With all the BS going on, I am wondering if any posters have experience/insight into the health insurance situation. I'm actively looking for something new, but the insurance question always comes up. Our ASA (good person) is telling me that coverage ceases the day you leave Lowe's whether voluntarily or involuntary. Same was stated on the MyHR site, with mention that "COBRA information will be sent within two weeks". Uhh, what about the gap. Never mind the question of what/when does the health care money that comes out each paycheck covers and for how long. Just doesn't seem fair. I know, I'm delusional, Just looking for any perspective. Thanks!
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I had oral surgery the week after I was fired, kind of an emergency situation. At first I told them I had no insurance, but I received word from my ASA that despite the fact they tell us it end's immediately, it still continues for the month if you've paid for it. So I tried it and sure enough it worked! Dental at least. So best bet is to call the insurance agency itself
Get on Obamacare. It’s probably the best deal if you leave.
Just get into covered California or what your state offers. Cobra wanted over $400 a month for this pos hmo lowe’s had. I pay $220 a month for a PPO with $10 copay and $1000 max out of pocket, pr-scrip-ions $5. Do your research.
It’s true that your benefits cease at 11:59 PM on your termination date. You will receive your COBRA packet in ~ 30 days of your termination.
The most expensive item under COBRA is your medical, whereas dental and vision are fairly affordable.
If you want to know the cost of coverage review your paycheck stub. It will be the sum of what you pay AND what Lowe’s contributes on your behalf per check, multiplied by two (since you get paid every two weeks/twice per month). For example, if you spend $50 per check on medical and Lowe’s contributes $100 per check, an estimate of your medical coverage costs under COBRA is ($50 x 2 + $100 x 2) $300 per month. Do the same for dental and vision. Under COBRA, you retain Lowe’s health insurance but because you are no longer an employee, Lowe’s will not contribute to the costs (the $100 x 2).
You have to elect COBRA in about 60 days of your termination. If you elect, there will be no gap in coverage, COBRA picks up the day after termination even if you elect on day 59 of 60. For example, you resigned or were terminated on June 1st and have until August 31st to elect coverage. If you enroll on August 30th, your coverage will kick in June 2nd, retroactively so it looks like you had coverage the entire time. At that point you will be sent a bill to cover the months of June, July and August at the COBRA rates.
You can remain on COBRA for 18 months, cancel at anytime and coverage is cancelled if you fail to make payments.
Thanks for the quick reply. Not to push the point, but how did COBRA $$ compare to previous cost, and how soon did that info come. It seems like Marvin has got all us "low lifes" (Or Lowe's Life, how ironic) by the short hairs no matter what happens.
Got my COBRA letters yesterday . Good luck affording it with out a job.