Dictionary Home » Webster's New World Finance and Investment Dictionary » Consolidated Omnibus Budget Recon-ciliation Act

Consolidated Omnibus Budget Recon-ciliation Act

Consolidated Omnibus Budget Recon-ciliation Act definition - finance

Federal legis-
lation that allows an employee to continue group health insurance coverage after leaving his or her job or after losing coverage because of divorce or legal separation. The coverage of dependents can be continued until they marry or reach the age of 23. However, anyone obtaining COBRA coverage has to pay the entire cost. The coverage expires after a certain period of time.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.