Are we still covered for at least a few months after a layoff or do we automatically lose our health insurance?
Frankly, this is my greatest fear when it comes to the possibility of being laid off. Everything else can be overcome, but I can't afford to lose my coverage, as bad and expensive as it is.
As a single man (age 29), my COBRA payment was about $650 when I got terminated. And given the fact that my termination was retaliation for FMLA, it was pretty imperative for me to maintain that coverage for ongoing treatment, vs. a much cheaper policy from the marketplace which would most likely result in new doctors and a brand new deductible to meet. I pretty much had no choice but to pay it until I found a new job (which was about 4 1/2 months).
I can only imagine how much higher COBRA will be for women and older employees.
Good question and even better answers - so it's #GOLD
Health insurance after layoff
Are we still covered for at least a few months after a layoff or do we automatically lose our health insurance?
Frankly, this is my greatest fear when it comes to the possibility of being laid off. Everything else can be overcome, but I can't afford to lose my coverage, as bad and expensive as it is.
Your coverage ends at the end of the month you are let go. You can get COBRA, but it is not required an very expensive. You can go into the Aon portal and it will give you the exact amount COBRA will cost based on your family size.
Cobra continues your coverage at 102% of your current premium (add up what you pay + what the company pays -- its on your pay stub) or you can go to the healthcare market.. I was worried about this as well and was pleasantly surprised to see that if my income disappeared, there'd be a nice government subsidy to help with the cost. WAY less expensive than the COBRA route.
So with me, I was let go beginning of the month and I had one more paycheck in the middle of that month. The subtraction was made on my last check which gave me coverage till the end of the month. Otherwise you will have to go to COBRA and when I saw the prices my jaw dropped. Best wishes!