On February 17 2009, President Obama signed into law the American Recovery and Reinvestment Act. One of the Act’s provisions protects health coverage for 7 million Americans who have lost, or may lose their jobs, through a 65 percent COBRA subsidy to make continued insurance coverage more affordable.
This program benefits people who were/are involuntarily terminated between September 1, 2008 and December 31, 2009.
All business owners with employees should be up-to-date on the Act’s provisions. If you need to lay off employees, it is important that you let them know about COBRA benefits and that they may be eligible for the subsidy.
Employers also need to know legal requirements and obligations the Act places on employers and plan administrators.
- The COBRA Subsidy and Alternative Healthcare Options: Wendy Nice-Barnes, Vice President of Human Resources, eHealth, offers an information Q&A about the COBRA Subsidy and Alternative Healthcare Options.
- How the COBRA Premium Subsidy will Help More Get COBRA Benefits: Bobbie Sage, Guide to Personal Insurance, discusses how the Act helps people involuntarily terminated between September 1, 2008 and December 31, 2009.
- The Economic Stimulus Package and COBRA - Immediate Action Required From Employers: Susan Heathfield, Guide to Human Resources, gives great information how the Act affects employers.