Can somebody who was recently laid off please tell me if severance includes any kind of medical coverage for an extended period (a few months, or until you can find a new job), or does it get cut off immediately or at the end of the month? Any info would be highly appreciated.
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For individuals that have signed up for COBRA, even though Fiserv Benifits states your health insurance is made back to active once your payment is received, this is not true. I've had to delay a family member's surgery due to Fiserv not processing the COBRA payment correctly. Thanks Fiserv for screwing my family over one last time!
I was severed early this year and had coverage until the end of the month. I was told I could get subsidized Cobra for up to six months, but was never given details on how to sign up for or activate it. I called the helpline before I left and was told to not worry about it, I had a 30-day grace period, etc, and that a packet would come for cobra and life insurance carry over options. Nothing ever came, and after my departure date, people stopped returning my calls. Luckily, my spouse's new job provided insurance a short time after that, so I ended up not needing the cobra anyway, but like everything else, Fiserv did its best to hose me.
you get medical till end of the month, problem is they lay you off about a week before end of month then it expires that month
I got Cobra as mine was pretty resonable cheaper than Obamacare because I did Obamacare first 30 days then went to Cobra
Was RIF'ed several weeks ago been receiving 6 months of subsidized COBRA after 6 months both the employee and company share would be billed. COBRA mandates your former employer-sponsored health insurance be made available for up to 18 months after leaving your job.
forget COBRA, check ObamaCare or low income health
I'm sorry about that last post. I did a bunch of editing and missed a few things. Strike that last half-written paragraph completely. I was originally under the impression that the COBRA grace period was 2-3 months. I corrected that in the main body, but left that incorrect remnant at the end. My apologies.
As someone else has already said, medical coverage should last through the end of the month.
If I recall correctly, there is a payment grace period with COBRA which allows you 30 days to decide if you want to sign up. I believe that period starts after the other coverage ends.
The grace period is that it allows you to "roll the dice", so to speak, regarding coverage. If you obtain new coverage during that 30 days and didn't need to utilize benefits, you just walk away. If, however, you have a high-dollar event on, say, the 30th day, I believe you can make the payment and you're covered retroactively back to the first day it would've been available. In other words, no lapse in coverage.
Of course, you're covered under your original plan, so you need to determine if the high-dollar monthly cost of the plan * plus * whether or not you've hit your deductible is even worth it. In any event, the 30-day grace period is the one tiny bit of light in the whole mess.
Also, I'm fairly certain HSA funds can be used for COBRA payments.
If something huge comes up while you're still looking for a new job, you can pay for the month or two you missed and you'll be covered. I think the option to jump in ends
Cobra isn’t cheap. See if you can get on your spouse’s policy as it is a change of events
Generally medical coverage last through the end of the month then you would elect to sign up for Cobra if you wanted to continue coverage, this is paid out of pocket.