Deadline Announced for COBRA Subsidy

If your company administers a federal COBRA subsidy program, the IRS has announced a February 17 deadline for notifying COBRA assistance-eligible employees/dependents that the subsidy program has been extended.  In addition to the extension, there are also new regulations:

Employees who are involuntarily terminated from employment between September 1, 2008 and February 28, 2010 due to continuing poor economic conditions may be eligible for a 65% subsidy toward the cost of COBRA premiums.  This will be in effect for a period of up to 15 months following termination.

Employees whose 9 months of COBRA subsidy payments already expired will be covered under the new law with provision for an extra period so that they may make retroactive payments for their remaining 35% share of COBRA premiums.

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