The premium is $800 a month, due on the first of the month for that month's coverage, with a grace period of about 30 days. I just started a new job that provides group health insurance, so I am no longer eligible for the COBRA subsidy. You can stop paying for your expensive premiums, or cancel COBRA continuation or coverage at any time, BUT you must remember that voluntarily quitting other health coverage or being terminated from a health plan for not paying premiums is NOT a qualifying life event. only entitled to 18 months from the date Tom retired because Tom’s Medicare entitlement occurred more than 18 months before the qualifying event (Tom’s retirement/termination of employment). Through the Marketplace you can also learn if you qualify for free or low-cost coverage from Some Employers are Exempt from Sending Notices of Insurance Cancellations Health Insurance Cancellation Can be Effective as Soon as Your Last Day of Employment Employees Should Receive COBRA Information from Ex-Employers When can my employer cancel my insurance? No. 6. Whether your hours have changed at work or your thinking There is nothing you can do about it other than cancel May 1 and go without until your new plan starts. In a recent article, I described what COBRA insurance is and my experiences obtaining it. His wife and … Yes, your COBRA coverage can be canceled. • If consumers choose to enroll in COBRA coverage, they have 45 days after making the election to pay the first month’s premium. If you took advantage of the Consolidated Omnibus Budget Reconciliation Act after quitting or losing your job, you were able to keep your health insurance benefits. I paid his health insurance. As I said, my nightmare had a happy ending . Option 2: Sign up for COBRA coverage. Q&As for employees and former employees. Answers and comments provided on COBRAinsurance.com website are general information and are not intended to substitute for informed professional medical, psychological, tax, legal, investment, accounting, governmental, or other professional advice. Request to cancel List of benefits you wish to cancel Effective date of the request (must be the First of a month) Please note you can only cancel within the same month of the request or a future date. This can happen if you don’t pay your premiums or if your employer discontinues the group health plan. FAQ #12: Can I lose COBRA coverage? Signing up for COBRA insurance had to be initiated by my employer, and it was a paper process to boot. Read the fine and foreboding print. An employee of mine quit on January 11. However, dependents can receive up to 36 months of coverage if you switch to Medicare, get divorced, or die. When you lose job-based insurance, you may be offered COBRA continuation coverage by your former employer. COBRA coverage can be cancelled. You cannot start and stop COBRA and you cannot skip any months. You can also cancel COBRA coverage if you find another health insurance plan. Coverage will be automatically cancelled if your payment is not postmarked on or before the deadline date of the month your premium is due. This meant there was a lag between […] Signing up for COBRA insurance had to be initiated by my employer, and it was a paper process to boot. Losing your job is stressful, but compared to finding affordable private health insurance, it can seem like a walk in the park. In a recent article, I described what COBRA insurance is and my experiences obtaining it. If you’re losing job-based coverage and haven’t signed up for COBRA, learn about your rights and options under COBRA from the U.S. Department of Labor. How to handle a partial month of health insurance? Please keep in mind, your COBRA will begin retroactively even if you do not elect COBRA until the end of your 60 day election period.