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Nevada COBRA Insurance
If you are living in Nevada and recently lost your job, or even quit or retired from your job, you may be eligible for COBRA insurance. In Nevada there are two types of COBRA coverage - federal COBRA and Nevada COBRA insurance. Under both of these options you can continue to use your employer's group health insurance plan after losing your job. This option also extends to family members and dependents. As with any laws, both the state and federal options have specific requirements for enrollment and unfortunately come at a very high cost. Additionally they are only temporary health insurance solutions and eventually will run out. With that said, it can be a good option for people with preexisting health conditions or other major medical needs who do not qualify for other types of medical insurance.
Nevada COBRA Insurance and Federal COBRA Insurance
The Nevada COBRA plan and federal COBRA plan work in exactly the same way with one major difference - the qualifying plan requirement. Under the federal law to enroll in COBRA you must have been on a health insurance plan that covered at least 20 employees. The Nevada plan extends that coverage to people who work at companies with between 2-19 employees.
The other two qualifiers - qualifying event and qualifying beneficiaries are exactly the same. To have a qualifying event you must have lost, quit, or retired from your job with gross misconduct. If you are a spouse or dependent there are more qualifying events including divorce, death of the employee, loss of dependent status, and if the covered employee qualifies for Medicare. Qualifying beneficiary is simply who can enroll in COBRA and you must be the employee, a spouse, or a dependent. A good rule of thumb is that anyone who was on the plan can remain on the plan.
At this point you might be wondering why everyone doesn't sign up for COBRA if most people qualify and you get to keep the same health insurance plan. Sounds great…until you see the price tag. COBRA insurance at the state and federal level is very expensive. In fact it is more than most people can afford. To maintain coverage with COBRA you must pay 102% of the full premium. That translates to paying both what you contributed and anything your employer paid plus a 2% fee for administration. The price tag of COBRA for an average family of four is over $12,000 a year. Luckily there are some other options out there that come much cheaper. In addition COBRA only lasts for 18 months and isn't a permanent solution.
Other Insurance Options
Many people quickly find that COBRA insurance is just too expensive, especially given that most people considering COBRA coverage lost their jobs. However there are other options out there. The most common is to find a policy through a private company known as an individual or family plan. For reasonably healthy families this cuts the yearly insurance cost from $12,000 to $4,800 on average. This is still expensive but much more reasonable at $400 monthly instead of $1000 or more. To learn about what options you have for private health insurance, get a free quote below.
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Nevada Frequently Asked Questions
Why does Nevada have its own COBRA coverage with Mini Nevada COBRA?
Nevada has its own COBRA law because it wanted to make sure that more of its residents could benefit from continuing their health insurance after they lost or quit their jobs. Knowing that many people work at smaller companies and therefore are disqualified from coverage, the Nevada law permits these people to benefit from COBRA continuation even if their former company has less then twenty full time employees.
Is there a limit to the amount of time I can use Nevada COBRA insurance?
Yes. COBRA coverage in Nevada only lasts for one and a half years (18 months). It is meant to be an interim solution to help people immediately after job loss and during that 18 months people are expected to find another insurance option through a new job or through a private insurance plan. Additionally some people find that they will qualify for a government plan as well. Learn more about other insurance options.
What day does my NV COBRA start? Can I choose the day?
Nevada Mini COBRA starts from the day you would have lost your health insurance. It is important to note that this does not say from the day you sign up for coverage. COBRA insurance is retroactive and will start from what would have been the last day of your insurance coverage. Normally this date can be found on your election form.
I just decided to sign up for Nevada COBRA but I already went to the doctor twice, would my insurance cover that?
Yes. Since COBRA is retroactive once you sign up, the coverage extends back to the day you lost coverage. That means that your insurer could reimburse any money you spent while you were still deciding if you wanted to enroll. Simply reach out to your health insurance provider to determine where to submit your expenses.
How will my deductibles and copayments change if I enroll in COBRA?
They will not change at all if you sign up for Nevada COBRA. COBRA is a law not an insurance plan and simply allows you to keep using the plan you had at your place of employment. Therefore everything stays the same, including deductibles and copayments.