What is COBRA insurance for dummies?

Is COBRA offered if you quit your job?

You have 60 days to enroll in COBRA once your employer-sponsored benefits end. You may even qualify if you quit your job or your hours were reduced. Other COBRA qualifying events include divorce from or death of the covered employee.

Do you get money back from COBRA?

If you have overpaid for COBRA for any reason, premium over payments are generally applied to future premium obligations and returned to you once your CO- BRA coverage period is exhaust- ed or you request to have your COBRA account terminated early.

What not to do when you see a cobra?

Never try to pick up a snake, even if it is dead. A snake's reflexes can still cause the snake to strike up to an hour after it has died. If you have an encounter with a snake, give it the right-of-way. Do not attempt to kill the snake, just move out of the snake's way.

What are 3 facts about cobra?

Are you automatically covered by cobra?

To be eligible for COBRA coverage, you must have been enrolled in your employer's health plan when you worked and the health plan must continue to be in effect for active employees.

What are 2 facts about COBRA?

The reptile makes its home in forests and swamps. It can grow up to 18 feet long. And the animal's toxic bite is powerful enough to kill an elephant. Cobras eat small mammals, lizards, and birds.

What is one fact about a COBRA?

The king cobra—one of the most venomous snakes on the planet—can literally "stand up" and look a full-grown person in the eye. When confronted, they can lift up to a third of its body off the ground and still move forward to attack. Fortunately, king cobras are shy and will avoid humans whenever possible.

What are some short facts about COBRA?

They spend almost a fourth of their time up in trees or bushes. Its eyesight is better than most snakes'. It's good enough to see a moving person almost 330 feet (100 meters) away. The cobra's hiss is much lower than most snakes', more like a dog's growl.

How is COBRA amount determined?

If you want to figure this out on your own, ask HR how much your employer is contributing toward your monthly coverage. Then, check your pay stub to see how much you're contributing. After adding these figures, add another 2% (for the service fee). This will show you exactly how much you'll expect to pay for COBRA.

What is COBRA insurance and why is it so expensive?

COBRA plans are the exact same plan that you were offered by your employer, except much more expensive, because your employer is no longer covering part of the cost; So its important to know what is included, the terms and conditions of your employer plan before considering COBRA.

How to take advantage of COBRA insurance?

How to get COBRA coverage. When a qualifying life event happens, you or your employer will notify the health plan. The plan will send an election notice that you will have 60 days to respond to. If you elect to take COBRA coverage, your employer may pay a portion of or the full amount of your insurance premium.

How strong is a cobra?

Not only can this snake reach nearly 20 feet in length, but the king cobra has enough venom in it to kill at least 11 humans, or an entire elephant. Just one bite can accomplish this- but why do king cobras have so much venom, and how do you treat a king cobra snake bite?

How smart is a cobra?

They're intelligent enough to be able to signal when they're ok with being handled, and they can tell the difference between cleaning time, enrichment, and feedings when their vivarium is disturbed. King cobras need plenty of climbing space because they spend time in trees in the wild.

Can I outrun a cobra?

The average human is faster than a king cobra on land. A king cobra can slither at about 5 mph over short distances. The average human can walk at 3 mph and run up to 8 mph. Yet, the fastest person alive can run at speeds of 27.5 mph, but only during a sprint.

How does a cobra warn you?

In comparison to other snake species, the king cobra has great eyesight and is able to see a moving person almost 330 feet away. It will emit a deep loud hiss that is much lower than most snakes'. Its hiss is similar to that of the rattle of a rattlesnake and is meant to act as a warning signal to stay away.

Will a cobra chase you?

The snakes cannot chase humans since they are afraid of humans compared to how humans themselves are afraid of the snakes. Humans are bigger than snakes and snakes see them as a potential dangerous predator.

Does COBRA cost more than regular insurance?

You should expect COBRA insurance costs to be substantially higher than what you paid as an employee because your employer is no longer required to pay a share. In 2022, employees paid an average of $111 per month for an individual plan and $509 per month for a family plan, according to KFF.

Can you claim COBRA on your taxes?

You can deduct the cost of COBRA health insurance on your federal income taxes. But as with most types of health insurance, COBRA premiums are considered a medical expense and can only be deducted if you itemize your deductions and your medical expenses are greater than 7.5% of your AGI for the taxable year.

Is COBRA taxed?

If the employee receives the funds and can provide supporting documentation of the payment to the insurer, the funds are also nontaxable. If there is no verification that the employee used the funds to pay for the premiums, the amounts are included in wages and are taxable.