COBRA & Northern California Health Insurance

COBRA & Northern California Health Insurance

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a type of a health program that allows an employee and their dependents to continue to receive the benefits of the health insurance coverage in the event that the employee loses their job or has their work hours reduced. The program allows for the extension for a limited span of the time given the employee has lost his or her job voluntarily or involuntarily, is transitioning from one job to another, due to factors such as death, divorce, and other life events.

COBRA was enacted in 1986 and is a federal law that allows the employees and their dependents to retain health insurance as long as they are willing to pay for it on their own. Individuals who are qualified and eligible are required to pay the entire premium for the health insurance coverage up to 102 percent of the plan cost. This might seem expensive and a financial burden, but the coverage cost is cheaper and more comprehensive than the private health insurance plans.

It is important to remember however that COBRA health insurance coverage plans cover the costs of prescriptive drugs, dental treatments, and vision care. It is not inclusive of life insurance and disability insurance. COBRA program is offered for a limited time period and from the qualifying date, the coverage extends up to 18 to 36 months, depending on the scenario.

Under COBRA guidelines it is required that group health plans provided by companies with 20 or more employees offer employees and their dependents the opportunity for a temporary extension of coverage (continuation coverage) a year ahead before coverage would otherwise end. Guidelines are also provided under COBRA that guides the employees in selecting the continuation coverages and is a useful resource for Northern California health insurance. It also applies to plans provided by private sectors as well as plans under the local and state government. COBRA also requires that the employees provide notice of the plans and the changes. Federal employees are also provided coverage under the law.

For employees qualifying for the COBRA coverage, COBRA offers coverage identical to the amount offered by the employers. All qualified COBRA beneficiaries can make the same choices as non-COBRA beneficiaries.

A qualified beneficiary of the COBRA program can continue to enjoy the opportunities available to him or her in the health insurance, including consulting the same doctor and rely on the same medical network providers. They also get the benefit of continuing the coverage for pre-existing conditions and daily prescribed drugs.

Eligible beneficiaries of the COBRA the program, upon choosing COBRA can change their health insurance plans from the employers and choose a less expensive and more suitable plan such as the Health Maintenance Organization (HMO) or the Preferred Provider Organization (PPO). Beneficiaries may choose for tax deductions and reduce the burden of higher premiums. No matter the choices, it is necessary that the premiums for the COBRA program is made on time, otherwise, the beneficiaries will lose their coverage duration and become ineligible.

Read Also:

https://www.goldenbenchmark.com/business-insurance-california/

https://www.goldenbenchmark.com/7-steps-to-managing-risk-of-california-workers-compensation/

https://www.goldenbenchmark.com/what-is-california-professional-liability-insurance/

https://www.goldenbenchmark.com/employment-practices-liability-insurance/

https://www.goldenbenchmark.com/california-workers-comp/

How much California Health Insurance Costs?

It is important to understand how much your Health Insurance California will cost you and how much will it affect your savings, other investments, and daily expenses. Technology has made it easy to look it up online so feel free to check websites of different insurance service providers before making a decision. If you are an employee working in an organization, the organization provides health insurance the premium, for which is paid by the employer as well as the employee. Usually, it is a monthly expenditure that you have to bear.

Premiums may vary depending on certain factors. Usually, it depends on your age, the place where you live, your family members, the age of your family members are covered under your policy. So before signing the contract make sure that you have understood all the terms and conditions of the agreement.

Cost-sharing is the part of the bill you pay after all the deductibles have been taken into consideration. The higher your cost-sharing, the lower is the premium and vice versa. You will need to consider the cost of the premium and your annual out of the pocket budget. For example, younger people go for more cost-sharing options and lower premiums since they do not expect to visit the doctor more often unlike older people who have to visit the doctor more often. This is why older people choose plans with higher premiums since they know that they have to visit doctors and hospitals more and their out of the cost of the pocket will be less.

It can be hard to understand how much your share of the cost will be. It is advisable that you hire a broker who will help you to understand the benefits and drawbacks of each policy so that you know exactly what you are opting for. Comparing costs among different insurance service providers is an important option to be considered before making a decision regarding which policy you should adopt as your health insurance.

Some policies may have a limit to what they will pay. This is called the “allowed amount” or a “negotiated rate”. The remaining amount of bill will come to you which is known as balance billing. So be sure to keep this clause in mind before getting your California Health Insurance.

What Does Commercial General Liability Insurance Cover?

Commercial General Liability Insurance is a type of insurance that provides coverage to businesses for bodily injury, personal injury and property damages, which may be caused by business operations. Commercial General Liability Insurance is comprehensive business insurance, but the insurance does not provide coverage for all types of risks and damages associated with businesses.

Commercial General liability Coverages:

Commercial General Liability Insurance covers a wide range of unpredictable overheads such as bodily injuries, property damage, service liabilities, negligence, lawsuits, and others. The policy helps to protect the business and its assets, from such claims. The insurance also protects the business from medical expenses, rent payments, advertising costs, product failures, and other costs. Commercial General Liability Insurance is also often referred to as simply General Liability Insurance or as Business Liability Insurance. What is General liability insurance?

There are different coverage levels offered in commercial general liability insurance (CGLI). The insurance policy coverage may include business premises coverage, for all damages and injuries that may occur within the premises of the business location, and those damages and injuries that are caused as a result of the business operations. Such a type of insurance coverage includes coverage for bodily injuries, property damage and similar caused by the finished products.

Commercial General Liability Insurance can be purchased also with extended liability coverage, to cover the claims and liabilities that are not normally covered by the insurance policy. It is essential to read and learn well the claims covered by the policy because there are some commercial general liability policies that may include exclusions and exceptions. Often, the policy does not provide coverage for costs related to a product recall.

Importance of Clain Made Policy and Occurrence Policy

It is important to remember, for businesses that there is a distinction between a claim made policy and an occurrence policy. An occurrence policy covers claims for an injury or other events that occur during the policy term. The coverage depends on the time of the event. A claims-made policy provides coverage for claims that are made during the policy period. In this type of policy, coverage depends on the time of the claim. Commercial General Liability Insurances are generally an occurrence policy.

Who needs general liability insurance?

Furthermore, given that general liability insurances can be personalized to suit the business types and their needs, it is ideal for a small business to invest in. General Liability Insurance is the best possible safeguard for any small business. Businesses can always add additional provisions to suit their business requirements. Commercial General Liability Insurance does not provide coverage for costs of damage to the company-owned property, costs of personal injury claims, costs of auto accidents and other similar claims. Commercial General Liability Insurance provides coverage for third party bodily injury.

References:
https://www.goldenbenchmark.com/business-insurance-california/

What is General Liability Insurance?

General Liability Insurance is an Insurance policy that in the event of liabilities caused due to damage, injury, negligence, or omission, during work or their duties, can cover the expenditures claimed. The general liability insurance protects the small business and its assets, from such claims.

General Liability Insurance is also often referred to as Business Liability Insurance. Such insurance is crucial for every small business to have and invest in, for in the absence of general liability insurance, the company will have to pay for the claims and added expenditures by itself, out of its own personal assets. In the case of a legal claim and medical expenses, the company might suffer tremendous loss of funds and even get bankrupt, if they do not have General Liability Insurance in California.

General Liability Insurance Policy

General Liability Insurance policies provide coverage for a wide range of unpredictable expenses that the small business might have to incur including claims of bodily injuries, property damage, service liabilities, negligence, punitive damages, intentional acts, legal claims, lawsuits and such. The insurance also protects the small business from medical expenses, rent payments, advertising costs, product performance failures, and similar other costs. 

General Liability Insurance though not legally mandatory to have, has become increasingly important for businesses to invest in. Many contractors and clients expect the company they are contracting with to have such liability insurance and be liable to pay for any additional expenses incurred during the job. In such cases, being a general liability insurance policy holder is beneficial for the small businessmen.

Conclusion

Furthermore, given that general liability insurances can be personalized to suit the business types and their needs, it is ideal for a small business to invest in. General Liability Insurance is the best possible safeguard for any small business.

Visit: www.goldenbenchmark.com for more information.