As part of the American Recovery and Reinvestment Act of 2009 (ARRA), you may be eligible to receive a subsidy of up to 65% of the cost to continue your insurance benefits under COBRA.
Your employment termination must occur between September 1, 2008 and December 31, 2009. You must be eligible to continue insurance benefits under COBRA. Even if you did not elect to continue coverage you will receive an additional election period as a result of the law change. Benefits are also limited by adjusted gross income during the year you receive benefits at $125,000 for individuals and $250,000 for families.
The Department of Labor has a website to inform the public about this new benefit.
Dept. of Labor
An excerpt of the actual law is linked on my website. Wray Rives, CPA
Friday, March 6, 2009
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