YAY for the Stimulus Plan!

So, a lot of people are complaining about the stimulus plan that President Obama signed into law in February. Too costly some say. Others claim it doesn't affect the middle class. Well, I'm here to tell you I learned today that it has a tremendous benefit for my bride and I.

In September of last year, my wonderful wife of almost 38 years was RIF'ed. After having survived two previous cuts by her company, she, along with a bunch of other people, didn't make this one. So, she was unceremoniously given a measly severance package of a few weeks of pay - and told health insurance coverage stopped at the end of the month. Those who know me are also aware of my health situation and realize I simply cannot go without health coverage.

So, we were left with no choice but to enroll in the government sponsored COBRA program, which, makes it mandatory for employers to extend health insurance coverage to former employees. The problem is it is extremely costly. For just my wife and I the monthly cost of same coverage, under COBRA, is well over $900. However, the situation being what it is, we had no choice but to enroll.

As my lovely bride has not been able thus far to find gainful employment in a job market where jobs are exponentially disappearing quicker each month, we have spent, since September of 2008, some $4,600+ on COBRA premiums. With me collecting Social Security disability and her getting income (only recently) from a part-time job paying less than 2/3 of what she formerly made - without ANY benefits, this is not good for the bank book - already impacted by the economy by some 40%.

Was I happy yesterday when I read an article in our local newspaper about the "American Recovery and Reinvestment Act of 2009" (a.k.a. The Stimulus plan) signed into law by President Obama on February 17th? No. Ecstatic. Why? Because it detailed the impact it has on COBRA - which is a subsidy reducing the cost of COBRA by 65% to the employee and their families for up to 9 months.

I called the organization handling COBRA for my wife's former company and they verified this information. Further, they told me it was retroactive to March 1st. When all is said and done this means that President Obama and his Stimulus plan will save us - my wife and I - over $5,500.

For those naysayers who claim the stimulus does help the average person - you are WRONG! To our new President and the congress members who voted to pass this legislation, THANK YOU, We needed this help.

Old Fart Mike