Omnibus Reconciliation Act
The Omnibus Budget Reconciliation Act or the Consolidated Omnibus Budget Reconciliation Act (COBRA) helps newly-unemployed workers and families to keep their health insurance coverage in times of unemployment.
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Purpose
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The Omnibus Budget Reconciliation Act provides newly-unemployed workers and their families with the ability to receive medical coverage from their group insurance plans. Workers have a set amount of time to either find a new job or another form of health insurance.
Eligibility
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Individuals are eligible for benefits via the Omnibus Budget Reconciliation Act if they quit or were fired from their former job. In addition to unemployment, individuals may be eligible for benefits if they have had their hours reduced, are transitioning between jobs, or are experiencing major life events that alter their ability to sustain work.
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Costs
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The costs associated with benefits received under the Omnibus Budget Reconciliation Act are substantially higher than those associated with the former plan. Under the Omnibus Budget Reconciliation Act, individuals are required to pay at least of 100 percent of the premiums for care.
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References
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