HSA Bank – COBRA 4.0

COBRA by Webster Bank® is a health benefits continuation program that allows eligible employees to continue their health insurance coverage after leaving their job or experiencing a reduction in work hours.

Employees who have been covered under their employer's group health plan and have experienced a qualifying event such as job loss, reduction in hours, or other specific life events may be eligible for COBRA coverage.

Typically, COBRA coverage can last for up to 18 months, but in certain circumstances, it may extend to 36 months depending on the qualifying event.

COBRA allows you to continue any group health plan that you were enrolled in at the time of the qualifying event, including medical, dental, and vision plans.

You will need to notify your employer within 60 days of your qualifying event. Your employer is then required to provide you with a COBRA election notice detailing how to enroll.

You will be responsible for paying the full premium for your health insurance coverage, plus a 2% administrative fee, which may make it more expensive than what you paid as an employee.

Yes, you can cancel your COBRA coverage at any time. It's important to provide notice if you choose to cancel it.

No, under COBRA you must continue with the same health plan that you had before losing your job. However, if there are multiple options available under your previous employer's plan, you may have some choice there.

COBRA coverage does not automatically renew. You must pay premiums on time for your coverage to remain active.

Yes, if they were covered under the group health plan at the time of the qualifying event, your dependents are also eligible to elect COBRA continuation coverage.