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Health insurance - new Federal subsidy
Sep. 4th, 2009 08:47 pmThe American Recovery and Reinvestment Act of 2009 provides a federal subsidy that covers 65% of your monthly COBRA premium for nine months.
To qualify, a worker must have been involuntarily separated between Sept. 1, 2008, and Dec. 31, 2009. Workers who lost their jobs between Sept. 1, 2008, and enactment, but failed to initially elect COBRA because it was unaffordable, get an additional 60 days to elect COBRA and receive the subsidy.
If eligible for COBRA subsidy, your former employer will pay 65% of the premium upfront, and offset that expense with a tax credit. You will be liable for 35% of the premium.
Massachusetts only:
If you are eligible and enrolled in the Medical Security Program (MSP), you can then submit proof of payment to MSP and be reimbursed for 80% of the amount you have paid.
For example, if your monthly COBRA premium for family plan is 1000$( Read more... )
To qualify, a worker must have been involuntarily separated between Sept. 1, 2008, and Dec. 31, 2009. Workers who lost their jobs between Sept. 1, 2008, and enactment, but failed to initially elect COBRA because it was unaffordable, get an additional 60 days to elect COBRA and receive the subsidy.
If eligible for COBRA subsidy, your former employer will pay 65% of the premium upfront, and offset that expense with a tax credit. You will be liable for 35% of the premium.
Massachusetts only:
If you are eligible and enrolled in the Medical Security Program (MSP), you can then submit proof of payment to MSP and be reimbursed for 80% of the amount you have paid.
For example, if your monthly COBRA premium for family plan is 1000$( Read more... )
