Packet says laid off employees will be covered until Feb and then XOM will contribute to COBRA
Has anyone received COBRA information? Is there better insurance coverage elsewhere?
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Exxon’s insurance plan were c-appy for the most part compared to competitors or anything else that’s out on the market. Why would you want to use cobra for it?
Also where did you hear that Exxon will be paying a portion of cobra for a few months?
You have 60 days from your last day to sign up for COBRA in general. This is where you game the system if you have no health issues that need attention. Sit on that paperwork until 50 days have passed then pull the trigger if you must to make the 60 day window. Hopefully another gig comes up in that time. COBRA program you pay 102% of the entire coverage premium that you and employer were paying. Usually employer was paying more of the premium than you. It just allows you to remain attached to the employer group plan instead of the individual insurance market. So either the former employer keeps you on the plan as part of your severence for a few months orthey cut you off immediately. COBRA only viable if you have some ongoing health issue that needs attention otherwise hunt for something on the individual marcket for catastrophic health event protection. This is the rude awakeneing that you hade it good and dont know what you had until it is gone.
XOM will contribute what amount?
True but XOM will contribute for 4 months if I’m not mistaken.
Yes but you pay for the entire amount. As an employee, EM paid about two-thirds of the cost, so Cobra costs about 3 times what you paid as an employee. Few can afford it.
Doesn’t COBRA just extend whatever insurance you had with XOM?
EM benefits are exceptionally good. You realize that when they are gone.
It is asenine that regular coverage will cost you an arm and a leg, even if you are healthy. Marketplace/obamacare can be a cheaper option if you earn less than $48K. You can also try through your church, sometimes they have a group policy that is often low cost, but again coverage may be poor. No one will touch you or family has a major condition though. Hope you find something. Good luck.
I received an email with a COBRA form, but it was very unclear if it was THE COBRA form. It appeared to be about the flexible spending account. I have been looking at the health exchange options. They are about the same cost as the XOM insurance, but the coverage is pretty bad versus the XOM plan.
You can use Obamacare which is cheaper but not better. But at least you will have health insurance.