The new stimulus law can save thousands of dollars in COBRA, health insurance, FSA for months

The new stimulus law can save thousands of dollars in COBRA, health insurance, FSA for months

The stimulus law requires employers to send former workers who qualify for COBRA a notice of eligibility. But if you haven’t gotten that, you can call your former employer to make sure you are signed up for coverage.  Typically, if you lose your job, you can buy insurance coverage through your former employer under the government COBRA (Consolidated Omnibus Budget Reconciliation Act) program. However, you typically have to pay the full price for that insurance, which can be very costly. Under the March law, the government will pay the entire COBRA premium from April 1 through Sept. 30 for laid-off employees and family members. (However, you’re not eligible if you have Medicare, if you left your job voluntarily, or if you qualify for new, employer-based health insurance somewhere else before that date.)  Now playing:
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Read on for details on how to save you money this year. Plus, take two minutes to see if your state owes you money. Here’s what we know about a potential fourth stimulus check, nine weird stimulus check facts and where the situation currently stands with student loan debt forgiveness. This story was recently updated. In 2021, the average cost of health insurance in the US is nearly $500 per person per month, according to Value Penguin, and associated costs can add up incrementally or all at once, including expensive premiums and taxes when you buy medication and other personal health items. The stimulus law provides new options for people who need health insurance and resources to help lower costs for those who are already insured.

Free COBRA insurance premiums through September The $1.9 trillion stimulus law from March authorized a lot of checks to go directly to hundreds of millions of Americans: Those $1,400 stimulus checks and plus-up payments arriving now, $300 extra per week in unemployment insurance and the upcoming monthly child tax credit payments for up to $3,600 total per kid. But did you also know that the bill provides five ways you can save money on health care costs? 

Under the stimulus bill, you may be eligible for new short-term health insurance subsidies to buy coverage on HealthCare.gov. Nearly everyone who buys their own insurance through the Affordable Care Act will be eligible for a discount, according to a New York Times report.  The bill broadens the subsidies available under the ACA for health insurance, so people who are already eligible can receive more, and those whose incomes were previously too high to qualify can also get assistance. For example, if your annual income is around $19,000, you’ll be able to sign up for a plan with no monthly payment. If you earn over $51,000, your premium could get lowered by as much as $1,000 a month in some markets, the Times reported. (For most people, eligibility for subsidized health insurance is calculated using your household’s modified adjusted gross income, according to the UC Berkeley Labor Center).  Sign up for less expensive health insurance now

2:58 Stimulus plus-up payments: What you need to know

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  • The new stimulus law can save thousands of dollars in COBRA, health insurance, FSA for months
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