Author Topic: Laid off - health insurance options?  (Read 4331 times)

FrugalSaver

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Laid off - health insurance options?
« on: December 04, 2015, 11:11:48 PM »
Haven't been through this before.  Can y'all offer some help while I get unemployment going and look for a job at the worst time of year to try to find a job?

mxt0133

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Re: Laid off - health insurance options?
« Reply #1 on: December 05, 2015, 12:23:40 AM »
If you are in the US then you are qualified for COBRA insurance, if you employer has more than 20 employees and still currently provide health insurance to current employees.  Which means you can go on your old employers health plan but you would be paying the full premium amount plus some marginal amount like $5 a month extra. The good new is you have 60 to sign up for it.  So you can technically go without insurance until you get a new job and in the event that you do need health insurance you can just sign up for COBRA and it will be retroactive to the day you came off of you previous employers health plan.

However it might not be the most cost effective option for you and I would look at your states health exchange plans to compare.

http://www.dol.gov/ebsa/faqs/faq-consumer-cobra.html

jim555

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Re: Laid off - health insurance options?
« Reply #2 on: December 05, 2015, 04:18:08 AM »
Look on the Marketplace for plans, pick a Silver with cost sharing, or a Bronze if you never go to doctors.  When your UI runs out go on Medicaid. 

FrugalSaver

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Re: Laid off - health insurance options?
« Reply #3 on: December 05, 2015, 03:29:41 PM »
If you are in the US then you are qualified for COBRA insurance, if you employer has more than 20 employees and still currently provide health insurance to current employees.  Which means you can go on your old employers health plan but you would be paying the full premium amount plus some marginal amount like $5 a month extra. The good new is you have 60 to sign up for it.  So you can technically go without insurance until you get a new job and in the event that you do need health insurance you can just sign up for COBRA and it will be retroactive to the day you came off of you previous employers health plan.

However it might not be the most cost effective option for you and I would look at your states health exchange plans to compare.

http://www.dol.gov/ebsa/faqs/faq-consumer-cobra.html

I never go to the doctor, but let's say I got in a wreck or had some random somethign that put me in the hospital, you're saying I could sign up for COBRA after that happened and pay the full premium and still be covered?  That doesn't sound right.  Seems like everyone would do that to take their chances. 

Most no one will be hiring until early / mid January so trying not to risk it too much and be responsible in case an accident happens.

geekette

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Re: Laid off - health insurance options?
« Reply #4 on: December 05, 2015, 03:48:56 PM »
Yes, 'tis true.  You have 60 days after your coverage ends to sign up with no coverage gap.  You can keep coverage for up to 18 months, paying the full employer rate (not just your portion), plus a 2% admin fee. 

FrugalSaver

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Re: Laid off - health insurance options?
« Reply #5 on: December 05, 2015, 05:30:02 PM »
Yes, 'tis true.  You have 60 days after your coverage ends to sign up with no coverage gap.  You can keep coverage for up to 18 months, paying the full employer rate (not just your portion), plus a 2% admin fee.

How would I find out my full employer rate?  Is that something I have to get from my employer?

TaxChick

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Re: Laid off - health insurance options?
« Reply #6 on: December 05, 2015, 05:38:02 PM »
HR should have provided you with a packet explaining how this works. If not, contact HR and they should be able to help you.

jim555

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Re: Laid off - health insurance options?
« Reply #7 on: December 05, 2015, 05:43:33 PM »
I did the 60 day COBRA free ride after I left my job.  You have 60 days to sign up and 45 days to pay the premium.
I bought a ACA plan after the two month gap.

geekette

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Re: Laid off - health insurance options?
« Reply #8 on: December 05, 2015, 06:07:03 PM »
Yes, 'tis true.  You have 60 days after your coverage ends to sign up with no coverage gap.  You can keep coverage for up to 18 months, paying the full employer rate (not just your portion), plus a 2% admin fee.

How would I find out my full employer rate?  Is that something I have to get from my employer?
Yes, or check your pay stub.  I believe it's required that they list the portion they pay now (although it's been a few years since I've seen a pay stub).

Erica

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Re: Laid off - health insurance options?
« Reply #9 on: December 05, 2015, 07:20:29 PM »
If you don't have a job, why not just sign up for Medicaid? Then when you get a job with benefits, you just cancel it. You say you are working
so maybe it won't be that long depending upon your field. At least you'd be covered already for anything catastrophic

hudsoncat

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Re: Laid off - health insurance options?
« Reply #10 on: December 07, 2015, 08:22:18 AM »
If you are in the US then you are qualified for COBRA insurance, if you employer has more than 20 employees and still currently provide health insurance to current employees.  Which means you can go on your old employers health plan but you would be paying the full premium amount plus some marginal amount like $5 a month extra. The good new is you have 60 to sign up for it.  So you can technically go without insurance until you get a new job and in the event that you do need health insurance you can just sign up for COBRA and it will be retroactive to the day you came off of you previous employers health plan.

However it might not be the most cost effective option for you and I would look at your states health exchange plans to compare.

http://www.dol.gov/ebsa/faqs/faq-consumer-cobra.html

I never go to the doctor, but let's say I got in a wreck or had some random somethign that put me in the hospital, you're saying I could sign up for COBRA after that happened and pay the full premium and still be covered?  That doesn't sound right.  Seems like everyone would do that to take their chances. 

Most no one will be hiring until early / mid January so trying not to risk it too much and be responsible in case an accident happens.

I know others have already answered this, but if it sets your mind at ease about going this route I once actually signed up for COBRA over the phone from a hospital bed (Had a great previous employer who actually sent an HR person with the forms to me later to sign). Everything worked perfectly. The full cost of the premium for a month was certainly cheaper than the hospital bill would have been without it!


FrugalSaver

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Re: Laid off - health insurance options?
« Reply #11 on: December 07, 2015, 07:26:29 PM »
If you are in the US then you are qualified for COBRA insurance, if you employer has more than 20 employees and still currently provide health insurance to current employees.  Which means you can go on your old employers health plan but you would be paying the full premium amount plus some marginal amount like $5 a month extra. The good new is you have 60 to sign up for it.  So you can technically go without insurance until you get a new job and in the event that you do need health insurance you can just sign up for COBRA and it will be retroactive to the day you came off of you previous employers health plan.

However it might not be the most cost effective option for you and I would look at your states health exchange plans to compare.

http://www.dol.gov/ebsa/faqs/faq-consumer-cobra.html

I never go to the doctor, but let's say I got in a wreck or had some random somethign that put me in the hospital, you're saying I could sign up for COBRA after that happened and pay the full premium and still be covered?  That doesn't sound right.  Seems like everyone would do that to take their chances. 

Most no one will be hiring until early / mid January so trying not to risk it too much and be responsible in case an accident happens.

I know others have already answered this, but if it sets your mind at ease about going this route I once actually signed up for COBRA over the phone from a hospital bed (Had a great previous employer who actually sent an HR person with the forms to me later to sign). Everything worked perfectly. The full cost of the premium for a month was certainly cheaper than the hospital bill would have been without it!

Awesome.  Thank you and everyone for the info.  I'm trying to be cost effective and expect I will be able to land a job in the next month. Maybe not this month given the holidays, but I do have an interview tomorrow so we'll see how that goes. 

I'm trying to find out from my HR what my cost would be if I had to sign up for COBRA.  They literally just gave me a review and a "solid" AND a raise.  Then the Monday after I returned from Thanksgiving this girl came in and fired me.  So bizarre.  Been working there 11 years and never had an issue.

Not sure I have any legal recourse there but what reading I've done doesn't seem to say so.

Tom Bri

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Re: Laid off - health insurance options?
« Reply #12 on: December 07, 2015, 07:55:01 PM »
In the event you go past the cobra period and desperately need something, there are short term insurance products that can tide you over for up to 6 months. Just be aware of their limitations, no pre-existing conditions covered, and usually no wellness visits covered. Watch out for the 'lite' plans, as they usually have pretty sharp benefit limits, so may not be very good coverage.

FrugalSaver

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Re: Laid off - health insurance options?
« Reply #13 on: December 12, 2015, 11:00:37 AM »
In the event you go past the cobra period and desperately need something, there are short term insurance products that can tide you over for up to 6 months. Just be aware of their limitations, no pre-existing conditions covered, and usually no wellness visits covered. Watch out for the 'lite' plans, as they usually have pretty sharp benefit limits, so may not be very good coverage.

Thank you for the info.

FrugalSaver

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Re: Laid off - health insurance options?
« Reply #14 on: December 21, 2015, 01:22:09 PM »
I received a call from the STATE today regarding my unemployment request I filled out online.

Apparently my former company marked I was fired under "GROSS NEGLIGENCE" which could potentially keep me from getting unemployment. 

Anyone had any experience with this?  I thought unemployment didn't cost my company anything out of pocket that thy hadn't already paid as a part of my paychecks through the year.  What benefit is it to them to mark me as "GROSS NEGLIGENCE" other than trying to keep me from getting unemployment?

geekette

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Re: Laid off - health insurance options?
« Reply #15 on: December 21, 2015, 02:11:33 PM »
From what I understand, former employees filing for unemployment will potentially raise their rates.

Fight it if you can!

mxt0133

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Re: Laid off - health insurance options?
« Reply #16 on: December 21, 2015, 03:44:29 PM »
I received a call from the STATE today regarding my unemployment request I filled out online.

Apparently my former company marked I was fired under "GROSS NEGLIGENCE" which could potentially keep me from getting unemployment. 

Anyone had any experience with this?  I thought unemployment didn't cost my company anything out of pocket that thy hadn't already paid as a part of my paychecks through the year.  What benefit is it to them to mark me as "GROSS NEGLIGENCE" other than trying to keep me from getting unemployment?

Yeah you need to fight that because if you feel that you did nothing wrong, plus the fact that you actually had a performance review and a raise, then it was not due to gross negligence.  The great thing is you have all the time in the world to fight it, which you should.

FrugalSaver

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Re: Laid off - health insurance options?
« Reply #17 on: December 21, 2015, 04:57:45 PM »
Thanks for the feedback.  I'm on it like white on rice!  I'll probably find a way to take some customers with me as well.  Can't believe this company did this to me after 11 years.  unreal but it's all about money with everyone these days and I was the highest paid person there in my position to the best of my knowledge.  Saw it coming.