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Q: I was laid off in November 2007; it has been a year and 3 months. First, would I be able to extend for another year? Second, I understand with the new law COBRA will pay 65 % and I will pay 35 % since I am collecting unemployment?
A: COBRA continuation allows employees that have been laid off or termed to continue the same coverage that they had while employed for up to 18 months. Your former employer or their COBRA administrator would need to be contacted regarding whether or not there are any options for continuing the plan not under the COBRA umbrella because eligibility will be exhausted after 18 months. To qualify for the stimulus plan – the 65% / 35% split; a person must have been laid off or termed from their position from September 1, 2008 and beyond. Unfortunately, because the lay off happened prior to the start date for qualifying for the stimulus you are not eligible. Another option to consider is permanent or short term insurance plans. Depending on your needs and health, you might be able to get a more affordable plan as these plans can be much less than COBRA continuation plans. For more information regarding these plans click here.
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