36 of 39 Before You Go How You Pay for Care Special Programs and Services Learn More COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law that allows you and your covered dependents to continue your Albertsons-sponsored health insurance coverage after you leave your job or experience a qualifying life event, such as a divorce or the death of a spouse. It is important to understand that COBRA is not an insurance company, but rather a law that requires Albertsons and other employers to offer former employees the option to temporarily continue health insurance coverage at their own expense. COBRA coverage is not automatic and individuals must elect to continue their coverage within a certain timeframe in order to be eligible. In basic terms, COBRA works like this: • Your Albertsons health insurance ends due to a qualifying event. • W ithin 45 days of the qualifying event, Albertsons sends you an election notice to restart your workplace insurance. • W ithin 60 days of the election notice, you may choose to enroll back into your HSA plan. • Y our copays, coinsurance, deductibles, out-of-pocket expenses and insurance cards for the year stay the same. • You have 45 days to make your first COBRA premium payment. • T he coverage is retroactive and any medical expenses you incur before the COBRA plan starts may be submitted for reimbursement. Keep in mind that the cost of COBRA can be high. You can enroll in a Marketplace plan instead if you don’t qualify for or choose not to take COBRA coverage. Marketplace (short for the Health Insurance Marketplace) was created as an enrollment service for medical insurance by the Affordable Care Act in 2010. Through the Marketplace, you will be able to choose from lower monthly premiums or savings on out-of-pocket costs based on your income. For all COBRA questions, please contact the Associate Experience Center (AEC). COBRA Continuation Coverage
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