COBRA benefits help some unemployed people keep their group health insurance. As we have discussed, this extension usually comes at a high price which shocks many terminated employees. Since the employer does not have to carry any portion of the premium any longer, the ex-employee will have to pay the whole amount.
Financial Stimulus Promises Help With COBRA Payments
The US senator who chairs the finance committee says that the new stimulus bill will include some help for newly unemployed people who cannot afford to extend their COBRA group health benefit. Mass. is the only US state who already does this by financing 80% of the bill for unemployed people for a period that can last for 12 months. State unemployment benefits, on average, are barely enough to cover most people’s COBRA bills, much less help them pay for anything else, including a mortgage, utility bills, or food.
But what about ex-employees who are not eligable for COBRA because they worked for a company who does not have to offer the extension. What about the millions of Americans who do not get health benefits from their job, and cannot afford, or qualify for, a private health plan? Well, we hope change is coming.
In the meantime, if you need private health insurance: Best Indvidual Health Insurance Quotes
If you need help because you lost your job, look at some options if you have no health insurance.