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Indiana COBRA Insurance
When you find yourself in a situation where you are facing job loss and loss of your health insurance plan, it can be scary. Fortunately there are some options for getting another health insurance plan through Indiana COBRA insurance and other private and government sponsored health insurance plans.
In the state of Indiana, the COBRA insurance plan that is available to you is the federal COBRA plan which was passed as part of the Consolidated Omnibus Budget Reconciliation Plan that was passed in 1986. Although some states also offer there own state level COBRA coverage plans, Indiana does not. These plans when they do exist normally extend COBRA benefits to people who work at smaller companies and therefore do not qualify at the federal level.
What is COBRA Insurance in Indiana?
COBRA insurance in Indiana is the federal plan. This plan, which was created to protect people from suddenly being without health insurance, provides you with the option to continue the plan you had when you were employed. The plan stays exactly the same if you qualify and can be maintained for a period of 18 months in most situation. The main drawback to this solution is that it comes at a cost and generally is very expensive to maintain especially when facing job loss. COBRA coverage can also extend to family members and people who lose their health insurance due to divorce and loss of dependent status.
Qualifying for Indiana COBRA Insurance
The easiest way to know if you qualify for COBRA is to ask your Human Resources department or your health insurance plan provider. However, you can also determine if you qualify on your own by examining the three requirements.
- Qualifying Plan: The first requirement you must meet is the type of plan you had, or the covered employee had. It must be an active health insurance plan that covered at least 20 full time workers, or their part time equivalents. The plan must still be active and COBRA isn't an option is the company has gone out of business or dissolved their health insurance plan.
- Qualifying Event: The second condition, known as qualifying event, is how the health insurance coverage was lost. For the covered employee you can qualify for COBRA is you were laid off, quit your job, or retired as long as there was no wrongdoing, known as gross misconduct, present. Many people do not realize that quitting a job also entitles you to COBRA but it does. For spouses and dependents there are additional qualifying events that can trigger COBRA. These include death of the covered employee, the employee becoming eligible for Medicare, divorce from the employee, or when children outgrow their dependent status.
- Qualifying Beneficiary: The final condition is about who is able to enroll in COBRA if the other two conditions are met. COBRA works for the covered employee as well as spouses and any other dependents. It will also apply to any new dependents while on the plan.
How Long Will COBRA Benefits Last in Indiana?
Since you are under the federal plan in Indiana, the typical length of coverage is 18 months. In some circumstances, like a second qualifying event or disability, the length can be extended to 36 months. Also for spouses and dependents who are dealing with divorce, death, Medicare eligibility, or dependent status loss, many times COBRA will last 36 months, or 3 years.
How Much Will COBRA Medical Insurance Cost in Indiana?
Under the federal mandate, COBRA costs 102% of the monthly premium. Your first instinct may be that this will be a good deal, but unlike when you were employed, you are now responsible for the entire premium - both what you paid and what your employer paid. In addition there is a 2% administration fee. As an example, if you paid $300 and your employer paid $700 monthly for a family plan, you will now need to pay the full $1000 monthly plus a $20 admin charge. There are no longer any government subsidies for COBRA to reduce the cost.
Can I Find a Lower Cost Plan Than COBRA?
Yes! For most people without major medical needs or preexisting conditions, there are much more affordable health insurance plans on the market. These plans are offered through private insurance companies and offer a wide range of benefits and come at many price levels. On average people who choose a private plan instead of COBRA save over 65%. To find out what private plans are available to you, get a free health insurance quote below. These quotes provide a long list of available plans and pricing so you can compare them to COBRA and pick one that works for you.
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Indiana Frequently Asked Questions
Is there a state level COBRA insurance law in Indiana?
Currently Indiana does not have an Indiana Mini COBRA plan for residents who work at smaller companies. Therefore if you do not qualify for COBRA at the federal level then you will need to seek out medical insurance through a private provider or through a government plan.
I am using the federal COBRA plan in Indiana but it is about to run out, can I extend my coverage through Indiana COBRA?
Indiana does not have its own COBRA plan so there is no way to extend your coverage beyond the 18 months available under the federal plan. There are many options in terms of health insurance after COBRA ends including private plans, government options, and more. Learn more about heath insurance after COBRA ends.
Are there insurance options for kids in Indiana if I don't qualify for Indiana COBRA?
The three main insurance plans for children that are offered by the state are Medicaid, Hoosier Healthcare, and CHIPS. Enrollment in these plans is dependent on your income, but qualifying children and families can receive reduced or free health benefits and coverage.
I just turned 27 years old and have been on my parent's insurance plan, can I use COBRA health insurance in Indiana?
If your parent's insurance plan meets the federal qualification for COBRA, then you are eligible for COBRA continuation for up to 36 months. However many people in your situation find they can save substantial money by using a private plan if they are generally healthy. Private insurance plans for people who are young and healthy tend to be much less expensive and can offer identical coverage.
How long will my Indiana COBRA coverage last for?
Under the federal law, COBRA continuation coverage lasts for 18 months when an employee quits, retires, or loses their job. In situations where spouses or dependent qualify due to divorce, legal separation, or death; COBRA can be used for up to 36 months.