The Illinois Department of Insurance is reminding insurance companies and employers they must comply with a new law extending the federal subsidy on COBRA benefits.
The Illinois Department of Insurance is reminding insurance companies and employers they must comply with a new law extending the federal subsidy on COBRA benefits. Companies must provide timely notice to people eligible for the subsidies. COBRA allows workers to remain on a health plan for 18 months after they leave their jobs, if they pay the premiums. The federal stimulus bill provided subsidies for up to nine months to reduce the cost of coverage for workers who lost their jobs between Sept. 1, 2008, and Dec. 31, 2009. President Barack Obama recently signed a law that continues that subsidy for workers who lose their jobs between Jan. 1 and Feb. 28, 2010. The law also extends the subsidy for up to 15 months. Copyright 2009 The Associated Press.
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