The news is buzzing with the great news of COBRA health insurance assistance for individuals laid off from their jobs. If you became unemployed after September 1st, you are eligible to receive assistance with COBRA premiums so you can continue to have health insurance.
The government, as part of the stimulus package, is paying 65 percent of COBRA premiums for individuals who have been laid off from their jobs. COBRA allows you to continue your health insurance for 18 months after leaving your job but usually, you would have to pay more than you did as a worker since you wouldn’t be eligible for company rates, plus an additional two percent for administration fees. Many people have been unable to continue their health insurance coverage and would go without due to the high costs of premiums.
If you didn’t sign up for COBRA after you left your job, you may still have time if it hasn’t been over 60 days. If it has been longer than that, you are ineligible for COBRA.
With so many people losing their jobs right now, this may come as a relief for many families, especially those with children. Going without health insurance can be detrimental to your health as well as your financial future. Don’t take the risk when you don’t have to now.
Photo Credit: http://www.flickr.com/photos/rainrannu/2110076169
Tue, Jun 16, 2009
Health Insurance