Mar 20, 2009
Economic Stimulus Funds: Help with COBRA & Social Security
The American Recovery and Reinvestment Act signed into law in February includes significant help for individuals and families hit hard by the recession. Below are highlights of these time-limited benefits:
- Many workers and their dependents eligible for federal COBRA, or state continuation of coverage (aka ‘mini-COBRA’), rights due to an involuntary job loss that occurred anytime between September 1, 2008 and December 31, 2009 are eligible for a 65% reduction in their monthly COBRA premium for up to 9 months. Individuals whose income is above $125,000 and families with household income exceeds $250,000 are not eligible.
As with all aspects of COBRA, there are many details governing who is/is not eligible, the type, length of benefits, and mechanics of the subsidies. Check on specific information about your state and more by reviewing a comprehensive ‘Question and Answer’ on the COBRA and mini-COBRA premium assistance prepared by Families USA at: http://www.familiesusa.org/issues/private-insurance/understanding-cobra-premium.html. Or, for more information, contact the Employee Benefits Service Administration toll-free at 1.866.444.3272.
- One-time $250 payments will be issued in May to all beneficiaries of Social Security Administration programs, (including retiree, disability and Supplemental Security Income benefits), as well as to veterans receiving disability compensation or pension benefits from the Veterans Administration. At present, the SSA has limited additional information about these payments, but will be adding more to its Frequently Asked Questions at: http://www.ssa.gov/payment/.
If you have questions, the National MS Society has staff specifically trained to work with you to navigate insurance and money matters. Call Cheryl Roberto-Lvovsky at 310.479.4456 or 1.800.344.4867.
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