Pay about $ 400 a month for the worst health insurance you can buy. What a joke thanks xerox.
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To answer the question about what other companies are covering health benefits while employees are on furlough, I have a friend who works at Kodak and Kodak covered his benefits. So Xerox isn't being magnanimous! I found this report, indicating that quite a few companies are carrying benefits during furloughs.
https://blog.ifebp.org/index.php/laid-off-furloughed-employees-health-care-benefits
"The report "Employee Benefits in a COVID-19 World" found that of employers who furloughed employees only a small number (8%) are providing health care benefits to furloughed employees through COBRA. Instead, 39% of employers are continuing health care for furloughed employees for the entire period as if the employee was actively employed with the usual cost-sharing between worker and employer. Additionally, 23% are continuing health care for the entire period as if the employee was actively employed with the employer paying full costs. Other employers are continuing health care for a limited period as if the employee was actively employed, either with the usual cost-sharing between worker and employer (23%) or with the employer paying full cost (7%)."
If you are furloughed - under the cares act you can take a withdraw without incurring the normal early withdraw penalties.
About withdrawing from your 401k, a few cautions. I understand that you may need to do that & that’s fine. It’s important though that you understand the consequences & make an informed decision. You can take out a loan which will not cause any tax liabilities or penalties. However if you leave the company willingly or not, the full balance of the loan will come due. If you cannot pay it back, it will be treated as a withdrawal. Withdrawals are taxed as income for the year the withdrawal was made. If you are less than 59 1/2 you will also incur a10% early withdrawal penalty.
$400 per month isn't bad. Much lower than the market rate without subsidies.
Maybe someday we will join the rest of the world and not have healthcare tied to our employer.
When my husband was furloughed from his company he lost his benefits. At least I still have Xerox benefits and was able to add him to ours, even though I’m furloughed too. So it could be worse. Unfortunately we both had to take a money from our 401k to help cover expenses during this time. Im hopeful this is only temporary until we find something better.
What about the company car, are you still paying for that too.
While other companies will help cover your insurance while on furlough ;(