One of the most important benefits that workers receive is health insurance. Employers receive special rates on group health coverage, and they usually pay a portion of the premium for each eligible employee and his or her family. When workers become unemployed, obtaining other health insurance may be difficult or prohibitively expensive.

The Consolidated Omnibus Budget Reconciliation Act, or COBRA for short, was passed in 1986 to address this problem. In addition to employees who are laid off or fired for a reason other than gross misconduct, or who voluntarily quit their jobs, it also helps those who experience other situations that cause loss of coverage. These include reduction in hours and entitlement to Medicare. Family members may also be eligible for COBRA benefits if the covered employee dies or divorces or separates from his or her spouse, or if a covered child loses dependent status.

Under COBRA, qualifying employees and their covered family members are entitled to continue their insurance coverage when coverage would otherwise be lost. This continuation is temporary. Depending on the event that would have caused loss of coverage, COBRA coverage may be required for a maximum of 18 to 36 months. Employers may, however, elect to offer coverage beyond these limits.

We are all looking to find ways to increase savings during this economic recession.  Reducing the cost of your home insurance policy can help in this regard.  Here are six ways you can lower the costs.

1.  Stay with the same insurer.  You can take advantage of discounts offered by your insurer if you purchase all insurance policies with one carrier.  For example, having a homeowners and automobile insurance with the same company can yield up to 15% discount on your premium.  

Moreover, the longer you remain with the same insurer, the better chance you have of obtaining additional discounts.  For example, homeowners who have been with a company for five years or more may qualify for a special discount.

2.  Increase the deductible.  While you may currently have a $500 deductible, by raising it to $1000 you can save up to 25% on your premium.