This summer, 38% of terminated employees bought into their former organization’s COBRA health insurance coverage plan. That’s double the 19% enrollment rate recorded during the end of 2008, according to a new Hewitt Associates report.
Reason for the jump: The economic stimulus law created a COBRA subsidy under which eligible terminated employees pay only 35% of their COBRA premium. The remaining 65% is paid by the employer, which the federal government reimburses through tax credits. The subsidy ends Dec. 31, 2009.
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