I started a new job and health insurance order new job starts January 1. My Verizon house insurance runs out in May of this year. Verizon health insurance is better than my new job. I called the 800 number to ask and received three different answers. Has anyone actually experienced this?
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I confirmed with my new employer that when VSP health benefits runs out it qualifies as a life changing event. We will enroll new health care plan with new employer at the end of May.
It's all up to the HR dept of the new company. VZ has nothing to say about it. I took the package back in Dec and started at a new job for a small company in late Jan. In the interview, the interviewer/owner of the company said "VZ insurance is better than my insurance," and I just declined coverage from them for 2019. My VZ-paid health insurance ends in mid-january, so I'll get on this company's high deductible plan then.
- A former RF Engineer and 12/28'er
It's employer subsidized COBRA where the employer is stopping payment. That's a life change event as per the healthcare rules.
I'm in the same boat and I have an email from HR of my new employer that's stating they agree with my assessment.
Even if the employer somehow doesn't somehow agree with the Affordable Care Act rules on the matter (and they have a problem of they don't), you can at least buy healthcare on the open market to tide you over.
it all depends whether or not your new company / HR is kind or not to take you in. Some companies will pick up you even if your cobra is still not running out but VZ stops paying for it, just need to upload the VZ stop payment notification or vsp agreement. Some companies are cheap, inflexible and will not take you in if your 18 month cobra is not running out. it depends. Also, the Obama exchange market will not consider it is a life change event if the cobra is not running out. So you have to wait until its open enrollment or get a new job.
@12rH2eJq - I'd be very careful. I commented previously (@12rH2eJq-bhm) and got down voted
However, see this link:
https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/an-employers-guide-to-group-health-continuation-coverage-under-cobra.pdf
Which says:
"If an employee or dependent chooses to terminate COBRA coverage early with no special enrollment opportunity at that time, they will have to wait until the next open enrollment period to enroll in other coverage through another group health plan or the Marketplace."
So just because VZ stops paying for COBRA and you decide you don't wan't continue paying for it, I don't think is going to let you sign up for new job's insurance outside open enrollment period(s).
But hey, put in a call to new jobs HR dept or insurance company and ask the question. The only thing you need to worry about with VZ Benefits is process for cancelling it.
Once your VSP health benefits runs out it qualifies as a life changing event with your new employer. This means that you can enroll in a new plan. Speak with your new HR and see what documents are needed. From what I understand, VZ will send out a letter of termination. That should be enough for your new employer.
@12rH2eJq - I'm guessing when you say "runs out in May" it means that's when VZ stops paying for it. I believe (but you should verify!!) that you can decline your new employer's group insurance and stay on COBRA. However, after May , assuming you still have time left on COBRA, you would have to start paying for it (not cheap). I then think (again verify!!) you won't be able to get on new employer's insurance until open enrollment - so you could end up with a gap in coverage.
And the meetings had said Verizon is paying your cobra for x months out of the maximum 18 months of cobra. You don’t get 18 more months of cobra.
Was one answer you could get kicked off cobra if you were eligible for another group insurance through your new job? And another that if you didn’t take your new insurance you’d have a gap between when your cobra ran out and their next open enrollment since nothing change making you eligible for mid year signup? Maybe someone said why would you keep paying for cobra if you had a group plan at your new work which was much cheaper? All would be true from what over read.
My VSP Cobra runs out in February and I'm very anxious about receiving information on health insurance prior to that. I was told VZ would send something out 7 weeks prior to Cobra expiring but I don't trust that information.