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COBRA Insurance questions - Help & Advice Needed!

Discussion in 'BBS Hangout' started by dobro1229, Dec 8, 2016.

  1. dobro1229

    dobro1229 Contributing Member

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    Anyone have experience and advice when needing to use cobra insurance. Have any idea how to calculate costs?

    My situation -

    I'm switching jobs and going to my old company in elevated role. That's the good news, and very excited about it. However my last day at my current job is Dec 15, and my first day of employment isn't until Jan 3 at my new job. My current company only allows insurance coverage until the final day of employment, and my new job's benefits don't go into effect until the start of the month after your start date. Meaning Feb 1st.

    So long story short, I'll have about a 45 day blackout period.

    Also it looks like cobra will allow me to retroactively go back at any point (within 60 days after last day of employment) if an emergency happens. So theoretically, I can just risk it, and if something bad happens (ie kid breaks an arm) I can go back and pull a cobra plan for the blackout period.

    However my situation is a little bit different. I have a wife, and kid, and my wife has had some previous health issues in the past that have her seeing doctors continually, and having a 2 year old during Christmas time with travel concerns me with her likely getting sick at some point, and I could definitely see multiple doctors visits happening with my luck. Plus my wifes refills for her prescriptions come at the beginning of every month. She's also not too thrilled about having to move all of her appointments she had scheduled during the Christmas break.

    So what do you guys think, and does anyone here have any idea how much it has cost for cobra coverage for that period of time in the past? I currently pay about 500 bucks a month for medical for myself, my wife, and my kid. Would appreciate all the advice I can get before making a decision on this.

    Thanks!!
     
  2. K mf G

    K mf G Contributing Member

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    Risk it!

    I mean we'll need pictures of said wife to determine the best plan....
     
  3. rage

    rage Member

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  4. jcantu

    jcantu Contributing Member

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    It will likely be very expensive. A family plan from commercial insurance will likely be over 1500/month cobra.
     
  5. Svpernaut

    Svpernaut Contributing Member

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    COBRA won't be cheap. I'd get a passable HealthCare.gov plan to cover you during that time. With a family, there is no "risking it." Don't do that.

    As an FYI. These are the kinds of things you should negotiate during the compensation negotiations before you accept a position. If your new job isn't willing to float you early, then they might not be the best company for you. Either way, it never hurts to ask - and if they get offended because you do, see previous point regarding it not being a good company for you.

    Contrary to popular belief, companies make exceptions for corporate policies all the time. See executive level contract negotiations for details.
     
    BigShasta likes this.
  6. dobro1229

    dobro1229 Contributing Member

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    Thanks @Svpernaut . I've actually been calling around this morning and another option we didn't even think of was claiming a "life event" with my wifes company, and looks like they are going to allow her to get on her insurance for this month.

    However it looks like we will double up costs for the month. But that will hellavalot cheaper than Cobra I'm sure.
     
    Svpernaut likes this.
  7. wreck

    wreck Contributing Member

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    I would Get the cobra. You dont want to get stuck with the bill if there is an emergency. Sure its a lot. Maybe $1500 or so. Keep in mind a visit to the ER is about $7000 even if dont stay. Depending on your deductible you will cap yourself off at $7000 for yourself and $15000 for your family.

    A car accident could cost a lot more than that. I have had someone get cobra primarily beacuse they had already met the deductable so $500 a month is way better than having to get obama care or being without insurance and having to repay your deductable all over again. or paying out of pocket for health care.

    REMEMBER the true value of insurance is not the doctor visits or health checks. The true value is emergencies and not putting yourself in a situation where you can be bankrupt or lose your life savings.
     
    Dubious likes this.
  8. wreck

    wreck Contributing Member

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    Obama care is not much cheaper. you are talking about $200 a month for a decent plan. And if you have already met your deductable cobra would be a no brainer.
     
  9. KingCheetah

    KingCheetah Contributing Member

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    In Texas I would give a long look at RATTLESNAKE Insurance.
     
  10. Svpernaut

    Svpernaut Contributing Member

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    Awesome. Sounds like the perfect option... well, as perfect as it can get in this regard.
     
  11. justtxyank

    justtxyank Contributing Member

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    For your family that doesn't get on your wife's insurance I would look at a short term plan instead of a true ACA plan. It's significantly cheaper than ACA plans and COBRA options and you can set it to run a specific number of days.

    You can email me for details if you want them.

    Ultimately if you wanted to do COBRA you can do that or just the member of the plan of your choosing. SO for example, you could cover just your wife on COBRA or just your kids, you as the original member don't actually have to be on COBRA. You are not required to enroll the same way you were enrolled when active. Your job change is a qualifying event for each member of the plan; they all become qualified beneficiaries of COBRA. Most employers don't indicate this on paperwork because they hope the high price of the full family will dissuade you from enrolling all together.
     
    pugsly8422 likes this.
  12. bobrek

    bobrek Politics belong in the D & D

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    Has your HR department at your new or old company been any help?
     
  13. dobro1229

    dobro1229 Contributing Member

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    Not really, my old co. HR rep told me that "most people" just risk it, and then use Cobra if they have an accident.

    One other wrinkle I'm looking into too is that I found out that I'll actually need to be covered the entire year or will face a penalty under the Affordable Care Act so I'm going to look at healthcare.gov for a short term plan just for myself during the blackout period while my wife and kid will be moving to my wifes healthcare at her job. I'd move myself on her plan too but the difference in Employee + Children, and Employee+Spouse+Children is more than 200 bucks a month which is insane.

    If anyone knows about short term plans on Healthcare.gov & clarification on penalties I might face if not covered in the blackout period I'd appreciate it.
     
  14. bobrek

    bobrek Politics belong in the D & D

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    Good Luck. Another thing in the ACA that needs fixing. :)
     
  15. fadeaway

    fadeaway Contributing Member

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    [​IMG]
    Cobra? Don't do it. This insurance is much better value:

    [​IMG]
     
  16. HR Dept

    HR Dept Contributing Member

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    Agreed. We never "float" anyone, but Cobra reimbursement can be negotiated for higher level incoming hires.

    And if OP's wife works, then loss of coverage is a qualifying event that should allow all of you to temporarily move to her insurance. Once you're eligible at your new job, a gain of coverage is also a qualifying event that would allow you to drop coverage at her job and switch to what's offered at your new gig.

    You will not face penalty under ACA unless you go 90 days or more without coverage.
     
    #16 HR Dept, Dec 11, 2016
    Last edited: Dec 11, 2016
  17. Dubious

    Dubious Contributing Member

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    Wouldn't he make too much money on his income tax statement to get ACA?

    Also, ACA plans don't start till Jan 1, all the current plans are being ended, I think. In Texas I now have the choice of Molina Insurace or Molina Insurance (who?)
     

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