As layoffs swell the ranks of those eligible to receive benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a shrinking percentage is partaking, a new survey finds.

The Spencer's Benefits Reports 2009 COBRA, produced by New York-based Wolters Kluwer Law & Business, found that of the 16.87% of employees became eligible for COBRA in the 2008 plan year, only 9.69% of those eligible actually signed up for coverage.

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