January’s jobs report was just released this morning with 598,000 job lost and unemployment at 7.6%. Most consider the silver lining to be the progress regarding the new economic stimulus package. For the unemployed or recently unemployed, here are the details on how it will affect your unemployment and benefits:
- Weekly Unemployment. This stands to increase by roughly $25 per week federally. Some states are pushing to supplement and increase their own unemployment benefits separately as well in the form of a state separate stimulus package.
- Extended Unemployment Benefits. Unemployment typically lasts 26 weeks. The proposal seeks to extend the ability for individuals to receive an additional 20 weeks of unemployment for those who file until Dec. 31, 2009 instead of the original March 31, 2009. The extended unemployment benefits are available to those that reside in states with unemployment percentages greater than 6% which includes 34 states as of Dec. 2008.
- Access to Subsidized Health Insurance. The average cost of COBRA is $1,000 per month. The bill would allow subsidized premiums of 65% for a year. The benefit would apply to those who lose their jobs between September 2008 and the end of 2009. Those who income is 200% the federal poverty guidelines could be eligible for Medicaid. The benefit, paid for by the federal government, would apply to those who lose their jobs between September 2008 and the end of 2010. Interested in what the Federal poverty lines are? Click Here.
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