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If you're laid off or retiring before 65, C.O.B.R.A. is just too expensive. The IAMAW, working with Employee Benefit Systems (EBS), has put together three health plans that can provide you the same coverage, at a much lower cost:
Temporary Major Medical*
The temporary major medical policy:
- Can be purchased for 30-185 days
- Includes a front end deductible for each person
- Then provides 80% co-insurance of the next $5,000.00 of covered expenses
- After that, plan pays 100% of all expenses up to $2 million per covered individual
- This plan is available immediately, if you can answer 'no' to three basic health questions. Policy is issued the day the application is signed.
To contact Employee Benefit Systems regarding a policy, click here.
Permanent Major Medical: $1,700/$3,400 Deductible
This permanent plan is available if you are under 65 and need coverage for more than 6 months. It offers:
- A front-end deductible of $1,700 per person, or $3,400 per family.
- After that, it covers 100% of all covered expenses, up to $3 million per covered individual.
- This plan includes perscription drugs
- Policy is typically issued 2-4 weeks after application
To contact Employee Benefit Systems regarding a policy, click here.
Permanent Major Medical: Variable Deductible
This plan is available if you are under 65, and need coverage for more than 6 months. It offers:
- A deductible ranging from $500 to $2,500
- After that, it covers 80% of the next $10,000 of covered expenses
- Plan covers 100% of all expenses after that
- Plan covers office visits, wellness benefits and prescription drugs, as additional riders
- Policy is typically issued 2-4 weeks after application
To contact Employee Benefit Systems regarding a policy, click here.
Many people in need of immediate major medical coverage select the temporary plan for one month then replace it with a permanent plan to be issued in conjunction with the expiration of temporary coverage.
All three plans are available in more than 40 states and are underwritten by FORTIS
To learn how to contact Employee Benefit Systems regarding a policy, click here.
*The temporary product is available in all states except Hawaii, Maine, Massachusetts, New Jersey, New York, and Vermont. The individual policies are available in all states except Hawaii, Massachusetts, New York, Rhode Island, Vermont and Washington.
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