Can COBRA Insurance Be Extended on the Stimulus Plan?
Whether or not COBRA insurance can be extended on the Stimulus plan depends on a few key things. Find out if COBRA insurance can be extended on the Stimulus plan with help from the President of The Stratford Financial Group, Inc. in this free video clip.
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Hello, I'm Jeffrey Ingalls, president of Stratford Financial Group and Stratford Employer services in Wayne, New Jersey and right now we're going to talk about: Can COBRA insurance be extended on the stimulus plan. The stimulus package enacted in February 2009 was known as the American Recovery and Reinvestment Act. Or also known as ARRA. And what it did was temporarily reduce the premium for COBRA or comparable state continuation coverage for eligible individuals. Further legislation, further down the road, extended the time frames where people could elect this coverage and also receive the premium subsidies. The premium reductions associated with ARRA and this continued legislation ended on May 31, 2010. In total the stimulus package allowed qualified individuals who originally did not elect COBRA, a second chance to elect, and also offered premium subsidies. It did not extend the length of time a participant could remain on COBRA and continue coverage. Certain states, such as New York, have state level extensions allowing for continued coverage under COBRA at the state level. I'm Jeffrey Ingalls, president of Stratford Financial Group and Stratford Employer services in Wayne, New Jersey. We can be found at www.stratfordlink.com and you just watched: Can COBRA insurance be extended on the stimulus plan. Thank you.