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What happens when my COBRA insurance runs out?
If you qualify, you're protected by the Health Insurance Portability and
Accountability Act (HIPAA). In a nutshell, HIPAA mandates that insurance
companies normally offering individual health care plans can't deny you
coverage or impose waiting periods for preexisting conditions, if you've
been covered by COBRA (or other) insurance within the required timeframe.
However, HIPAA does not guarantee that your new cost of coverage will be
the same as COBRA insurance. (E.g., You might be charged up to an extra
20% for preexisting conditions.) Because there are time limitations and
paperwork to complete and approve, it's a good idea to start inquiring about
HIPAA health plans at least a month before your COBRA insurance runs out.
You'll likely need proof of COBRA insurance coverage to qualify for HIPAA
continuation. If your ex-employer doesn't send proof by the time your COBRA
insurance coverage is nearing its end, contact them or your plan administrator
according to the instructions in your initial paperwork or monthly billing
statements.
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