We finally got the paperwork today for our COBRA coverage, since our insurance expires tomorrow. The normal cost for the family coverage for both medical and dental is $880.36 per month! This is why we didn't get COBRA the last time hubby was out of work! It's incredibly expensive for someone that is not receiving a paycheck. Heck, it's expensive for someone that IS working!
Luckily, we may not have to pay the entire amount in order to get the insurance coverage due to ARRA or The American Recovery and Reinvestment Act of 2009. This reduces the premiums by 65%! Much more manageable!
We still have to fill out a form online to be approved for the reduction, but once we are, then we'll only have to pay $308.13 per month for coverage. It's still higher than we were paying, but much more affordable than $880!
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