In the event of losing your job you maybe able to keep your last employers group medical insurance coverage. The American Recovery and Reinvestment Act of 2009 (ARRA) may make it possible for you to keep your employer-sponsored medical insurance coverage. The American Recovery and Reinvestment Act of 2009 (ARRA), as amended by the Temporary Extension Act of 2010 (TEA) on March 2, 2010, provides for premium reductions for medical insurance benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, or as we all know it, COBRA.
The premium assistance program is also available for continuation coverage under some State laws. Individuals that are eligible pay 35% of their COBRA premiums; the remaining 65% is recieved by the medical insurance coverage provider through tax credits. The medical insurance premium reduction applies to periods of medical insurance coverage that began on or after February 17, 2009 and lasts for up to 15 months.
To be eligible to receive the reduced premiums:
- You MUST have an employer sponsored continuation insurance coverage election opportunity (qualifying event)* related to an involuntary termination of your employment that happened at some time between September 1, 2008 and March 31, 2010;
- You MUST elect the continuation of coverage (within the time allowed);
- You MUST NOT be eligible for Medicare; AND
- You MUST NOT be eligible for medical insurance coverage under any other group health plan, such as a plan sponsored by a new employer or your spouse’s employer.
For more information visit BestHealthcareRates.com and get free medical insurance quotes and plan information.
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