Are You Up-To-Date with Your COBRA Payments?
If like many employers, your former employer had an increase in its health insurance premiums at the end of last year, the increase would have passed on to you as an increase in your COBRA payments due January 1, 2010.
If by chance, you missed a notice that your COBRA payments were increasing in your mail, you may have sent in a COBRA payment for January that was short by the amount of the increase.
If you were short for your January COBRA payment, don’t panic! In all likelihood, you were only short on your COBRA payment by a small amount, what is usually called “insignificantly short.” Under COBRA regulations, if you were “insignificantly short” on a payment, you have a minimum of 30 days to make up the amount that you were short. You cannot be immediately terminated from your COBRA coverage due to your insufficient payment during that 30 days.
If you’re not sure whether you are up-to-date with your COBRA payments, call your COBRA administrator as soon as possible to find out. This is an easy fix, so don’t lose your COBRA coverage if you don’t have to!
For more information about COBRA, see COBRA-What You Need to Know