IF YOU LOSE YOUR HEALTH INSURANCE

If you or someone you know loses his or her medical, dental or vision insurance because of a layoff between September 1, 2008 and December 31, 2009 you need to read this:

Under the new stimulus package recently signed into law, the federal government will subsidize 65% of COBRA for a maximum of 9 months.

That means, if you lose your employee health insurance and you apply for COBRA (Consolidate Omnibus Budget Reconciliation Act) coverage, you will be able to keep your insurance coverage by paying the cost of the premiums (as usual)  BUT, in this case, the federal government will subsidize 65% of those premiums for 9 months.

To do this, you must notify your employer of your desire for COBRA coverage—it’s not automatic.

If your spouse is in this position, tell him or her about this subsidy.  It may be significantly less expensive than putting them on your insurance.