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Page 10 of 24 |
Do I automatically lose my health insurance when I lose my job? |
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| Not necessarily. If your company has more than 20 employees, and carries health insurance, it falls under the Consolidated Omnibus Budget Reconciliation Act (COBRA). Under this federal law, terminated employees can purchase continued coverage under their former employer's health insurance plan, at the group rate the employer had been paying (which is generally lower than the street value of the premium) for up to 18 months after the employee has been terminated. |
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