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Tax Credit for COBRA Premium Payments Paid for Unemployed Individuals
COBRA provides certain former employees, retirees, spouses, former spouses and dependent children the right to temporary continuation of health coverage at group rates. COBRA generally covers health plans maintained by private-sector employers with 20 or more full and part-time employees.
The American Recovery and Reinvestment Act of 2009 established a tax credit for an employer-provided subsidy for employees who involuntarily lose their jobs during the period beginning Sept. 1, 2008, and ending Dec. 31, 2009. The IRS issued a news release Feb. 26 outlining information for employers. Individuals who qualify for the COBRA subsidy premium should follow the following link for more information: http://www.irs.gov/newsroom/article/0,,id=204505,00.html