Tennis Ratings 2009
Cobra health insurance options for small businesses
The Bureau of Labor Statistics reported the U.S. Department of Labor recently announced that the employment further strong decline in February (-651 000) and the unemployment rate rose from 7.6 to 8.1 percent. Payroll employment has increased by 2.6 million during the last 4 months decreased. In February, high job losses and widespread in almost all major industries. If you or your spouse is one of the 8.1% they are concerned about the candidate this group? If you're a small business or are thinking about starting that small business then you need to understand how COBRA can have a dramatic impact on your financial Future. Here are 7 things you know now!
1. What is COBRA continuation health insurance? Congress passed the landmark Consolidated Omnibus Budget Reconciliation Act (COBRA) health benefit provisions in 1986. The law amends the Employee Retirement Income Security Act, the Internal Revenue Code and the Public Health Service Act to provide continuation of group health insurance, which may otherwise be terminated.
2. What does COBRA do? COBRA provides certain former employees, Retirees, spouses, former spouses and dependent children the right to temporary continuation of health insurance in groups. This coverage is only available when coverage is lost due to certain events. Group health insurance for COBRA participants is usually more expensive than health insurance for active employees, because usually the employer pays a portion of the premium for active employees while COBRA participants generally pay the entire premium themselves.
3. Who is entitled to benefits under COBRA? There are three elements that qualifying for COBRA benefits. COBRA are specific criteria for plans, qualified beneficiaries and Qualifying Tournaments:
Qualifying events for employees:
- Voluntary or involuntary termination of employment for other reasons than gross misconduct
- Reducing the number of hours of employment
Qualifying Events for Spouses:
- Voluntary or involuntary termination of employment fall for any reason other than gross misconduct
- Reduction in the hours covered by the Workers worked
- Covered employees are entitled to Medicare
- Divorce or separation of employees covered
- Death of the covered employee
Qualifying events for dependent children:
- Loss of dependent child Status under the plan rules
- Voluntary or involuntary termination of employment fall for any reason other than gross misconduct
- Reducing the hours worked by covered employees
- Covered employees are entitled to Medicare
- Divorce or Separation of employees covered
- Death of the covered employee
4. How a person authorizing work to continue COBRA coverage?
To be eligible for COBRA coverage, you must have been registered, plan to your employer if you worked and the health Plan must continue in effect for active employees. COBRA continuation coverage is available when a qualifying event that, with the exception of COBRA continuation coverage would mean that a person lose his or her health insurance.
5. What do I do if I do not Want To Take COBRA? Group Health Plan are very rich benefit. This means that you probably Dental, Vision, low co-payments for doctor visits, etc. What you take for granted. Your employer, if often charged 80% or more of your premium and your share of the premium is only 20% or less. They do not plan to recognize the true cost of your health until you COBRA qualify and receive this letter from your HR department that you sticker shock. Why? Because you see that your new monthly premium can be up to 400% more that what one withdrawn from your paycheck. What do you do? You get in on the computer and start looking for Health Insurance Quotes and see a lot of quotes that look attractive as an alternative, but you compare apples to oranges.
Here are three main points that are not clear, if you cited on this computer
- First Group Georgia plans to "guarantee", which means that each person will be accepted. Individual plans are an underwriting process, allowing you to qualify and can not be accepted.
- Most insurers tend to decline more pre-existing conditions such as diabetes, cancer and heart disease. Smaller pre-existing conditions such as obesity, high blood pressure and elevated cholesterol levels, etc. are, it means that you pay more valued. The underwriting process can take up to a Month if done correctly.
- Many of the benefits you take for granted to your advantage-rich group plan extras or "tab" increase with each operation, your premium.
So what are my options if I lost my job?
6. How does the American Recovery and Reinvestment Tax Act of 2009 regarding COBRA and save me more money? The law provides a 65% state subsidy for workers who involuntarily between 1 September 2008 and December are terminated 31, 2009. The premium reduction applies only to premiums for the coverage period beginning after the new law on 17th was adopted in February 2009. The law does not permit refunds of premiums begin to cover before 17th February 2009. Qualified individuals may receive the premium subsidy for the future, for up to nine months. So if you are already on COBRA you can use this grant for up to nine months. Even if you COBRA fell in that period, you can now enroll in the subsidized coverage. This much, if you are looking for another job that provides group health insurance plan, because you only have 35% of the COBRA costs and can benefit your coverage area for up to 18 months.
BUT … …
What do you plan on your business in Full-time focus now, rather than another job? Then you really need much closer look at individual plans.
7. How does purchasing your own portable individual health plan to protect your financial future? Let me tell you a story about how one of the guys I financially savvy surprise got to know that life after riding his bicycle one day in Florida. I lived in South Florida and played tennis with a friend, a Fortune 100 company, retired, when he was 49 years old. After many years of hard work, he took early retirement and built his dream home in Florida. bored after a few years ago his wife was about to move to Atlanta. They bought in one of the most prestigious new developments in the metro-Atlanta. Six months after construction work was my friend got his bike and shortness of breath. He called a tennis buddy and neighbor, was also a cardiologist and the doctor said, "Come into my office and had me check out." The cardiologist sent him directly to the hospital and discovered that one of my friends was narrowed coronary vessels and a "heart-stent was inserted to relieve the condition. Within days, my friend, so employs, was playing tennis and riding his bike. Reflecting on his impending move to Georgia decides to call my friend from his health insurance, his plan move to Florida. Mind you, this was not some fly-by-night company, but one of the best recognized names in the insurance industry today! You can imagine his surprise when this insurance told him that he was "uninsurable" in the state was Georgia. What happened? When he joined my friend elected COBRA and when he moved to Florida, an individual plan adopted in Florida. He assumed that was because of insurance such a big name, is a national company, but it was not that he could not get health insurance at any price, in Georgia, because he had this MAJOR pre-existing condition of heart disease.
You could be the topic to similar results or worse if you fall ill or have a serious accident in the time you are on COBRA. To avoid such a situation, or worse, you need to a licensed health agent who specializes in working small business owner.
About the Author
Quentin Moses is a licensed Life and Health Insurance Agent in Georgia who helps Small Business Entrepreneurs in Atlanta protect their Family & Assets. Quentin has over twenty years experience working with business owners and their investments on Wall Street. He has conducted the workshop “Health Insurance for Small Business” for SCORE Atlanta.
Email quentinmoses@gmail.com if you would like a free consultation
Visit My Blog http://qtubeblogg.blogspot.com/
for more important tips
See My COBRA Video :http://www.youtube.com/watch?v=QnZsSCc666Q
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