Has anyone taken the Nike paid COBRA coverage? I signed up for it today but it's alarming that in the Wageworks system it says "participant paid" and I'm on the hook for a $2400 monthly bill to cover everything for the 4 members of the family. Are we supposed to pay and get reimbursed or does Nike pay directly? If they pay directly how long does it take? Kaiser let us know that we are canceled and we're wondering how long before we're reinstated.
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$2400 a month??? That's about what I pay per decade in Europe. Good grief.
Everyone should be aware that you will owe taxes on subsidized COBRA if you earn enough.
https://www.irs.gov/newsroom/cobra-questions-and-answers-for-employees-and-former-employees
@OP did you receive any comms from Nike about this recently?
@a2 I assume their question was, Nike severance package includes 6 months of Nike paid COBRA, so they shouldn't need to pay for it at all until January.
Also, for OPs benefit, COBRA is retroactive, meaning if you think you can avoid using any medical services for the 6 months, you can choose not to pay at all, and if you do end up with a large expense, you can backpay the amounts since you lost regular coverage and still be covered after the fact.
I'm no expert but I remember reading an article about price shock when employees look at COBRA costs post layoff and although $2,400 seems a little high it's not outside the range for a family of 4. That's the actual true cost of insurance when Nike no longer pays for a majority percentage of the costs. American society as far as healthcare is completely broken. Sorry you are dealing with the challenges.