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Are you a small business owner? Do you know if you are in compliance with this new law?? If you need assistance or are still confused about this new COBRA provision, please give us a call at (866) 889-3960 or email us at info@netcarebenefits.com. Netcare Benefits Group will provide free assistance to all small business owners , there is no obligation or commitment, please give us a call today you have nothing to lose!. Details on COBRA Provisions in the American Recovery and Reinvestment Act The American Resources and Recovery and Reinvestment Act of 2009 was signed into law by President Obama February 17th. Included in this comprehensive economic stimulus package was an expansion of COBRA rules to provide a nine-month COBRA premium subsidy of 65% to individuals and their families who were (or may become) involuntarily terminated from employment between September 1, 2008 to December 31, 2009. The Law provides specific eligibility and notification requirements and the manner by which reimbursement of the subsidy is obtained from the government. On February 26, the Internal Revenue Service released its first round of information for employers to use in administering the new subsidy program. Included are the subsidy reporting form, instructions and a very detailed questions-and answers piece. The Department of Labor is still working on model notices and other guidance for release by March 17. Details about eligible state continuation plans are still unavailable. We will communicate those changes as they become available.All carriers have closely monitored and reviewed COBRA changes as they passed through Congress. As such, they are making the necessary systems and process changes to ensure compliance with the new requirements now that the stimulus package has become law. Additional guidance is still forthcoming from the Departments of Labor, Treasury and Internal Revenue Service, find out more at COBRA Health Insurance Continuation Premium Subsidy Read entire article |
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