Any of these situations can make your finances fragile and your bills harder than usual to pay.
Likewise, the stressfulness of these situations can make you prone to lose track of details here or there.
They could last for up to one year, instead of the normal timelines discussed below.
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That postmark sets your 45-day clock ticking.
An Example
Lets say youve been on COBRA continuation health insurance for six months.
You miss the May 25 deadline and drop your grace period.
You break your ankle on June 10 and rack up an emergency room bill for $4,000.
You would be uninsured, and you would have no help paying that ER bill.
Loss of health coverage due to failure to pay premiums does not count as an “involuntary” loss.
So the loss of COBRA in that circumstance would not be counted as aqualifying life event.
But that extension ends July 10, 2023 and the normal rules will once again apply.
If you decide to cancel your COBRA, you do do so at any time.
U.S. Department of Labor; Employee Benefits Security Administration.FAQs on COBRA continuation health coverage for employers and advisers.
U.S. Department of Labor, Employee Benefits Security Administration.An employer’s guide to group health continuation coverage under COBRA.
Centers for Medicare and Medicaid Services.COBRA continuation coverage questions and answers.
