You won't save money with COBRA health coverage, but it's worth considering
Private sector and state or local government employers with 20 or more employees offer COBRA continuation coverage. Many states have laws similar to COBRA that cover companies with less than 20 employees. Full-time employees count as one person, while part-time employees count as one-half.
Of course, there's a caveat: The employer's health plan must be active for current employees. If it's not — whether the business shut down completely or it suspended the health coverage benefit — you won't be able to elect COBRA.Your former employer is required to notify the insurer in charge of the health plan of a qualifying event — in this case, termination or a reduction in hours — within 30 days.
If you don't want to wait for a letter, contact the health plan administrator or the company's benefits manager for more information.After receiving an election notice, you have 60 days to elect to receive health coverage. If your plan also covered your spouse or dependents while you worked at the company, they would be covered under COBRA as well. If you elect COBRA coverage, you have 45 days to pay the first month's premium from the date you mailed in your election form.