COBRA may benefit people for their Health insurance
Seattle – Recent stimulus bill that was passed with the objective to boost economy and to make people confident of the government included COBRA health insurance benefits. According to COBRA people who have recently lost their jobs or were laid off will be provided subsidized health insurance. Objective of this plan is to provide and maintain the health benefits to people who may not be able to afford due to current economic constraints. Employers are still trying to understand this law and many of them have expressed their concerns and questions to the government.
As per COBRA, employers who have laid-off their employees will contact their employees again and ask the eligible employees to apply for this subsidized health insurance program. They are been provided with the time limit of 60 days (by April 17) from the enactment of the bill. Employers will send notice to eligible employees who have lost their jobs and due to which they have lost or not renewed their coverage between Sept. 1, 2008, and Feb. 16, 2009. Employees who have lost their job and health insurance on or after Feb. 17, 2009 will be contacted by their employers in 44 days with details of this subsidized insurance program. If not contacted by employers, it also gives the liberty to employees who have lost their job after Sept. 1, 2009 to contact their HR department or employers and to ask about the details of this subsidy.
This stimulus package defines a criteria that if an individual has lost job on or after Sept. 1 and if the annual income of family is less than $250,000 ($125,000 for individuals), than they will pay 35 percent of premium for first nine months and rest of the premium till 18 months would be taken care by the government.
CHIP – Children’s Health Insurance Program was also introduced by government earlier this month in which millions of children’s were enrolled for health Insurance program. Cover was provided to children’s in families who earn too much to get qualified for Medicaid program but cannot afford to enroll their children for private health insurance programs.
People of United States are feeling happy and confident about this economy stimulus package which was recently signed by President Barack Obama. Congress has the opinion for general public that – no matter what, one should protect the health and should have health insurance. This law will not only give part of temporary economic relief, but also will help to boost the economy. This is a dynamic action taken by government and legislation due to soaring unemployment rate and economic meltdown. The important concerned is and will be to get jobs and to start earning their lively hoods.