Can we stay on insurance for 6-12 months after the termination date? Is this negotiable with HR?
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@k4 which equals to an amount which we can’t afford
@ce no one is legally OWED 18 months of cobra.
You are ENTITLED UP TO 18 months of COBRA, if you elect to pay for it.
@bm wasn’t the case for me and frankly YMMV depending on state. The lack of subsidies has increased rates for ACA dramatically. You are legally owed 18 mo of COBRA.
@bm but with much shittier coverage
@OP only if you wanna pay 800 a month
Do not sign anything at time of termination. They are required to send paperwork to you to look it over. If they have not paid you your bonus or your 401 k matching , you can get them to do that at that time before you sign the release. You can request a one time cash payment for the equivalent of your 401 k matching or bonus. You can request cash In for the six month coaching that they will pay for. It is standard that in lieu of signing the release that you can ask for six to twelve months of cobra in a cash payment. It is best if you take this to an attorney and have the attorney Write it up and send it, not to the HR department but to the attorney's department. H r has no cash and no authority. The legal department has a cash fund and the authority to give you a little bit of money to get you to Sign the no disclosure and release of all lawsuits. You will have to sign a paper that you cannot talk about them. Your attorney can make it both ways that they cannot talk about you.
ACA plans are cheaper than COBRA.
After severance period you need to get. Many times buying outside from market place Obama healthcare is cheaper than cobra.
Dpends how long you get insurance coverage for after termination. Some packages can include coverage for the notice perios - typically 3 months in NY/NJ. This stays even if your access is cut off on Day 1. After this, you can enroll in COBRA which has nothing to do with the employer and is governed by Dept. of labor. Typically, max is 18 months but be aware - cobra ain't cheap. Think of it this way - during normal employment, the employer pays certain part of the insurance and the employee pays the remainder. On COBRA, you wil pay both the parts but typically, the coverage is more or less the same as what you had during employment so better than Obama healthcare plans
https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/faqs/cobra-continuation-health-coverage-workers