I have 3 months of health coverage as part of my severence package. I received a contract role (with a not so good health insurance) with a new company and will be joining them soon. Any one knows what are my options here to stay on Ford's insurance until it runs out?
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@cdd+1o9MQqX3. For most, what you are saying is true. It is best to just go with your new employer's plans and pass on the 3 months and Cobra. But if you or a dependent have substantial medical costs and have already met your deductible or out of pocket maximum, it may be better to pay to keep the Ford plan through the end of the year.
It's skip Cobra. It's too expensive. Better to just go without
Since you still have to pay your premiums on Ford's plans, I'd cancel them as soon as I had coverage on the new job. This includes life insurance.
It depends on the rules at your new job. You probably have to enroll immediately, or wait until the annual enrollment period. Annual enrollments are typically on a calendar basis. Since you only have 3 months severance coverage, you would then have to use Ford Cobra to cover yourself through the end of the year before a new annual enrollment took affect. Whether switching to your new employers plan immediately or waiting until next year is a better option depends on your overall expenses and deductible status.