@1vay asked the question below on a previous post and it was not answered. I would be interested in the answer as well. Is there a manager, or HR person, or previously laid off employee that knows the answer?
Question: Are you allowed to keep your health insurance at the employee rate during severance?
While you are receiving severance you can pay the employee rate for insurance . The benefits book - chapter 14 outlines all of this.
My husband retired from Wells last year. COBRA for him in 2019 (with the HRA through UHC) would have been $634 /month. For both of us, it would have been $1332 month. He decided to go with the Wells Fargo retiree insurance which is $900 month. This was a personal choice based on his age of 60 knowing COBRA only lasts 18 months, and preexisting conditions etc. I think those figures all can change depending on which insurance plan you have, which legacy firm you came from, and maybe even which part of the country you live in.
COBRA is definitely handled by another company, not Wells Fargo. Seems like it’s a bunch of people working in a call center - some are good and some not so much.
I can only answer retirement-related questions. Not severance-related questions. Am more than happy to help.
About COBRA. Every year when WF has open enrollment for health insurance, there is a quote for what COBRA could cost for the coming year. I had looked at that number for years and it was around $600/month, however, in 2019 I called WF HR to verify that amount. HR said they could not give an exact quote but offered to transfer me to someone that specialized in COBRA. I was transferred and thought I was talking to someone at Wells Fargo, however, they had transferred me externally to COBRA (I assume the US Dept. of Labor). That person reviewed my work history and quoted $965/month. I was shocked!! Please, if you are considering COBRA, make sure you do some verification directly with COBRA.
FYI if you look at your benefits sheet, there's info about how much you pay as an employee for your healthcare choices, and how much Wells Fargo pays. If you are displaced and you choose Cobra, you'll be responsible for your share AND Wells Fargo's share. So much bigger # than what's currently deducted from your paycheck each month.
Lazy!
@qng absolutely correct. And these are the same people complaining about their low rating and wondering if they will be laid off. If your problem solving and critical thinking skills are so poor that you can’t do a search for readily available information, you likely shouldn’t have a job.
Good info to share. Sad how mean some people are!
@rox Thank you for answering this question!! And for all of you sarcastic posters–not everyone looking at insurance is considering COBRA, so if that is where this info is located, it could be easily missed.
It’s in the employee handbook. Answers to about 99.9% of the questions I see on here are in the employee handbook or somewhere within the WF internal site.
Yes, good idea to not want to argue with your coworkers. Don’t want to risk getting PIP’d. Lol
There is something seriously wrong with this chain. Don’t get it. Don’t want to get it. Don’t need to get it. Don’t want to argue with my co-workers.
@thr presumptuous? No way. Not that loving caring and kind soul who always puts kindness out to the world. LOL
Yeas I know she’s unhappy. And I never said I was a leader, so ?????
You knew she was unhappy, really? That’s pretty presumptuous to say. She probably was unhappy with your so called leadership.
Well- you can choose to put kindness out in to the world. And I think it comes back to you. Or you can try to prove some point that is obviously very important to you, for some reason. I used to work with a gal like that, who made every single point contentious. But I knew she was unhappy so I gave her plenty of leeway. I hope your day gets better.
They don’t have time to look up. They are too busy reading and posting on this board
tal is right. Look it up. How hard is it to find out on your own?
@rox I appreciate that you looked this up for us too. That is something I have been curious about and keep forgetting to look in to. Many thanks!
@tal That's the same as the 2 minutes it took you to post a meaningless post.
@rox Thank you- you’re awesome.
Ok thanks for your help 🙄.
If you took two minutes to search displacement on teamworks, click through to BenefitConnect and read the COBRA FAQs you'd have your answer.