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Old 08-14-2009, 11:41 AM
 
2,048 posts, read 5,433,702 times
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If I own a business and lay off workers, is it true that under some new COBRA law, I have to pay 65% of the cost while the unemployed worker pays 35%? Someone mentioned to me the other day how she suddenly hates Obama because now they have to foot the bill for COBRA benefits. Does anyone know what she's talking about?
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Old 08-14-2009, 12:16 PM
 
9,880 posts, read 9,529,040 times
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Quote:
Originally Posted by sandycat View Post
If I own a business and lay off workers, is it true that under some new COBRA law, I have to pay 65% of the cost while the unemployed worker pays 35%? Someone mentioned to me the other day how she suddenly hates Obama because now they have to foot the bill for COBRA benefits. Does anyone know what she's talking about?
Yes, it is part of American Reinvestment and Recovery Act. I will find a link for you.

http://www.dol.gov/ebsa/faqs/faq-cobra-premiumreductioner.html (broken link)

Last edited by pommysmommy; 08-14-2009 at 12:18 PM.. Reason: Link provided
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Old 08-14-2009, 12:21 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 30,446,483 times
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As per the above website:

The employer (or other responsible entity) may recover the remaining 65% of the premium by taking the subsidy amount as a credit on its quarterly employment tax return.

*****

Therefore, while the employer lays out the money initially, the employer is fully reimbursed.

So tell your friend to take the tax credit and get her money back.
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Old 08-14-2009, 12:28 PM
 
9,880 posts, read 9,529,040 times
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Filing for the tax credit is easy and painless. It won't cost you a cent, you can do it on your own without professional advice. Just kidding.
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