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COBRA insurance coverage is a common phrase, but most people aren't fully aware of what COBRA is, what it costs, and whether or not it's really beneficial to an unemployed worker. Lucky for you ...
COBRA stands for Consolidated Omnibus Budget Reconciliation Act, a federal law that was established in 1985 to give individuals temporary health coverage after a qualifying event such as a job loss.
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is a law passed by the U.S. Congress on a reconciliation basis and signed by President Ronald Reagan that, among other things, mandates an insurance program which gives some employees the ability to continue health insurance coverage after leaving employment.
Senate – $21 billion to subsidize the cost of continuing health care insurance for the involuntarily unemployed under the COBRA program; $87 billion to help states with Medicaid; $22 billion to modernize health information technology systems; and $10 billion for health research and construction of National Institutes of Health facilities.
Unemployed workers who have been taking advantage of a federal subsidy to help them pay for continued health care coverage will soon get an unwelcome reminder of how much that insurance really costs.
The Equal Access to COBRA Act was a bill which would amend the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, and the Public Health Service Act to extend COBRA health insurance coverage to qualified beneficiaries, defined to include domestic partners.
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act and became law in 1986.It is also known as continuation coverage. COBRA can help a person keep the health insurance that they ...
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
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