NEW PREMIUM REDUCTION PROVISIONS UNDER ARRA!
In a nutshell, President Obama signed an act (the American Recovery and Reinvestment Act) that reduces COBRA premiums for eligible individuals for up to nine months!
Basically, to be considered "eligible" you need to meet the following criteria:
1. Must have been involuntarily terminated from your job between September 1, 2008 and December 31, 2009 and eligible for continuation health coverage
2. Must not be eligible for Medicare
3. Must not be eligible for coverage under any other group health plan (such as a plan sponsored by a spouse's employer)
Even if you were offered, but did not elect, continuation coverage or elected for it but have since discontinued it, you may have the right to an additional 60-day election period.
If you meet all the requirements but never got a letter about it, go online to learn more about the American Recovery and Reinvestment Act. I can't wait to see how much I save!
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