Does anyone know when your layed off when does insurance coverage end and you are required to purchase cobra? Is it after the 60 days notice? Anyone know what the cost of cobra is per month? I carry our whole families coverage and have ongoing need for coverage. Thank you
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2 weeks per year.
I've heard its 2 weeks per year for severance
You get 1 week of severence per year correct?
I was in the first round of layoffs, my coverage ended on last day of severance
If a spouse can get insurance you can switch over anytime in a benefit year if there has been a change in circumstances like job loss. If you have a spouse and that is an option, have him/her talk to their benefits people so you know what to expect in cost and coverage. I switched to my husbands. Believe it or not but it's actually a lot more expensive than here, but way cheaper than Cobra which is usually 3x your current premiums. Didn't think that was possible!
You aren't required to purchase cobra and as long as its less than a 3 month gap in coverage you aren't penalized tax wise. Cobra tends to be quite expensive but it's meant more as a back up option if something catastrophic happens after you're out of a job. If you're one of us who happens to be let go you'll likely get detailed information on it at that time. I know there's a substantial length of time where you can opt in or not.
I hear you have insurance until the day severance ends.