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Message
re: How does COBRA work?
Posted on 2/13/15 at 3:58 am to Double Oh
Posted on 2/13/15 at 3:58 am to Double Oh
I went to work for a different company while my now ex wife was pregnant. Had to go on cobra just for her because the new insurance would not accept a pre existing condition. I was paying around $120 per month for the entire family before, and had to pay $580 a month just for her on cobra. That was 20 years ago.
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Posted on 2/13/15 at 8:33 am to Double Oh
What I have heard from some hospital registration clerks, COBRA can be applied for retroactively. Meaning if you have a new job lined up and your coverage doesn't start from day 1, you can not file the paper work or pay the premiums for a certain period (maybe 90 days or as another poster put it 45 days). If you get sick you just tell them you were in the process of filling out the paperwork and never completed it. You would just have to pay the premium like you signed up from day 1.
I've gambled a couple of times and ended up saving money, since I didn't get sick.
I've gambled a couple of times and ended up saving money, since I didn't get sick.
Posted on 3/9/15 at 4:19 am to akimoto
Couple more questions for the gurus.
1-Can you get Cobra wether you quit or get laid off?
2-Giving my 2 weeks notice on the 17th which would make my last day the 31st. They may say we dont need the 2 weeks notice you are free to go right now the 17th. Do i get Cobra in this situation and when does it start. If i dont get Cobra i need some health insurance when they say im free to go.
1-Can you get Cobra wether you quit or get laid off?
2-Giving my 2 weeks notice on the 17th which would make my last day the 31st. They may say we dont need the 2 weeks notice you are free to go right now the 17th. Do i get Cobra in this situation and when does it start. If i dont get Cobra i need some health insurance when they say im free to go.
Posted on 3/9/15 at 5:16 am to akimoto
My wife left her job in November, but she couldn't join my insurance until January 1st. First COBRA payment wasn't until around January 10th. It was nice to know she was "covered", but we had the option to elect not to pay it. She never got sick, so we weren't out whatever the premium was, but always had the option to retroactively add her.
Posted on 3/9/15 at 5:33 am to KG6
quote:
y wife left her job in November, but she couldn't join my insurance until January 1st. First COBRA payment wasn't until around January 10th. It was nice to know she was "covered", but we had the option to elect not to pay it. She never got sick, so we weren't out whatever the premium was, but always had the option to retroactively add her.
So she quit her job and took another job? And was she covered under COBRA when she quit?
Posted on 3/9/15 at 6:32 am to iluvdatiger
quote:
Honestly it may be cheaper to get an individual plan.
For my son that got lay off, it was cheaper going with COBRA.
I had to go on it when I got fired from my job after two years being out of work due to my health. Had to pay for 6 months till I got on Medicare.
Posted on 3/9/15 at 7:05 am to Double Oh
No, she didn't go back to work after having our son. She had the option to get the COBRA until January 10th. My insurance started for her on the first. So from around November 15th, to December 31st, we would have had to pay the COBRA premium, and she would have been covered. She could have gotten injured and then we paid the premium after the injury, and it would have still covered her.
We were lucky that my insurance kicked in before her COBRA grace period expired.
We were lucky that my insurance kicked in before her COBRA grace period expired.
Posted on 3/9/15 at 7:13 am to Double Oh
If they let you go on the 17th, you are covered til end of month. It's already paid
Posted on 3/9/15 at 7:16 am to yellowfin
I think that depends on the employer and the policy
I had one that covered from first day of employment to last day, at least according to HR
Not sure if the ins. co. felt the same way
I had one that covered from first day of employment to last day, at least according to HR
Not sure if the ins. co. felt the same way
Posted on 3/9/15 at 7:21 am to Croacka
They've already deducted your portion from you check at that point. I'd be looking for a refund if they cut it off mid month.
Posted on 3/9/15 at 7:27 am to yellowfin
Cobra was a terrible deal for me when I left my last job a year ago and had to go on 2 month probation with my new job. Obamacare was cheaper.
Posted on 3/9/15 at 7:44 am to Double Oh
quote:
How does COBRA work?
Well, they seem to have a commander as well as some seriously advanced weaponry that is literally incapable of ever actually hitting anything or anyone important.
Posted on 3/9/15 at 8:06 am to yellowfin
But that would likely be a wash since you'd been insured since day 1 even though you didn't pay anything in yet
Not to mention you only make a monthly payment if you get paid monthly
Not to mention you only make a monthly payment if you get paid monthly
Posted on 3/9/15 at 8:08 am to Double Oh
COBRA is a bridge the gap insurance for certain types of transitions and coverage is guaranteed, it's temporary, pricey, and you can more than likely do better by shopping around
Posted on 3/9/15 at 8:10 am to 777Tiger
The cost of cobra should give you some idea of what it costs for your employer to insure you, along with your portion
Insurance is not cheap
Insurance is not cheap
Posted on 3/9/15 at 8:21 am to Double Oh
GDCK
Posted on 3/9/15 at 8:25 am to Croacka
quote:
Insurance is not cheap
that's a fact although I'd imagine that what a company pays for each employee is cheaper than COBRA, depending on the variables, i.e. size of company, whether or not they self insure, etc., but bottom line is you're right, it's not cheap
Posted on 3/9/15 at 8:43 am to yellowfin
quote:
They've already deducted your portion from you check at that point. I'd be looking for a refund if they cut it off mid month.
They pay for the premiums but you right its paid up till the end of month
Posted on 3/9/15 at 8:45 am to 777Tiger
quote:
COBRA is a bridge the gap insurance for certain types of transitions and coverage is guaranteed, it's temporary, pricey, and you can more than likely do better by shopping around
Already go quote from Blue Cross so if Cobra is lower than them i will go with Cobra. If its higher then Blue Cross it is
Posted on 3/9/15 at 8:53 am to Double Oh
It's been 20 years since I availed myself of COBRA, but at the time, it was that rare case where you "can have your cake and eat it too." You get 18 months of coverage; but you also get a period of time (45 days?) to elect COBRA.
So, say you start a new job and get new coverage in 30 days. You could not elect COBRA, but if you get sick during that time, you can pay the back premiums and get coverage.
So, say you start a new job and get new coverage in 30 days. You could not elect COBRA, but if you get sick during that time, you can pay the back premiums and get coverage.
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