COBRA Insurance--Your Protection Even After Termination by Peter Finch In 1986, The Consolidation Omnibus Budget Reconciliation Act (COBRA) was made into a law giving employees the chance to enjoy their company-sponsored health benefits even after they have severed ties with that company. Getting a health insurance policy for yourself does not come cheap. It is expensive, not to mention tedious. You will have to wait for the application process to finish and go through the first step all over again in terms of medical coverage, preexisting conditions and all that. COBRA ensures that even after leaving your job, you can still take advantage of the group policy even when you are not connected in any way with the company that bought the original policy. The premium of the group policy that you will pay will be slightly higher than what you used to pay when you were still connected with your company but getting a new insurance outside of the group policy is still more expensive. So while r...
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