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Health Insurance Glossary

Definitions for common health insurance terms

COBRA

DEFINITION: COBRA is the Consolidated Omnibus Budget Reconciliation Act of 1985, federal legislation that allows you – if you work for an insured employer group of 20 or more employees – to continue to purchase health insurance for up to 18 months if you lose your job, or your employer-sponsored coverage is otherwise terminated.

The insured is responsible for the full cost of the premiums (plus a 2 percent administrative fee) if COBRA is elected.

Related terms: employer-sponsored health insurance