Q:I lost my job on May 21, 2010. The company I worked for is offering Cobra that I would have to pay around $1200 per month. Is it true that the company has to contribute 65% of the premium? That would be a great help at least for now, please enlighten me and let me know how and what can be done to reduce the monthly premium. Thank you for your help.
A:If you lose your benefits before May 31st, you could be eligible to receive the reduction in the cost of your Cobra.To be eligible for it you have to be involuntarily terminated and not eligible for other health insurance.To find out if you should be able to receive that reduced cost you can find information at www.dol.gov/COBRA or talk with your past employers HR Department to see if your Cobra will be subject to the reduced cost.
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