Thread regarding Honeywell International Inc. layoffs

COBRA and Medicare - Potential Issues

This doesn't affect me directly, so I am only going to post this warning copied from CNBC site. If you take (expensive) COBRA for some reason when you are in fact eligible for Medicare (age 65 or older), there may be some issues. Of course, COBRA can cover your spouse when Medicare won't directly, but in any event it sounds like a discussion with an insurance broker might be useful. Here is the info

"At the same time, COBRA coverage is not considered acceptable insurance in place of Medicare for those who are Medicare-eligible. This can cause issues in terms of potential late fees if the person misses deadlines for signing up for Medicare after losing their job. And, for complicated reasons, it can lead to services not being covered and, instead, big out-of-pocket costs for the patient.:

by
| 1692 views | | 4 replies (last ) | Reply
Post ID: @OP+15UnzAmS

4 replies (most recent on top)

jbw - it has everything to do with being laid off from Honeywell or an other company if you are or will be eligible for Medicare soon.

by
| | Reply
Post ID: @1ncj+15UnzAmS

The key is to sign up for Medicare within the given window, which is one month before and after your 65th birthday, whether or not you plan to use it immediately. Then you have some flexibility.

I've found that it covers more, for less outlay, than the HON plan. If you have a choice, you might want to compare COBRA coverage to Medicare (plus a medigap and pr-scrip-ion plan) before going with COBRA. The latter can be very expensive since you pay both what you paid before, plus what the company was paying.

by
| | Reply
Post ID: @qrv+15UnzAmS

At least for medical pr-scrip-ions, I’d recommend you look into programs that reduce out of pocket cost like Kroger Good Rx, a relative lost their job and actually gets better discounts on the medication than when they were working

by
| | Reply
Post ID: @kvk+15UnzAmS

This has nothing to do with Honeywell.

by
| | Reply
Post ID: @jbw+15UnzAmS

Post a reply

: