With the recent Health Care Reform changes and the addition
of the Health Insurance Marketplace, former employees now have more choices
than just electing COBRA to continue their health insurance benefits with their
prior employer. Former employees can elect to continue their benefits
under COBRA and are responsible to pay for the full monthly premium cost of the
benefit. As some may know, COBRA premiums can be quite expensive and
costly for an individual who may be in between positions. With the
addition of the Health Insurance Marketplace, individuals now have another
option versus electing to continue their benefits through COBRA.
The Health Insurance Marketplace allows the individual to
choose a health insurance plan that best suits his or her budget versus only
having the employer option from which to choose. The Marketplace offers a
wide variety of health insurance plans from multiple carriers. By having
the freedom of choice, the individual can select a plan that best suits his or
her coverage needs and is within his or her budget. In addition, the
employee may be eligible for a subsidy from the government to cover some of the
costs of the plan.
Employees may check out the options for the Health Insurance
Marketplace here. For
employers with employees in different states, please check with the state the
employee is located in to see if a state Health Insurance Marketplace has been
established. If not, please click here
to be directed to the Federal Health Insurance Marketplace.
