When it comes to eye care, vision insurance can be a lifesaver. It helps to cover the cost of eye exams, frames, lenses, and other eye care needs. However, if you’re suddenly facing unemployment or a change in employment status, you may be worried about losing your vision insurance. Fortunately, there’s an option that may help: COBRA.
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act which allows you to continue receiving your employer’s health benefits when a qualifying event, such as job loss, would otherwise cause a loss of coverage.
What is COBRA?
COBRA is a federal law that allows those who have lost their job or had their hours reduced to keep their employer-sponsored health coverage for a limited time. This means that even though you’re no longer employed, you can continue to receive your vision insurance benefits through your former employer.
Is Vision Insurance Covered under COBRA?
Yes, vision insurance is typically covered under COBRA. It’s important to note that not all employers offer vision insurance as part of their health benefits package. If your employer does offer vision insurance and you choose to elect COBRA, you’ll be able to continue receiving the same benefits you had while employed.
How Long Can I Keep My Coverage?
Under COBRA, you can typically keep your coverage for up to 18 months. However, there are certain circumstances where you may be able to extend your coverage. For example, if you or a family member becomes disabled during your COBRA coverage period, you may be able to extend your coverage for an additional 11 months.
How Do I Elect COBRA?
To elect COBRA, you’ll need to contact your employer’s HR department. Your employer is required to notify you of your COBRA rights when you lose your job or your hours are reduced. You’ll typically have 60 days to elect COBRA coverage from the date of the notice.
If you’re facing job loss or a reduction in hours, it’s important to understand your options when it comes to health and vision insurance. COBRA can be a lifeline for those who need to continue receiving their employer-sponsored benefits. That said, COBRA coverage can be expensive as you’ll be responsible for paying the entire premium, plus a 2% administrative fee. It’s important to weigh the costs and benefits of COBRA coverage before making a decision.
- COBRA allows you to continue receiving your vision insurance benefits through your former employer.
- You can typically keep your coverage for up to 18 months.
- Your employer is required to notify you of your COBRA rights when you lose your job or your hours are reduced.
- COBRA coverage can be expensive as you’ll be responsible for paying the entire premium, plus a 2% administrative fee.
Most wanted in Hoya Vision:
Sorry. No data so far.