This past week, the NYS governor signed into law an extension of COBRA from 18 months to 36 months. COBRA gives employees who have lost their jobs the option to buy continued health coverage that had been provided by their group health plan.
How many New Yorkers could buy coverage under the new COBRA extension, retroactive to July 1, is unclear. But with an unemployement rate over 8% and a lengthening in unemployment durations, this can only be good news for those still looking for a job after 18 months.
If you're on COBRA and are a NYS resident, make sure that your previous employer, who is administering these benefits, knows that you are eligible to continue your COBRA coverage for up to three years from your departure from employment.