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Saturday, January 10, 2009

Unemployed Pay 84% Of Income For COBRA

Many shun COBRA health plans, group says

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Unemployed workers in Pennsylvania and across the United States are going without health-care coverage because they can't afford to pay the insurance premiums offered through their former employer, a nonprofit health-care advocacy group said Friday.

"For the vast majority of the jobless, they and their families are likely to join the ranks of the uninsured. COBRA is great in theory, but lousy in reality," said Ronald Pollack, executive director for Families USA, a Washington-based nonprofit that issued a report Friday on why the jobless have difficulty affording health-care insurance.

Unemployed workers nationwide pay an average of 84 percent of their monthly benefits just to cover family health insurance premiums under what is known as COBRA, the Consolidated Omnibus Budget Reconciliation Act of 1985, Pollack said. COBRA gives workers the option of continuing their health-care coverage they had with their former employer for 18 months, if they pay the premiums. Companies can charge their full cost of the premium, plus a 2 percent administrative fee. More...

1 comment :

Anonymous said...

They make it sound like they are giving you a break when they lay you off and then offer this, but quite frankly it is cheaper to go to State Farm and get a health insurance than it is to pay for this.