Consolidated Omnibus Budget Reconciliation Act (COBRA )

The video explains the Consolidated Omnibus Budget Reconciliation Act (COBRA), a federal law that allows employees to maintain their health insurance coverage after losing their job or experiencing other qualifying events. COBRA applies to employers with 20 or more employees and helps prevent financial hardship by allowing continued coverage, thus avoiding gaps that could lead to higher premiums or exclusion due to pre-existing conditions. The video outlines the responsibilities of both employers and employees, the types of qualifying events, and the benefits of maintaining coverage under COBRA.

What is the purpose of the Consolidated Omnibus Budget Reconciliation Act (COBRA)?

What are some qualifying events that allow an employee to maintain their health insurance coverage under COBRA?

How does COBRA protect employees from pre-existing condition exclusions when they sign onto a new health plan?

What financial implications might an employee face if they experience a break in health insurance coverage?

In what ways does COBRA aim to add mobility to the workforce?