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Displaced Workers- Whats Your Financial 411 on COBRA

Friday, April 3, 2009

Displaced Workers- Whats Your Financial 411 on COBRA

Find out how the Federal Stimulus Package affects COBRA at the second annual DCSaves Financial Fair.

(Washington, DC) — During the District’s third Financial Literacy Month, the DC Department of Insurance, Securities and Banking (DISB) will host a 30-minute workshop on COBRA (Consolidated Omnibus Budget Reconciliation Act) at the DCSaves Financial Fair, sponsored by the Capital Area Asset Builders. COBRA provides workers who have recently lost their jobs with an opportunity to maintain the health benefits package provided by their former employer for an additional six months. The recently enacted federal stimulus law, which amended COBRA, has a provision that reduces the cost of this health coverage to the displaced worker by 65 percent. Individuals who recently lost their jobs should attend and bring others.

There are 10,000 more unemployed District residents currently looking for work compared to a year ago, according to Councilmember David Catania, who recently authored the “Continuation of Health Coverage Act Emergency Amendment Act of 2009,” which was approved by the Council of the District of Columbia. The legislation amends District law to make sure all displaced employees in the District of Columbia continue with their employer’s health benefits plan for a period of nine months.

“Losing the health benefits due to unemployment can be devastating,” said DISB Commissioner Thomas. E. Hampton. “It is our hope that during this workshop, DISB will be able to walk you through the appropriate steps you need to take in order for you to continue your health coverage.”

Since President Barack Obama signed the new law, there have been many modifications to COBRA. Attend the seminar to find out if you’re eligible for the 65 percent federal subsidy or the District’s continuation coverage premiums for up to nine months.

WHAT: Learn about the new COBRA requirements in the law, and how it impacts you as a displaced worker.

WHERE: Boys and Girls Club at THEARC, 1901 Mississippi Avenue, SE

WHEN: Saturday, April 4, 2009, 12 pm – 12:30 pm 

WHO: Commissioner Thomas E. Hampton, Senior Insurance Operations Specialist Carolyn King and others.