Love your current group health plan through Lockheed Martin but worried it will disappear when you are no longer working? Fear not, COBRA is here to save the day. No, not the fearsome snake, but the federal law that allows a former employee to continue group health coverage for a certain period of time after departing with the employer. The acronym is quite the mouthful, Consolidated Omnibus Reconciliation Act, but simply means you can keep your Lockheed health plan even after you aren’t working for Lockheed, as long as a qualifying event occurred. The chart below explains when you are eligible.
Important points:
• COBRA coverage is paid by you (including a two percent administrative fee), but keep in mind that the cost may be cheaper than what is available on the insurance marketplace, and/or the benefits may be better
• COBRA is not available if you are entitled to Medicare benefits
• Continued coverage can cover your dependent(s) and/or spouse
To elect COBRA coverage:
• Call or provide written notice to Lockheed Martin Employee Service Center within 60 days of the qualifying event
• Return the election form within 60 days after the later of the:
o Date you or dependent(s) lose coverage
o Date you or dependent(s) are notified of your right to continue coverage
• Initial premium is due within 45 days of election
Maintaining adequate health insurance is critical during employment and after, and thanks to COBRA, you have the option to keep the coverage offered by Lockheed Martin, should you choose to do so.
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Be sure and check back next week for more valuable Lockheed Martin information. Cheers!