I accepted relocation rather than the minuscule severance (only 4 years of service). In the (hypothetical) situation where I may have accepted relocation under false pretenses in order to guarantee my bonus and a few extra months of paychecks, would my health benefits end on my last day of work (after resignation, 2 weeks notice) or until the end of the month?
5 replies (most recent on top)
@ag
Are you sure? I thought our health plans are paid every two weeks. So in theory, if you quit in the first week of the month, your health premiums are NOT paid up through the end of the month.
Someone should call HR and ask.
@a2 You may need to go back to employment right school.
Health insurance are monthly premiums. They're paid through the end of the month, so if you work in the month, you get health insurance for the month.
There's ZERO legal rights to additional healthcare when you're laid off. Some people may have individual employment agreements that might give you something more, but generally this is only those people in upper management/lawyers where they get 2 years of benefits and pay.
COBRA applies to everyone, fired for cause, laid off, or quit. The rub is that you pay the FULL price of the coverage yourself, and cheaper coverage is often available via the healthcare exchanges.
you will be covered until the last day of the month that you leave the bank, after which you can go on cobra . to get an idea of what your cobra rate will be look at a recent pay slip and add your contribution to what the company contributed for you, which is usually around 2/3 of the total cost.
If you decide to leave, insurance runs through the month for which you are paid-up to on premiums. If you get put on severance it will continue through end of the month in which your severance runs out. (My final sev check was last Friday. My insurance will end this month on the 31st)
If you 'resign' (is no such thing really), you get the option to purchase plan insurance at full premium amount. Last I saw the cheapest plan was $9XX per person. If it's just you, $900/mo. Add a spouse? An addn $900/mo... From sounds of things I am guessing that plan is now over $1k/mo.
If you voluntarily leave service, I believe they stop at that date. However, any outstanding medical bills you have, with the medical service having taken place prior to your resignation, would be paid, even if after you leave. It's based on when you received the care, not when you received the bill.
If on the other hand, you are displaced, that is different. Then you have legal rights to additional health care beyond your termination date. This depends on the circumstances and whether you opted for COBRA or not. I'm no lawyer, but this is the way I understand it to work.