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Paper cutout of family The new COBRA premium assistance tax credit applies only to people who lose coverage due to a reduction in hours or involuntary job loss, not to people who lose coverage for other reasons. (Photo: Shutterstock)

The IRS has posted information about how employers and workers can use a new, temporary emergency program that could help health plans keep coverage in place for more than 2.2 million departing workers and dependents.

The IRS explains how it sees the new COBRA Premium Assistance tax credit program in Notice 2021-31.

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