3 years, 3 months ago
What if you lost your job in 4/08 and dont have benefits? Will COBRA be extended past the 18 months max?
We have only been able to get part time work and no benefits are offered. Why is assistance given if you lost your benefits after 9/08 date? I have a son with special needs and cant get any insurance for him or myself if I loose COBRA. My husbands company went BK in April 08 and our new jobs dont offer benefits. I thought the COBRA option was to be extended past the 18 month max and reduced a little? Are there any options to appeal for help? We currently pay $1803.00 a month for COBRA but have no choice. I am worried what will happen when the 18 months are up.
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M$3 Answers
Bear with me on this answer....unfortunately the stimulus bill is not going to help anyone on COBRA unless they lost their job after 9-1-08. It is as simple as that.
However, I strongly advise you to go to your prior employer and explain your situation. I know of cases where former employees have done this and employers have been willing to provide extended COBRA coverage. Plus, you might find your employer willing to do this, particularly if they believe that they can take advantage of the 65% tax credit that is available to them.
If you have an employer that "has a heart," there is another possibility. That is to have them re-employ you, if only for 1 day. They would then terminate and you would then have eligibility for COBRA for 18 months, plus they would be able to take advantage of the 65% tax credit. It's worth a try, isn't it?
However, I strongly advise you to go to your prior employer and explain your situation. I know of cases where former employees have done this and employers have been willing to provide extended COBRA coverage. Plus, you might find your employer willing to do this, particularly if they believe that they can take advantage of the 65% tax credit that is available to them.
If you have an employer that "has a heart," there is another possibility. That is to have them re-employ you, if only for 1 day. They would then terminate and you would then have eligibility for COBRA for 18 months, plus they would be able to take advantage of the 65% tax credit. It's worth a try, isn't it?
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M$Report Abuse
There is a detailed discussion of the COBRA implications in the final stimulus bill at the link below (including a PDF of the actual relevant sections of the bill). They are discussing detailed examples, and the authors of the post seem to be responding well.
Unfortunately, I do not see anything about extending the 18 months rule, only about subsidizing the premiums. Even that will only be for 9 months (beginning in March), not forever.
I did find an article, a little older, that clearly says "The bill will keep the 18 month limit in place." While this is a slightly older article that predates the actual bill that was signed, I can find no evidence that they did anything with the 18 month limit.
I also found an AP article that is talking about the most recent bill. Again, it mentions the 18 month limit and only that the premiums will be subsidized, no mention of changing the time frame for eligibility.
Sorry.
(It does appear that a version of the House bill had a provision for changing the 18 months for long-term employees 55yrs or older with 10 years of service, but I'm unable to confirm whether this made it to the final bill or whether it is relevant to your particular situation: http://www.buckconsultants.com/buckconsultants/Portals/0/Documents/PUBLICATIONS/Newsletters/FYI/2009/FYI_02_05_09a.pdf )
Unfortunately, I do not see anything about extending the 18 months rule, only about subsidizing the premiums. Even that will only be for 9 months (beginning in March), not forever.
I did find an article, a little older, that clearly says "The bill will keep the 18 month limit in place." While this is a slightly older article that predates the actual bill that was signed, I can find no evidence that they did anything with the 18 month limit.
I also found an AP article that is talking about the most recent bill. Again, it mentions the 18 month limit and only that the premiums will be subsidized, no mention of changing the time frame for eligibility.
Sorry.
(It does appear that a version of the House bill had a provision for changing the 18 months for long-term employees 55yrs or older with 10 years of service, but I'm unable to confirm whether this made it to the final bill or whether it is relevant to your particular situation: http://www.buckconsultants.com/buckconsultants/Portals/0/Documents/PUBLICATIONS/Newsletters/FYI/2009/FYI_02_05_09a.pdf )
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M$
Unfortunately, you can not remain on COBRA unless there is a new "qualifying event". However, you may be eligible to convert your COBRA coverage to an individual policy from your insurance company if they offer an individual policy. You have 30 days from the termination date of COBRA coverage to request this individual policy.
New subsidy will also be of no help for you.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0475582.htm
Just shop for a new health plan. They may be cheaper than COBRA and better coverage too!
Going with a higher deductible with a better established insurance company and good major medical plan is a better way of getting a lower premium, as opposed to going with a very low deductible with a plan that has many limited health benefits.
High Deductible Health Plans Would Be Good For Individuals and Families Who Can:
# Afford High Out-of-Pocket Expenses (deductibles on high deductible health insurance plans are generally $1000-$2000)
# Are in Good Health
# Generally Never Need Prescription Drugs
# Don't Plan to Get Pregnant (some plans have a one year wait before they cover maternity care)
# Don't Have Pre-Existing Conditions (again, there may be a waiting period)
Guidelines to Follow if You Choose High Deductible Insurance:
# Set Up a HSA to Pay for Your Out-of-Pocket Expenses
# See if Your Employer Offers a Plan Before Looking Into Private Insurance Companies (your employer may pay part of the premium)
# Shop Around and Compare Premium Costs
# When Shopping Around, Compare Costs by the Amount of the Deductible, What is Covered, the Lifetime Annual Benefit, and The Annual Premium
http://www.aetna.com/members/individuals/health/plan_details/California/mcoa_high_deductible_5000.html
New subsidy will also be of no help for you.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0475582.htm
Just shop for a new health plan. They may be cheaper than COBRA and better coverage too!
Going with a higher deductible with a better established insurance company and good major medical plan is a better way of getting a lower premium, as opposed to going with a very low deductible with a plan that has many limited health benefits.
High Deductible Health Plans Would Be Good For Individuals and Families Who Can:
# Afford High Out-of-Pocket Expenses (deductibles on high deductible health insurance plans are generally $1000-$2000)
# Are in Good Health
# Generally Never Need Prescription Drugs
# Don't Plan to Get Pregnant (some plans have a one year wait before they cover maternity care)
# Don't Have Pre-Existing Conditions (again, there may be a waiting period)
Guidelines to Follow if You Choose High Deductible Insurance:
# Set Up a HSA to Pay for Your Out-of-Pocket Expenses
# See if Your Employer Offers a Plan Before Looking Into Private Insurance Companies (your employer may pay part of the premium)
# Shop Around and Compare Premium Costs
# When Shopping Around, Compare Costs by the Amount of the Deductible, What is Covered, the Lifetime Annual Benefit, and The Annual Premium
http://www.aetna.com/members/individuals/health/plan_details/California/mcoa_high_deductible_5000.html
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M$
