What happens to health benefits when we're laid off? Do we get any kind of coverage or do we get cut off immediately?
20 replies (most recent on top)
@am you have to be trolling, right?
@a7: lurking is VZ's HR, good, share my pain!!!
If you want to calculate your Cobra cost check box 12 on your W2.
Multiply that number by 1.02 for the administrative fee.
Then divide by 12.
That is your monthly Cobra cost.
@ag What if you get in a car accident? You need insurance. 2k+ Cobra is family coverage. Kids need insurance.
don't get COBRA until you really have to see a doctor. You can get COBRA anytime without having to pay 2K every month.
COBRA so add what you are paying and double it example if you are in a family with 1 signifcant partner and 2 children on the higest plan you would be about 2.5k per month...
@a7 VZ HR here! No information about what's happening tomorrow, but I can assure you plenty in HR check this website.
@ab: are all the Verizon employees, the H-1B visa status holders, eligible for ACA, even though not a permanent US resident yet?
@aa incorrect. Read the severance outline document on the VZ web. VZ pays in full for the term of the severance which is what you use to figure out how many weeks you multiply your weekly salary by. ... Example 25 years service x 2 is 50 weeks, but band 6 max is 35 weeks... So your payout is 35 x your weekly salary... And then you get fully paid cobra benefits for the 35 weeks. It's in the document
@aa: Affordable Care Act.
@OP COBRA requires you to pay 100% of the full premium (your share + Vz share) and maybe an administrative fee to boot.
Based on plans like Vz...single coverage averages $550 a month and family coverage averages $2,100 a month.
Hope to find another gig quickly or have to sign up for Obamacare.
@a8 *have no idea of my fate. (Damn auto correct)
@a6 I'm in the same boat as you and everyone else but as I have no idea if my date. I did my home work on the severance outline and have been preparing for weeks..it's all on the vz web . And there is a frequent q&a document as well. That's why I know
@a6 I think Verizon HR is lurking on this board
Appreciate the feedback but seemingly as to how and why do you have all the answers pertaining to an employees unthinkable terminations?
It's detailed in the severance process document in the severance portal - vz web
@a3 no. They put you on Cobra fully paid by them for the length of your severance period which is based on calculation of years of service x 2.. may of 35 weeks for band 6 and below. 52 weeks for band 5
@OP from what I’ve heard we are covered until the end of the month (so generous) and then cobra which is insanely expensive. But maybe they’ll offer us something else.. fingers crossed they cover us for a longer period
Regular coverage with normal payroll deductions til the end of the month of your off the payroll date. Then severance payout issues and the company switches you Cobra buts it's the same health insurance....medical, dental and vision fully paid for the length of your severance (amount of weeks based on your years of service). Max is 35 weeks coverage for band 6 and below.. 52 weeks for band 5. During the 35 weeks of coverage you pay no contribution to the health insurance.
Also curious to know this.