COBRA Health Insurance Coverage Stimulus Subsidy
If you are one of the 12.5 million people out of work due to layoff, remember you are entitled to a very generous federal subsidy for your COBRA health insurance premiums per the recent economic stimulus bill signed into law by President Barack Obama.
If you were laid off from September 1, 2008 through December 31, 2009, the federal government will pay 65% of your COBRA premiums for nine months. That’s not a bad deal!
If you were laid off since September, 1, 2008 and declined COBRA coverage, you still can enroll in COBRA and your employer is required to inform you of this right.
Additionally, laid-off employees who are currently receiving COBRA have to be informed by their former employer about the new subsidy and their premium contributions will have to be adjusted, as of March 1, 2009.
Individuals and couples with an annual adjusted gross income over $125,000 and $250,000 respectively, are not eligible for the subsidy.
It’s estimated by the Joint Committee on Taxation that the COBRA subsidy will help 7 million individual and their families costing the federal government about $25 billion.
If you want to reduce your Cobra Premiums you can get a quote Cobra-Info.com.
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