Medicare agency comments on ending Medicare subsidies for unemployed workers
Medicare Today, a Medicare agency that provides comprehensive health insurance needs, competitive offers and personalized packages, comments on the end of the federal government’s six-month health insurance subsidy for unemployed workers.
The Consolidated Omnibus Budget Reconciliation Act (COBRA), passed in 1985, provides for continued group health insurance coverage for certain employees and their families after job loss or other qualifying event. The American Rescue Plan Act of 2021 included a provision that offered the unemployed free health insurance coverage through COBRA from April 1 to September 30, 2021. The end of the provision means that many workers who are still unemployed will be left behind. look for a health insurance option to make sure they are covered in case they face any unforeseen medical expenses.
The COBRA law gives those who have left a company the option of remaining on the insurance plan of their former employer. However, this option may become prohibitive for someone who has just lost their job, as the beneficiary must continue to pay the part of their premium for which they were responsible while working. They are also required to pay the balance, which their former employer had covered. So even if the beneficiary is covered, it costs a lot, which might be too much to ask of someone who is always looking for their next job opportunity and doesn’t have the resources to fend for themselves in the meantime.
According to the Kaiser Family Foundation, the average total annual premium for employment-based coverage in 2020 was $ 7,470 for individuals. For families, the same average cost of coverage was $ 21,342. By some estimates, more than 16 million people lost their employer-sponsored health insurance during the pandemic, and as a result, there was a huge demand for the six-month grant. Those dependent on federally backed coverage would have received a warning from their former employer or insurer when their subsidy period ended. In that notice, they could have seen what their monthly bill would be without government help. If the beneficiary finds the new premiums unaffordable, they would have been entitled to a special 60-day entry period into the Affordable Care Act market.
A spokesperson for Health Insurance Today speaks on the end of the provision, saying: “Workers across the country who have been given a break thanks to the COBRA law to overcome them during the harsh coronavirus pandemic, must now think seriously about taking measures to protect yourself from medical emergencies that may arise at the most inconvenient times. If you have been successful in finding a job and being part of the productive workforce, you will be covered by your employer’s insurance. However, if you’re still struggling to find a paying job, Health Insurance Today is ready to help you find the perfect policy that will ensure you aren’t caught off guard with medical expenses if your health deteriorates or you are. caught in a lifetime. threat of accident. Our agents will choose the best policy that fits your budget as well as your current healthcare needs to ensure you are covered against the vagaries of these unprecedented times. Call us today and our agents will have you covered with the perfect policy in no time.
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