Does Anybody Have COBRA Health Insurance?

[DigitalAR]

Wondering if anyone has an experience with Cobra health insurance?

All I truly know about COBRA is that it is suppose to act as a sort of purgatory health insurance when an individual is between jobs.

As how I understand it, employer offers employee health insurance and then the employee quits or gets terminated and a letter from COBRA comes in the mail asking if the individual wishes to continue their health insurance plan but bow the payments will go to COBRA (which I think is federal government sponsored). I believe the individual has up to 18 months since leaving the company he/she worked for to have health insurance under Cobra.

I just got hired with a manufacturing company and normally I’ve been offered health insurance option 90 days after working with a company but with this new manufacturing job they’re saying healthcare is available 30 days since my first day of employment. I’ve already submitted all my paperwork for health insurance and is currently pending.


THE REASON IM POSTING THIS THREAD IN THE MAIN PLACE:


Now that I finally have a health insurance plan that I’m very happy with and is set to start in 3 weeks, I really don’t want to lose it.

I’ve spent a week now with the manufacturing associates and have heard through the grapevine that every year since Covid this company has laid off a significant number of employees around the New Years.

Personally I doubt I’ll be fired in less than 8 weeks of employment but you never truly know.

Nonetheless they’ll have to rip this great health insurance plan off my cold dead hands. This health insurance plan covers everything, with the exception of an initial high deductible but then it’s allllllll gravy.

Even if I’m only employed for less than 2 months can I keep this health insurance option once I’ve been successfully enrolled? Is Cobra an automatic given? Do I need to set up an appointment with my doctor, dentist and optician before I get fired in order to validate/initiate the healthcare plan?

I have to admit my first day of work a week ago I had no idea it would be like this. Didn’t know health insurance would be offered 30 days after employment and also didn’t know that the sales associates would be talking so bluntly about how the company has been firing people around the end of the year, yearly, for the past few years. Yes, this is all exciting and scary and all that but at the end of all it I know that I want to keep this great health insurance plan.

 

[maflynn]

As how I understand it, employer offers employee health insurance and then the employee quits or gets terminated and a letter from COBRA comes in the mail asking if the individual wishes to continue their health insurance plan

Its my understanding that this allows you to continue coverage in the event of a job loss. I also think its on you to pay the entire premium out of pocket. As you know employers pay a portion and employee pays a portion. With Cobra, you pay both. So if you had blue cross blue shield, and you pay 600 a month, and your employer pays 1000 a month, then under Cobra, you get to keep Blue Cross Blue Shield, but you're on the hook for 1,600 dollars a month.

Percentages, and actual dollar amounts are unknown, as every employer has a number of variables that are such that I just pulled these numbers out of my behind and they're probably no where near reality but I hope it was successful in communicating how it works

 

[DigitalAR]

Its my understanding that this allows you to continue coverage in the event of a job loss. I also think its on you to pay the entire premium out of pocket. As you know employers pay a portion and employee pays a portion. With Cobra, you pay both. So if you had blue cross blue shield, and you pay 600 a month, and your employer pays 1000 a month, then under Cobra, you get to keep Blue Cross Blue Shield, but you're on the hook for 1,600 dollars a month.

Percentages, and actual dollar amounts are unknown, as every employer has a number of variables that are such that I just pulled these numbers out of my behind and they're probably no where near reality but I hope it was successful in communicating how it works

Thank you for the quick reply.

I’ll be paying $248 a month overall for PPO and a slew of other life insurances and disability, etc. etc.

I doubt my biweekly paycheck stub would tell me how much my employer is paying for my health insurance but I’ll double check.

It makes sense that my employer would be footing a portion of the health insurance bill but for some reason didn’t think of that and it went over my head.

The exact same PPO plan through the Blue Cross website is $550 a month, assuming someone just wanted to shop for health insurance online on their own. I feel this is the number that I’ll always keep in mind and may revert to if indeed I do lose my job and my current stellar health insurance plan doesn’t come with me after I leave this company.


As you can understand, I can’t bring this up to my bosses or the company HR as I don’t want them to get suspicious and think that I’m planning an escape in a few weeks. This is all in case I did lose my job come Jan. 1st.

 

[SRQrws]

If your (U.S.) employer has 20 or more employees and provides health insurance, they will offer COBRA coverage for up to 18 months upon a qualifying event (usually termination of employment). Once terminated, the health insurance carrier will contact you with the monthly cost of coverage. This cost is the total premium, i.e. the amount the employee pays plus the amount the employer pays. COBRA also allows for the carrier to charge up to a 2% administrative charge on top of the plan cost. There is a "decision period" of usually 60 days after the qualifying event during which you have the opportunity to shop other options, get coverage through a different employer, or opt for COBRA.

 

[maflynn]

The exact same PPO plan through the Blue Cross website is $550 a month

Its safe to assume then the cost will be in the 500+ neighborhood if you are in the situation where you need Cobra.

 

[1885507]

COBRA is more of a stop-gap measure than a final destination for health insurance, usually while they're between jobs or waiting for an open enrollment period to begin.

It will undoubtedly be cheaper if you can get in on your state's exchange (if yours has one) before open enrollment begins; otherwise, healthcare.gov's open enrollment begins on Dec. 15th.

 

[velocityg4]

COBRA is more of a stop-gap measure than a final destination for health insurance, usually while they're between jobs or waiting for an open enrollment period to begin.

It will undoubtedly be cheaper if you can get in on your state's exchange (if yours has one) before open enrollment begins; otherwise, healthcare.gov's open enrollment begins on Dec. 15th.

Once your employer offers health care lab. I don’t think you’ll qualify for any premium tax credit. If you decline coverage. Even if the employer plan is terrible and you don’t want it.

 

[DigitalAR]

COBRA is more of a stop-gap measure than a final destination for health insurance, usually while they're between jobs or waiting for an open enrollment period to begin.

It will undoubtedly be cheaper if you can get in on your state's exchange (if yours has one) before open enrollment begins; otherwise, healthcare.gov's open enrollment begins on Dec. 15th.

I’m in Maryland. Don’t know what Maryland offers.

Its safe to assume then the cost will be in the 500+ neighborhood if you are in the situation where you need Cobra.

Yeah I’m expecting and now thinking I’ll be paying at least $500+ a month which sounds crazy high to me. And it’s crazy to think I still gotta pay until I hit my deductible.

Compared to other countries the U.S. is really behind.

 

[1885507]

I’m in Maryland. Don’t know what Maryland offers.

https://www.marylandhealthconnection.gov/

 

[DigitalAR]

https://www.marylandhealthconnection.gov/

Thank you. Sorry. Should’ve just googled it.

I’m guessing this is one the public healthcare option? Probably lower priced but not as many features as a private healthcare plan ?

 

[velocityg4]

Thank you. Sorry. Should’ve just googled it.

I’m guessing this is one the public healthcare option? Probably lower priced but not as many features as a private healthcare plan ?

There's a big range of options. There's also tiers of plans. So, you can get basic to premium plans. Mine is through the exchange. Since I am self employed. I have something like a $500 deductible and $1,000 maximum out of pocket. It's a PPO so I can just go to any in network doctor or specialist I feel like.

The best idea is to look at what your exchange offers. But since your employer is offering you insurance. You'll probably have to pay full freight on an exchange plan. If you decline insurance from your job.

 

[SnappleRumors]

A qualified employee can delay activating COBRA for 60 days after losing their current job/insurance. If healthcare is needed in that 60 day period they can activate COBRA retroactively and backpay the premium.