COBRA Subsidy Under ARRA

COBRA Subsidy Under ARRA

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WilmerHale has played a leading role in shaping the rules that govern the US financial services industry.
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The American Recovery and Reinvestment Act of 2009, P.L. 111-5, 123 Stat. 115 (Feb. 17, 2009), provides qualified individuals with a 65% government subsidy for up to nine months of the premiums paid for health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). The subsidy provides an incentive to elect COBRA coverage for involuntarily terminated employees and their qualified beneficiaries. The new administrative requirements of the law and its substantive benefits will need to be understood by employers quickly, particularly for companies that have engaged in a reduction in force since September 1, 2008, or are currently contemplating such reductions. For more on the COBRA subsidy, see our recent Email Alert.

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