As You Leave Group Coverage
- If you are leaving your job or otherwise losing access to your group health coverage, you may be able to remain covered under the group health plan for a limited time. In addition, you may have special protections when buying certain kinds of individual health coverage. See Chapter 3 for more information about COBRA and state continuation coverage, Oklahoma extension of coverage protection, conversion coverage, individual health insurance, and coverage for “HIPAA eligible individuals.”
- If you lost your group health insurance and are receiving benefits from the Trade Adjustment Assistance (TAA) Program, you may be eligible for a federal income tax credit to help you pay for new health coverage. This credit is called the Health Coverage Tax Credit (HCTC), and is equal to 65% of the cost of qualified health coverage, including COBRA and health insurance purchased through the Health Insurance High Risk Pool. (See page 28).
- If you are a retiree aged 55-65 and receiving benefits from Pension Benefit Guaranty Corporation (PBGC), you may be eligible for the HCTC. (See page 28).
