I know sometimes HR posts on here.
Does anyone know how Cobra works?
Does Allstate send you info or is there a site you can go to? A .gov site?
I have searched online but it is really confusing.
I might want to get it for a few months before my new job starts.
I know this is a layoff site, but thought someone might have some idea.
Thanks in advance for any info.
After you leave, COBRA and other transition benefits will be available on allststegoodlife.com. Be sure to compare prices with the Affordable Care Act (ObamaCare) exchange in your state. Before giving notice, check if you are retirement-eligible. If so, retire instead.
COBRA too expensive
It all depends on your individual circumstance and what you think is reasonable. I was let go in 2020. You will receive the information you need to make an informed decision. Dental is available as well. The cost then for medical only was $1200 per month for myself and one child. I went with the Affordable Care Act and it was about half the cost.
COBRA eats up a lot of that severance. If you are single or just you and a spouse then privately obtained temporary medical plans outside the Affordable Care Act is the way to go. You will pay out about 1/4 to 1/3 less than you will with COBRA. I wouldn't think the year end extension of your health coverage that took place in 2020 would be offered this time around.
OP: I am not with HR.... You will receive paperwork about COBRA when you leave the company which will contain the premium amount. It is required by law. You will be given a window of time to choose the plan and it will backdate to your departure date so your health insurance will be continuous for up to 18 months post departure from the company. During this period of time you should be able to research\compare with other plans. I believe this will pertain to dental and eye coverages also. Not inexpensive, but Affordable Care Act plan coverages are calculated on your prior year of income, so you may find COBRA premium through a company may be competitive based on your circumstances.
Unless you have a pre-existing condition, I'd avoid cobra, especially via Allstate, whose insurance sucks. It's not uncommon for cobra to cost 90% higher than you're currently paying, depending on the employer's contribution, which you'd no longer get, so you end up paying your portion as well as what Allstate has been paying towards your insurance.
If you're relatively healthy you might consider doing some for catastrophic coverage while out of work.