Can anyone share if any health insurance coverage (not just COBRA, which has expensive premiums) is part of severance? Trying to prepare financially for acute health expenditures that are currently in progress but won’t finalize for at least another month or two. Thank you!
5 replies (most recent on top)
Not sure how this works, but if you can get on OHP right away, that may be your best financial option. COBRA has always been more expensive to stay on, than buying a plan in the open marketplace. When I was buying my own, I just used Providence and had the same quality of coverage as a private employer. Also, you may ask for cash or no insurance discounts at any providers and it's amazing how many offer that. Check with your providers now what insurances they take. Good luck!
Having gone through it…my advice…after Nikes COBRA payments expire and you have the option to change to an individual plan or stay on the COBRA plan….stay on the COBRA plan! It is literally my only regret when leaving Nike. I’ve maxed out the individual plans offered in the open marketplace when I too through COBRA was expensive and constantly get denied on certain coverage and am out of pocket. So, you may pay a little more in premiums but your overall coverage will be way better through COBRA and you’ll have fewer surprises. I’d only change if you are moving to another employer offered plan. Even the best Oregon Individual Family plans su-k as they are pretty restrictive. Really review the COBRA plans against open market individual family plans to be sure what works best for you.
I’ve heard they pay the cobra premium for a certain time frame.
Nike pays COBRA for 6 months after you are laid off.
OP - Your ask does not make sense When you are no longer employed your access to health insurance from your prior employer is COBRA. Are you asking if Nike will cover COBRA premiums for XX months?
You can pay COBRA premiums with HSA funds, so I'd suggest max funding to the account if you have not done so already.