The federal Consolidated Omnibus Budget Reconciliation Act (COBRA) gives regular full-time team members and their qualified beneficiaries the opportunity to continue health insurance coverage under Centerspace’s health plan when a qualifying event would normally result in the loss of eligibility. Some common qualifying events are resignation, termination of employment, or death of a team member; a leave of absence or reduction in a team member’s hours; a team member’s divorce or legal separation; and a dependent child no longer meeting eligibility requirements.
Under COBRA, the team member or beneficiary pays the full cost of coverage at Centerspace’s group rates, and an administrative fee may be charged. Eligible team members will receive a written notice describing rights granted and obligations required under COBRA when the team member becomes eligible for coverage under Centerspace’s health insurance plan.
Also found in the Centerspace Team Member Handbook.