Extending your workplace health coverage

USA Today just ran a good piece about how to extend your health care coverage if you’ve been laid off, a piece, that sadly, many of the workers in the U.S. can use right now. Most of us have heard of the federal Consolidated Omnibus Budget Reconciliation Act (COBRA), which allows you to extend your health care coverage, but it’s always been hyper expensive to do so, which makes little sense, since the last thing people without work need is way higher health care costs.

The USA Today piece points out that now the new economic stimulus package enacted this year seeks is addressing this issue by helping to lower costs. The catch; many may be ineligible for this subsidy or need to take extra steps to prove they qualify.

KEY POINTS:

• “The stimulus package subsidizes 65% of COBRA premiums for up to nine months for individuals who were laid off between Sept. 1, 2008, and the end of this year.“
• You may be ineligible for reasons such as being fired for gross misconduct, if your employer canceled group coverage, and for a number of other reasons.
• State and national COBRA laws differ to a point, so you’ll need to research COBRA both at a national and state level to learn if it can help your family.
• If you’re denied COBRA coverage, you can appeal.

LINKS THAT CAN HELP:

• Fact Sheet: Job Loss – Important Information Workers Need To Know To Protect Their Health Coverage and Retirement Benefits
• Protecting Pension and Health Care Benefits after Job Loss

[image via stock.xchng]