COBRA Eligibility

Maintaining health insurance coverage is important for anyone no matter what the reason coverage is ending – quitting a job, retiring, being laid off, or another circumstance such as divorce. Luckily, living in Colorado, you have multiple options for medical insurance to ensure you and your family stay insured and get the medical care you need.

Depending on your situation, you may be considering COBRA insurance which will continue the current insurance you have from your employer. However that is not the only option and Colorado has its own COBRA plan for people who do not qualify for federal coverage. Use the options below to help you understand what plans you should consider.

Here are the most common options that people explore when looking into insurance:

Federal COBRA:

This is actually a law that was passed by the federal government giving people who qualify the option to continue to use the exact same health insurance after job loss as long as they paid the full cost of the plan. To qualify generally you need to work at a company with at least 20 full time employees on the health plan and have a qualifying event. You can learn more about COBRA from the federal government here.

Colorado Mini COBRA:

If you do not qualify for federal coverage under COBRA because the company you work at is too small, you may qualify for the Colorado plan. This law is virtually the same as the federal law and allows you to keep the same coverage after job loss. The main difference is that it is for people who work at companies of 2-20 people. It also costs the same as the federal option, which is the full cost of the health plan.

Private Insurance:

If COBRA is too expensive or you don’t qualify, you likely want to look at private insurance plans. These plans offer a variety of coverage and price options depending on what type of coverage you want. Individual and family policies will offer the most similar coverage and if you are generally healthy are less expensive than COBRA.

Government Sponsored Insurance:

Lastly for people who can not afford COBRA or a private insurance plan, you may want to explore government programs set up in Colorado to assist people in this situation. Generally there will be income requirements.

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