COBRA Insurance Information Advocates
Thursday, March 18
COBRA Insurance: What it is.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) was established in 1986 to solve gaps in health coverage to terminated employees under certain circumstances. Mainly, it allows an employees who loses their health benefits the option to choose to continue group health benefits provided by their company group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events.
Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan, making once affordable health insurance seemingly a pocket-burner. Unfortunately few can afford paying full premium on a major medical plan, which in turns steers them to supplemental coverage or a COBRA alternative.
The type of qualifying event will determine who the qualified beneficiaries are and the amount of time that a plan must offer the health coverage to them under COBRA. A plan, at its discretion, may provide longer periods of continuation coverage.
Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan, making once affordable health insurance seemingly a pocket-burner. Unfortunately few can afford paying full premium on a major medical plan, which in turns steers them to supplemental coverage or a COBRA alternative.
The type of qualifying event will determine who the qualified beneficiaries are and the amount of time that a plan must offer the health coverage to them under COBRA. A plan, at its discretion, may provide longer periods of continuation coverage.
Qualifying Events for Employees:
- Voluntary or involuntary termination of employment for reasons other than gross misconduct
- Reduction in the number of hours of employment
Qualifying Events for Spouses:
- Voluntary or involuntary termination of the covered employee's employment for any reason other than gross misconduct
- Reduction in the hours worked by the covered employee
- Covered employee's becoming entitled to Medicare
- Divorce or legal separation of the covered employee
- Death of the covered employee
Qualifying Events for Dependent Children:
- Loss of dependent child status under the plan rules
- Voluntary or involuntary termination of the covered employee's employment for any reason other than gross misconduct
- Reduction in the hours worked by the covered employee
- Covered employee's becoming entitled to Medicare
- Divorce or legal separation of the covered employee
- Death of the covered employee
Go to COBRA Insurance for more information or answers.
Labels: COBRA, cobra subsidy, Insurance, unemployed
¶ 4:55 PM
Wednesday, March 17
Premiums would rise; Tax credits honor the difference
Premiums would continue to rise even if the current reform is passed. What isn't being aknowledged in the statements that President Obama is stating about expanding premiums is the fact that the tax credits will be what saves. With annual premiums eventually leveling off, it is speculated that the tax credits would be the saving enabler.
With an estimated premium drop of $3,000, Obama stated that employers could place focus on the real issue: Salary increases.
The Associated Press: FACT CHECK: Premiums would rise under Obama planLabels: COBRA, cobra subsidy, health reform, Insurance
¶ 8:45 AM
Tuesday, March 16
Decades of change acknowledged, but not all votes on hand...
House heads toward close healthcare vote
| Reuters ¶ 10:04 AM
With health care dominating headlines for the past nine months, it looks as if the trail head is approaching. President Obama made his third trip in the past week yesterday, while House Democrats continue to push for votes. In a bill that will spend over $100 billion dollars per year and wording not quite fitting for some, votes have been hard to persuade.
If passed, the changes would shock a system that has gone multiple decades without considerable changes. Outlining the ability to ensure 30 million currently uninsured American and banning refusal of coverage to those with pre-existing conditions highlights the controversial bill. Republicans condemn the bill harshly as a takeover bill that will lead to higher premiums and less consumer choice.
| Reuters ¶ 10:04 AM
Monday, March 15
Expect huge impact on Health Care; Regardless of vote
A Big Week for Health Care Reform: What Could Happen Next? - Political Hotsheet - CBS News
¶ 10:17 AM
The main question proceeding actual voting on any bill is: Does the House have enough votes to pass the Senate bill and does the Senate have enough votes to pass the Reconciliation bill after that? When passing a reconciliation bill, only majority is needed. While this does enable easier passing of any legislation, it truly points out the lack of support at the Congressional level.
With President Obama postponing his out-of-country travels over the weekend, it is clear the push has begun. Through broadcasts on "Meet the Press" over the weekend, it became awfully clear that both sides are lacking votes. With the hypothetical deadline arriving, the President has made a clear statement that a decision must be given this week.
Senate approves COBRA subsidy
Senate approves COBRA subsidy extension through end of 2010 | IFAwebnews
¶ 9:27 AM
The U.S. Senate has approved a 15-month extension that will provide a 65% subsidy to those part of the Consolidated Omnibus Budget Reconciliation Act (COBRA).
As part of the 2009 stimulus package, the subsidy extension will exceed $130 billion in funding. The bill will "...help those who have been hit the hardest," says Sen. Reid (D-Nev).
Wednesday, March 10
How does Short-Term Medical Insurance benefit?
Short Term Medical insurance is designed for people who need temporary health insurance coverage for up to 12 months. It has never been easier or faster to get health insurance. With easy-to-complete, online applications and next-day coverage, you aren't stressing the unknown. In a time where many receive the Cobra Subsidy, many don't take the extra step to see what else is out there. Of course, a 65% discount sounds great, but what if you could save even more?
Whether you are:
- Between Jobs
- Looking for an affordable COBRA insurance alternative
- Recent college graduate
- Temporary or seasonal employee
- Unemployed or laid-off
- Waiting for other health insurance
- Any temporary need of health coverage
A simple accident like a broken bone or torn muscle can cost thousands of dollars. Short Term Medical insurance is often highlighted by freedom to choose provider, but added access when utilizing an in-network provider. They also contain many benefits when hospitalized or simply getting a check-up. Options could also include co-pays or co-insurance rates. Don't fear the unknown when going through hard-enough times, be aware of all of your options.
Labels: COBRA, cobra subsidy, Insurance, unemployed, unemployment
¶ 4:19 PM
COBRA subsidy extension set for full Senate vote | Business Insurance
COBRA subsidy extension set for full Senate vote | Business Insurance
¶ 8:02 AM
The Senate floor has now ordered a stop to debate regarding the COBRA subsidy. In doing so, it is expected that the Senate will soon vote on a 15-month extension in the coming days. The bill would extend the 65% subsidy that is due to expire on the 31st of March.
After astonishing lapse in coverage two weeks back, the Senate has moved very swiftly through debate of an extension that would benefit those terminated and left without employment. Granting a 15-month extension will immediately commit the American people to possibly more than $150 billion in spending
in a program benefiting the unemployed.
Monday, March 8
Obama demanding yes or no; Public support at stake
As President Obama made his press conference on Wednesday, March 3, wheels began to pick up the pace on both the Republican and Democratic sides. In legislation that implicates many of the same subjects that so heavily have been debated to date; the American citizens are not only showing they care by electoral upsets, but are tuning in to a news outlet in overwhelming rates.
Outlined in his speech, the President is stressing both sides of the political carpet to make a decision. Many are no longer looking for a "Super Majority", but now willing to seek a yes or no by putting the bill through reconcilliation. Enabling passing of the bill will only need a simple majority of both House and Senate. Having been used in the past, it must also be noted that every time a highly controversial bill be passed with limited support powers of congress have swung from one political party to the other.
President Urges Congress to Hold Final Vote on Health Care Soon
Outlined in his speech, the President is stressing both sides of the political carpet to make a decision. Many are no longer looking for a "Super Majority", but now willing to seek a yes or no by putting the bill through reconcilliation. Enabling passing of the bill will only need a simple majority of both House and Senate. Having been used in the past, it must also be noted that every time a highly controversial bill be passed with limited support powers of congress have swung from one political party to the other.
President Urges Congress to Hold Final Vote on Health Care Soon
Labels: COBRA, cobra subsidy, Insurance, unemployed, unemployment
¶ 8:29 AM
Wednesday, March 3
COBRA Stopgap Signed
Tuesday continued to revolve around Healthcare and COBRA subsidies. Earlier Tuesday, President Obama signed into effect a 31-day extension for the COBRA subsidy. This will extend the coverage offered to those involuntarily terminated from March 1st to the 31st. The subsidy will cover 65% of the total premium.
Currently the Senate is debating and will continue debating a piece of legislation (H.R. 4213) that will extend the subsidy until December 31, 2010. In estimates, the new bill would exceed $100 million dollars and Congress would be responsible for finding ways to fund through cuts in other spending.
Labels: COBRA, cobra subsidy, Insurance, unemployed, unemployment
¶ 8:44 AM
Tuesday, March 2
COBRA Subsidy on Agenda
Discussion today is expected to take place in the Senate chamber that will tackle unemployment and the cobra subsidy. Sunday, the COBRA subsidy expired leaving many unemployed without the means to afford coverage. While the House soundly passing a "stopgap" subsidy, the Senate could not move to do the same.
On the Senate agenda today at 1:15 p.m., CST, is a discussion on jobs, unemployment benefits, and tax subjects. Assuming those subjects, we can expect that a discussion about the COBRA subsidy extension will be of priority.
Labels: COBRA, cobra subsidy, Insurance, unemployment
¶ 11:09 AM
Monday, March 1
COBRA Subsidy Expires; Unemployed Waiting
As the weekend came and went, so did the COBRA subsidy. Many now left to go look for temporary coverage or play a "waiting" game to see if/when the subsidy will be extended once again. Republicans search for a plan to pay for the cost before approving any legislation that will put more money towards a continually increasing national debt.
Labels: COBRA, cobra subsidy, Insurance, unemployed, unemployment
¶ 9:13 AM
Friday, February 26
COBRA extension soon in place...
Today the House of Representatives approved an extension of 31-days to the COBRA subsidy program. This means those being terminated after February 28th will have the subsidy available until the 31st of March, if approved by the Senate as well. As of this moment the Senate has not passed its version of the extension H.R. 1586.
House approves stopgap COBRA subsidy extension
House approves stopgap COBRA subsidy extension
Labels: COBRA, cobra subsidy, Insurance, unemployment
¶ 2:08 PM
Thursday, February 25
New Jobs Bill: Addressing COBRA subsidy
Day by day the deadline approaches to when the COBRA premium subsidy is set to expire (February 28th, 2010). After being striped from a planned legislation proposal as part of the Patriot Act extension, a new jobs bill has been drafted. The bill would extend COBRA premium subsidies for another 10 months for those who were involuntarily terminated from their employer. Failure to extend the deadline, would mean that those laid off after March 1st would not be eligible for COBRA subsidy entitlements.
The new jobs bill will also allot more time to business owners to fulfill pension plan obligations.
Labels: COBRA, cobra subsidy, Insurance, unemployed, unemployment
¶ 12:53 PM
Wednesday, February 24
Reid Pushing for COBRA extension and more...
In similar reports Majority leader Henry Reid (D) has planned extensions for the COBRA subsidy. As details continue to be known, it looks as if Reid will be proposing a plan that will allow for a 30-day extensions of the COBRA subsidy, parts of the Patriot Act, and prevention of cuts in the Medicaid program.
Being called a "stopgap" measure, the subsidy is set to expire February 28. Cutting it very close to the deadline has already proven costly. With the date approaching many unemployment agencies have begun sending out letters that are addressing the issue.
Labels: COBRA, cobra subsidy, Insurance, unemployment
¶ 11:48 AM
Tuesday, February 23
COBRA Subsidy Extension Outlook: 15- to 30-Days
The COBRA subsidy has brought some form of stability to those laid off. While still struggling, it has enabled those who were laid off between September 1st, 2008, and December 31, 2009, to afford health insurance. About a year ago, as part of the economic stimulus bill, it allowed for those who had lost their job to receive a subsidy that would pay 65% of their premium.
While introducing legislature is much different than actually passing it, many top level democratic politicians are preparing to begin the process as early as tonight. While it most likely will not be seen as a permanent fix, it will be in the range of a 15- to 30-day extension of what is currently in place. The current subsidy is due to expire the 28th of February and many unemployment offices have already begun sending out notice letters.
Labels: COBRA, cobra subsidy, Insurance, unemployed
¶ 4:11 PM
