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Reply #6: Cobra is too cost-prohibitive [View All]

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doodadem Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-04-09 04:02 PM
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6. Cobra is too cost-prohibitive
For the unemployed, it costs an incredible amount of money to continue your insurance under Cobra. I'm self-employed, and my husband always carried our insurance under his employer. He was laid off last June, and we haven't had insurance since. Just could not afford to have those costs quadrupled, while struggling to pay the rest of our bills on less than half of his former salary.

This brings up another question: Does anyone remember hearing a few months ago, that there was legislation going forward that would drop the big penalties for having to draw out your 401K for use in extreme circumstances--such as losing your job? I haven't heard anything more about it, and that's exactly what we're faced with now. My husband didn't have all that much in his, but it's going to be a third less when they extract the penalties. We need all of it.
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