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COBRA subsidy extended

Posted by Jamie Downey  April 28, 2010 05:39 AM

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The American Recovery and Reinvestment Act created a 65 percent subsidy for COBRA health insurance premiums to people that lost their job between September 1, 2008 and March 31, 2010. This subsidy is paid by the federal government. Eligible workers can receive this subsidy for up to 15 months.

These provisions of the American Recovery and Reinvestment Act expired on March 31, 2010. Anyone losing their job subsequent to this date were no longer eligible to participate in the program. On April 15, "The Continuing Extension Act of 2010" was enacted. This piece of legislation extended the COBRA subsidy to workers who lose their jobs during April and May of 2010. The subsidy continues to be 65 percent of the health insurance premium cost and workers can receive the subsidy for up to 15 months.

The IRS website has a section devoted to information for employers and employees participating in this COBRA subsidy program.

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