Cobra coverage after job loss
Terry, my son lost his job and went on Cobra. Now the company he worked for has gone out of business. Does he lose his Cobra? What must he do now?
Terry Says
Wow, that’s a tough question, and I’m not sure that I know the answer! A lot depends on how many employees the company had — if over 20 they have different responsiblities re COBRA.
He should contact the insurance company directly, and ask how they are handling this. He can’t be the only one in this situation. And just in case the insurance is going to lapse, he should immediately go to www.Healthcare.gov — Obamacare. This is an open enrollment period right now, and he will find that the subsides are larger because of the new Rescue plan, so it will be more affordable than COBRA anyway.
