It is going to take a short while to pass the necessary legislation to reform the American Health Care System, so until that occurs, President Obama has included a subsidy for people that can lose their coverage due to the recession/depression. 65% sudsidy to COBRA recipients so they can continue to keep their 'wellness' while looking for work.
Not bad, Mike.
Not bad at all.
Thank you.
More about the COBRA subsidy (click title to entry - thank you)
One thing is clear, only those who lost their jobs between Sept. 1, 2008, and Dec. 31, 2009, are eligible.
By Francesca Lunzer Kritz March 9, 2009
After last week’s column on the insurance subsidy included in President Obama's stimulus package, we received quite a lot of mail asking more questions. That's understandable. The details are complicated. In a nutshell, some laid-off employees can get a 65% subsidy, for up to nine months, to help defray the cost of continuing their healthcare coverage through a program known as COBRA. The subsidy only applies to people who lost, or will lose, their jobs between Sept. 1, 2008, and Dec. 31, 2009.
No money changes hands. People who qualify for the subsidy will pay their employers for 35% (instead of 100%) of coverage costs each month they receive subsidies, up to nine months. If an employee continues with COBRA after the nine months, the payment goes up to full cost....
Just laid off? Go for COBRA (click here)
Posted by Cheryl Costa March 5, 2009 10:06 AM
...Starting March 1, 2009, anyone who loses their job between August 31, 2008 and December 31, 2009 can elect coverage under COBRA and 65% of their premium will be paid by the government for up to nine months. That's a huge savings considering the cost of coverage for a family can be $1,000 per month or more. For example, without this new break, a family would be responsible for paying the full monthly COBRA premium. Now, the family would pay only 35 percent or $350 per month. Over nine months, that is a total savings of almost $6,000....
8 Questions You May Have About the New COBRA Subsidy (click here)
March 05, 2009 08:00 AM ET Michelle Andrews
...Unfortunately, passing the law is only the first step in the process. A significant amount of bureaucratic machinery must grind into gear before the federal government is ready to actually start paying for the subsidy. In fact, consumers may not get relief until May, says Cheryl Fish-Parcham, deputy director of health policy for Families USA, a consumer advocacy organization. If that happens, people who've paid their full premiums for March and/or April will be able to get either a refund for premiums paid since February 17, when the bill was signed, or a credit against future premiums....
