverage is a very narrow one. It’s also “one way,” meaning that once a former employee says “no thanks” to the company’s COBRA plan (or simply chooses to buy an individual plan), they can’t go back later.
But those who are healthy, and whose family members are in the same category, are wise to look into individual health insurance plans instead, as the premium rates can be significantly less than the cost of a comparable COBRA group health insurance policy.
How much less? In some cases, half the cost. The reason for the cost gap has to do with who actually pays the cost of the group health coverage. For most companies, the employer foots a significant portion of the cost for active employees.
What about an employee whose company is not subject to COBRA? Some states have adopted their own version of the idea behind COBRA; in some cases, those plans are even more flexible in determining who is eligible for continuing health insurance coverage. Under COBRA, changes to an employer’s health plan mean the former employee will receive the new benefits. Additionally, a change by the employer to an entirely new plan will mean the former employee will take on the change as well.
Another “all or nothing” aspect of COBRA has to do with an employer plan that has one plan with multiple health insurance benefits. If that’s the case, the former employee can’t “unbundle” the coverage, the exception being a plan that allows that for all who are in the plan.
While eligibility may be one consideration for those looking at COBRA, it isn’t the only one. Those who have no pre-existing conditions and feel that COBRA is too expensive will want to consider buying individual insurance during the time between jobs, to cover a waiting period in a new job, or even to opt-out of coverage in a new job if the cost and benefits are more desirable with an individual plan.
There are several forms of health insurance coverage that are subject to COBRA regulations, including medical plans, dental, vision, and prescription drug plans, drug and alcohol treatment programs, Employee Assistance Plans (known as EAPs, providing services such as counseling or psychological treatment), on-site health care (including discount or free medical services) and, under certain circumstances, section 125 spending arrangements, also known as cafeteria plans.
Benefits not subject to COBRA include wellness programs, life, disability, and long term care insurance plans, and medical savings accounts as well as EAPs that do not provide medical care.
Pat Carpenter writes for Precedent Insurance Company. Precedent puts a new spin on health insurance. Learn more at www.precedent.com
Previous Articles Highlighter:
Texas Residents Finding Options For Health Insurance (1)
Those plans are unlikely to cover medical services such as surgery and hospitalization. The major downside of a limited benefit plan includes the lack of coverage for so-called catastrophic hospital bills, something that could occur when the policy's limitations are reached.
Credit Market: Credit Repair Whiz (2)
Check it often. If you discover problems try to fix them. Credit repair is not difficult. As soon as your score begins to rise...don't forget to call your auto insurance and ask them to recalculate your premium...you will be pleasantly surprised.
Affordable Health Insurance - Where To Get Great Value For Money (3)
Affordable Health Insurance - Where To Get Quotes There are plenty of places to get insurance quotes. A simple search on Google will find thousands of pages of companies promising to offer great value schemes to give you health cover.
Dental Insurance - Look Upon It As An Investment (4)
Some states offer great dental coverage for a fraction of the cost that they would pay for private dental insurance. It is also a great way to make sure that finding a dentist goes smoothly.
If Real Estate Licenses Came With Marketing Degrees (5)
I consider myself to be an average consumer. And as such, for me to pick up the phone and call the phone number off of any advertising, I need to see the benefit to me.
Commodity Trading - Commodities In Your Portfolio (6)
All of these factors are good news for those who wish to include commodities as part of their portfolios, at least in the form of ETFs; there are also other mutual funds that focus on commodities available.
Investment Strategies For The Risk Averse (7)
The primary drawback of using DCA is that you may not be maximizing your overall return. If there is an indication that a certain stock is currently undervalued and might shoot up in price, you would actually make less money using DCA than if you had bought all the shares in the beginning before the price skyrocketed.
What You Might Not Know About Bonds (8)
Claim status refers to your ability to liquidate your investment in the event the bond issuer goes bankrupt. If you are buying a government bond, such as a Treasury Bill, claim status is irrelevant, because the odds of the Federal Government going bankrupt are slim and none.
Why Should You Use The PEG Ratio? (9)
If it is low, this could be an indication that the earnings of the company are expected to plummet, causing investors to run away from the stock, resulting in a low share price.
Managing Your Portfolio Yourself (10)
Did the assets, such as revenue from sales, increase or decrease? Check the liabilities from the previous period as well. And, you should check whether shareholder equity has increased or decreased.
Strategies For Combatting Market Timing (11)
If I use DVA, I invest $1,000 to start. If, at the end of the first quarter, the share price has risen to $15 per share, that means that the value of my investment is now $1,500, which means I will only have to invest $500 at the start of the second quarter in order to bring the total amount of my investment for the first and second quarter to $2,000.
Bonds Are Equally Risky As Stocks (12)
If inflation is rising, the Fed will need to raise interest rates to tighten the money supply. If inflation is moderate or contained, the Fed will likely leave rates unchanged.
Is The PEG Ratio Better Than The P/E (13)
However, that does not give you the full picture. The reason why some companies sometime trade at very high price-to-earnings ratios is because they are expected to grow tremendously in the months and years ahead.
Internet Investment Scams (14)
Prime banks are the top 50 banks in the world. Solicitors for prime banks will ask for your money so that they can invest it in high yield prime bank financial instruments.
Can You Lose Money Investing In Bonds? (15)
If you are buying a government bond, such as a Treasury Bill, claim status is irrelevant, because the odds of the Federal Government going bankrupt are slim and none. If you are buying a corporate bond, however, there is always a chance that the issuer could go out of business.
Mutual Funds Make It Easy To Diversify (16)
There are literally trillions of dollars of American money currently invested in mutual funds. Funds have made investing for the average investor a little less complicated. A person no longer has to sift through stocks individually in the newspaper or spend hours watching the financial news on television.
What You Need To Know About Day Trading (17)
Such a trader literally will buy a stock and then sell it within a few minutes, or sometimes within 30 seconds or less. Others look for changes in momentum and will hop in at the beginning of an upswing and then ride it out until the upswing is over.
Is Bond Investing Totally Safe? (18)
If you are buying a government bond, such as a Treasury Bill, claim status is irrelevant, because the odds of the Federal Government going bankrupt are slim and none. If you are buying a corporate bond, however, there is always a chance that the issuer could go out of business.
What Is The Purpose Of Umbrella Insurance? (19)
Keywords: umbrella insurance At some point, you have probably heard of umbrella insurance, but have no idea what it is. Well, first off, it does not cover the umbrella you protect yourself from the rain.
Bonds Can Be As Risky As Stocks (20)
Some bonds are non-callable, while others are callable, meaning that the company can buy your bond back before maturity, usually at a higher price than what you paid. Finally, you should also understand that if economic conditions become more favorable after you a buy a bond, and interest rates start to go down again, the issuer will likely issue a lot more bonds to take advantage of the low interest rates, and will use the proceeds to try to buy back any callable bonds it issued previously.
Newer Articles Highlighter:
When Buying New Tampa Real Estate - You Need A Well-Imformed Realtor! (1)
For example, there are Tampa real estate agents that specialize in the luxury home market. On the other hand, there are agents that devote their own efforts to that segment of the marketplace that focuses on first time buyers or young families.
Luxury Real Estate - Is It Impervious? (2)
Beyond trying to make a decision about what options are available to you today, you may also have concerns about how the volatility of the marketplace may impact your interest in purchasing luxury real estate.
Seven Steps Of The Loan Process (3)
7) Funding and Closing Once the sellers and buyers have gone to closing and signed all the papers, including the Settlement Statement showing all the fees and loan amounts, this paperwork is submitted back to the lender.
Unsecured Credit Card For Bad Credit Challenges (4)
Even something that should be as simple as getting a unsecured credit card can be blocked at every turn. A unsecured credit card for bad credit challenges, should be a simple process, as long as you are honest about your situation.
How To Get Cheap Car Insurance Quotes (5)
Senior drivers are often eligible for retirement discounts reflecting lower than average miles driven in this age group. You can also find a number of insurance companies that offer discounts to good drivers.
The Ins And Outs Of 0 Balance Transfer Credit Card Deals (6)
One of the reasons that people might suffer for years under credit card debt is because of the high balance. Interest rates can rise over time, especially after the introductory rates are null and void, and you might find yourself paying as much as 25 percent over the original amount owed.
Generate More Leads With Real Estate Marketing Articles (7)
They are called many things; web site content, articles, reports, real estate marketing articles and reports and so on - so be sure to key in those different phrases when searching for some.
The Top 10 Destructive Money Beliefs And How To Overcome Them (8)
You also realize there is no limit to what you can become, accomplish or have. 6. "Rich people are greedy and dishonest." The first person to spread this untruth must have been a poor person.
How To Obtain Car Insurance For An Antique Car (9)
Many antique cars are worth many thousands of dollars and that is a big loss if the car is ever stolen or totaled. Having car insurance for an antique car may be the most valuable insurance that you ever purchase.
Business Credit Card Is The Foundation Of Success (10)
Credit card companies are looking at different attractive benefits to their employees and other financial institutions, making their credit card offers better and better. They sometimes waive annual fees within a period of one year upon acquisition and provide opportunities to business enterprises such as earning reward points or availing significant discounts upon purchasing office supplies.
Short Sales The Equity Creator (11)
With short sale things are quite different because if the bank accepts you short sale proposal they want to be paid off ASAP. As long as you have a valid contract with a reasonable earnest money down payment they will normally give you 30 to 45 days to close.
Why Buying Auto Insurance On The Internet Is The Way To Go Today (12)
You can always find cheap deals online, and get great coupons that you may not be able to find anywhere else. By buying a policy online you always get a discount if you are willing to shop.
Planning Before Moving Is The Secret (13)
If you are unsure as to the moving truck size, contact the home moving company and let them know how many rooms you have in your home. They will be able to provide an estimate.
How You Can Choose A Great Realtor (14)
Many of the realtors that work for these companies are even brokers and can complete the entire deal. The best thing you can do is to meet with the realtor beforehand and see if they are easy to work with.
Debt Consolidation Loans-Getting Off The Credit Card Treadmill (15)
For those who feel like they've run out of options, debt consolidation may be the answer for you. LoanTheMoney is a resource site for those considering all types of loans.
Erasing The Burden Of Debt (16)
We would not apply for loans if we knew that they were going to add to our list of worries. However, loan providers these days are keeping their customers' interests at heart.
The Need For Speed And Car Loans (17)
Even people with a history of bad credit can avail of competitively priced auto loans. The loans that are offered to people with bad credit histories usually come with higher interest rates.
Mortgage At Garage Sale Prices (18)
Anybody who is applying for a mortgage should be aware that this will be a long-term expense. Unless one is expecting to win on some game show in the near future, one is not going to be able to get rid of the mortgage installments in a jiffy.
Flexible Mortgages For Self Employed Folks (19)
The self-employed person can now easily buy a house. Looking for a home mortgage, visit www.rebuild.org We help people get mortgages at www.nationsfinance.co.uk even if it means bad credit mortgages we get them at www.ukpersonalloanstore.co.uk
Shifting To A Cheaper Insurance (20)
You could just search on the Internet and you might soon get swamped with a score of insurance policies to meet all your monetary needs. For great deals just search car insurance at www.nationsfinance.co.uk We will also help you with home insurance at www.nationsfinance.co.uk and travel insurance at www.nationsfinance.co.uk