COBRA Subsidy | Florida Health Insurance COBRA Expires


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Florida Health Insurance COBRA Subsidy Expires

Get Informed about the, COBRA Subsidy and Health Insurance Changes For Florida Residents!

COBRA Subsidy If corporate downsizing wasn't enough to give you nightmares, here's another piece of news that may strike you as a bolt. Congress has decided to not extend COBRA (Consolidated Omnibus Budget Reconciliation Act) subsidies. This means, that post May 31, 2010, you'll have to pay the full (COBRA) amount even if you are jobless. With the problem of unemployment still looming large and health care reforms set to kick in only after 2014, COBRA subsidies had become a major lifeline for many American citizens. However, the government is unwilling to extend the COBRA subsidy once it expires on May 31, 2010.

HOW DOES THE COBRA SUBSIDY WORK?

As per the opinions of renowned "Insurance Matters" columnist Dan Heffley, COBRA was the last resort for people who didn't have jobs but wished to continue their health insurance from their insurance provider. COBRA subsidy allowed employees to continue insurance coverage with their insurance provider for up to one and a half years (18 months).

Florida Group Health Insurance - COBRA Subsidy Expires?
As per the earlier rule, COBRA had to be paid completely by the employees; however, after the economic meltdown that saw millions left unemployed and unable to afford health insurance, Congress took hold of the situation and passed a bill to subsidize COBRA. This new bill stated that unemployed workers would only have to pay 35% of their COBRA payment. This subsidy was available only for the individuals laid off between the period from September, 2008 to May 31, 2010. (read more)

Get Individual Health Insurance Rather Than COBRA
A new report published by Families USA states that the median monthly unemployment income in the US is $1.313 while the average charge for COBRA coverage being $1.107. Thus, many families will now have to make a difficult choice whether to feed their families or to continue their health insurance coverage. Not surprisingly, many will choose the former option and thus, join the ranks of 58.4 million Americans that do not have health insurance coverage. (read more)

COBRA Continuation Extended For Florida Residents?
This COBRA subsidy had benefitted many American citizens by allowing them to continue their insurance coverage at affordable premium rates. For a typical American family, the COBRA subsidy had lowered the annual cost of COBRA from approximately $13,500 to around $4,725. (read more)

More COBRA Information Here
The US Treasury has estimated that as many as 1.65 million American citizens had benefitted from the COBRA subsidy since the time it was adopted in February, 2009. No wonder then, the subsidy still enjoys a wide-ranging public support. The executive director of Families USA- Ron Pollock, stated that now it will be difficult for any person subsisting on unemployment insurance to pay the COBRA premiums without getting any financial help. (read more)

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HOW DOES THE COBRA SUBSIDY WORK?

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