Thread regarding Wells Fargo & Co. layoffs

if you have health insurance now through wells as part of your severance you don't need to sign up for ACA in the fall. You losing your insurance next year should qualify as a qualifying life event which would allow you to sign up at that point

@qeu+1ojzGx6J

If you mean medicare, I'm many years off. I am pretty sure I can get good rates from an ACA plan but I'm not positive. I won't get my COBRA letter until next year but if I'm going to do ACA, I'd prefer to sign up with open enrollment this fall.

Another commenter suggested calling HR. I'm not a current employee anymore, I just transitioned into the severance period but if HR is still able to tell me the COBRA rate now rather than me waiting for the letter in the mail next year, I'll give them a call Monday to see if they'll tell me or not. And yeah - I understand I will need to add 5-10% for next year's cost versus whatever COBRA is this year.

Oh, and part of the complication is that currently I have the family plan and next year I won't have any more kids on my plan, so unfortunately the suggestion to add my cost to the employer cost on our payslip won't apply to me, since I'll be switching plans.

A bunch of you gave great ideas though, that helps. Thank you all! You've been more helpful than the company so far, ha.

How long of service do you need here to get “retirement” benefits? Also can’t you get a more favorable rate on the open market or Obamacare?

You used to be able to go to the retirement planning page on teamworks and bread crumb it to a page that showed the retiree rates for insurance. (This was before ServiceNow so I'm not sure how easy it is to find now or if it even still exists.) I remember thinking it was ridiculously expensive and that I'd need to keep working longer. I'm trying to retire early but the cost of healthcare before I'm eligible for Medicare is what's holding me back.

I suspect a number of people who are close to retirement are in this situation - sticking around just for the insurance. IMO to reduce headcount, Wells Fargo should consider offering an early retirement package that included some severance and a reasonably priced healthcare plan until Medicare kicked in. I bet a lot of people would jump on that offer, including myself.

Call cobra and ask for an estimate (they are not WF). Sent one that was within $25 of what am paying now.

Add your premium plus the amount WF pays per pay period (it's on your pay stub) and that will give you an idea. Multiply by 26 then divide by 12 for the rough monthly cost.

I remember hearing a few years back that the company pays $10K per year towards employee health care so take what your paying now, add that into it and you should get a rough estimate.

Might depend on your state and which Insurance you’re covered under. I’m United Healthcare. COBRA was $700-$800 per month and the retiree insurance approx $1050 per month which was comparable to the cost of medium coverage under ACA. HR can give you the exact info.