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COBRA Subsidy Eligibility Period Extended

Categories Tax Tips (Fed)

 

Workers who lose their jobs during April and May may qualify for a 65% subsidy on their COBRA health insurance premiums. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs due to the recession, maintain their employer sponsored health insurance.

The Continuing Extension Act of 2010, enacted April 15, reinstated the COBRA subsidy, which had expired on March 31. As a result, workers who are involuntarily terminated from employment between September 1, 2008, and May 31, 2010, may be eligible for a 65% subsidy of their COBRA premiums for a period of up to 15 months. In some cases, workers who had their hours reduced and later lose their jobs may also be eligible for the subsidy.

There is more information about the COBRA subsidy, including questions and answers for employers, and for employees or former employees on the IRS website.

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