I am graduating, and or, will not have a GE next term, can I keep the coverage?
Yes! There is a federal law called COBRA. COBRA allows you to stay on an employer-based health insurance plan past your employment ending.
For information about costs and how to actually sign up, please click here.
You can be on COBRA for 18 months. It is the EXACT same coverage you have now. Same ID#, same networks, same payouts, etc..
The only difference is you go from paying 5% of the premiums to 102% of the premiums.
COBRA has a two month window to enroll from the period your coverage ends. You may jump back onto the GTFF plan under COBRA anytime in that window. If you enroll into COBRA in the second month of the window, you will need to pay the first month premium as well.
COBRA enrollment windows (deadlines) laid out:
Fall coverage ends 12/15/-COBRA enrollment window closes 2/15
Winter coverage ends 3/15/-COBRA enrollment window closes 5/15
Spring coverage ends 6/15/-COBRA enrollment window closes 8/15
Summer coverage ends 9/15/COBRA enrollment window closes 11/15
I tell folks to think of the two month COBRA enrollment window as a kind of “safety net” for coverage. You do not have ACTIVE GTFF coverage (unless you immediately bought it) BUT you have the ability to ACTIVATE coverage back to your termination date for two months.
Let’s say you cruising around after your GTFF coverage ended (either because you graduated or did not get GE contract). A blimp falls out of the sky, crushing you. Thanks to medical bionic science, they rebuild you for $6,000,000. Oh no! I did not buy COBRA!! I do not have coverage! Well, if you are in that 2 month COBRA enrollment window, you can apply for COBRA and get coverage reinstated back to the original end date–no gap in coverage. This is protected by law, you cannot be denied access back on the plan under COBRA if still in the enrollment window.
COBRA is month by month. You can enroll just yourself, or any dependents with or without you–you no longer have to be on the plan to have dependent on the insurance.