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inhilljack | Questions about health insurance as it relates to losing one's job and COBRA? |
I recently lost my job. My employer of 9 years gave me a "take it or leave it" approach with a poor severance package. Essentially my termination letter states that my benefits expire November 30th but they will pay me for X number of weeks past my termination date. Looking at a calander, I see that they are paying me through December 2nd.
Since they are paying for two days of December, aren't they also supposed to pay for my insurance for the month of December since I'm technically still on their payroll?
I have to take COBRA for a few months until my spouse is covered with her new job....I can hardly pay for this expense!
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Thanks to all for the info. Makes sense to me, although I was secretly hoping for a better outcome!
I think I have to stick with the COBRA for now, as my wife is pregnant and we have tomake sure we remain covered. |
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Insurance Biz CT
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If the COBRA premium is too high, find a local agent and ask about Short-Term Medical Insurance. It is like a catastrophic plan. Won't cover any pre-existing conditions, but will pay in the event that something happens to you or your family until your wife gets insurance. Best thing, you can pick your deductible, which drives the cost, and you can pay by the month, hence the name Short-Term.
Under COBRA regulations, your COBRA qualifying event happened the day your employment was terminated - your last day of work. If there is severance pay involved, it has no bearing on COBRA. If you were to elect COBRA effective December 1, your 18 month eligibility period starts then and not on the day of the qualifying event. Again, no matter what the last day of pay was. Sorry. |
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Zarnev
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There is no law or regulation that will help you. They do not even have to continue your coverage until November 30, they could terminate it on your last official day of work even if they're paying into December. |
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sarah314
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No. As the others have said, severance pay doesn't mean that they are required to keep paying your benefits too. |
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Tim B
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Unfortunately, most insurance contracts require termination of benefits on the last day of the month. So, you're basically screwed.
But there are insurance procucts that you can buy on the open market that are a LOT cheaper than COBRA. Try some internet research and see what you can get. |
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debijs
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~~No there is no laws of protection for you. Realistically, you are fortunate he is offering any severance pay at all. More and more people are just being handed a pink slip and nothing else.
It's a terrible time for people, and sorry to hear you have been hit as well. I hope you find great employment in the future. Best wishes!~~ |
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GREGORY T
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By google to collect some related information or you may try using answer engines like yahoo answer or yedda.com to get some related ideas.nonetheless,If you prefer some direct resource,here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm is a good one from my own experience.
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Insurance Geek-ette
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No, severence pay does NOT mean you're still on their payroll. Sorry.
Also, it's not up to THEM if they cover you for a month you haven't worked - usually, the agreement with the insurer, has already defined if you're eligible. Usually, eligibility is for coverage in a month, in which you WORKED. Not one that you got paid for, or paid in. |
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Insurance Pickle.com
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Yes...Zarnev has your answer. |
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