For those not yet at Medicare are, and don’t have a spouse where you can ride their plan. How much are you paying for individual medical care in your laid off post wf life? Any tips ?
18 replies (most recent on top)
Retired late last year, not eligible for Medicare yet. Elected COBRA coverage. It runs me $678 a month. That was about half the cost of retiree healthcare. I can’t wait for Medicare but at least I have coverage.
I am on medicare and paid approx $8K in 2023 just for medical and "IRMAA". This is for one person in CA. Do your research. The $8K did not include eyeglasses or dental.
Obamacare works for very low income people or no income welfare people. It is not designed to help middle income people.
My COBRA was $522 a month in 2022. I then went to Obamacare for $157 a month due to our low income level. My wife still works so that's all the income we had. I took other money from my cash accounts so no taxable income. Going on Medicare in two months. I took the cash value retirement plan in a lump sum so I wouldnt have taxable income for some time.
After severance, got medical coverage through Affordable Care Act / ACA (Obamacare) and love it. Much less expensive than COBRA. Drs and care are great.
Obamacare is cr-p. I found out when I lost another job. COBRA turned out to be cheaper and better insurance. Unless you are poor or are willing to look poor on paper, you get sc--wed and most doctors won’t accept it. I would have had to find a new doctor.
The medical insurance remains until severance ends. You lose the life and accident I believe and possibly the legal, but they send you continuation info. Obamacare is cr-p, most of the doctors I work with won’t accept it.
I pay $750 a month for COBRA.
@1kwt+1rFzc0gN your medical coverage will continue exactly as it is as long as you are receiving a paycheck from Wells Fargo. After that you are on your own.
Your medical will stay in place until your severance ends.
Can anyone verify what @1izv+1rFzc0gN said where medical is retained during severance period? Meaning, wf stills pays their share during that period?
@1izv+1rFzc0gN COBRA comes after severance concludes. Also, not all employee benefits are retained during pay period aligned severance - e.g., STD, LTD, 401k contributions outside bonus payout, commuter benefits.
I saw the displacement packet. You retain all your benefits, including medical during the severance period.
If you have no or low income you might be able to get subsidized by Obamacare. Check the website before you sign up for Cobra.
I pay $699.02 a month for a copay plan with HRA. If you need to enroll in COBRA due to immediate medical coverage needs you don't have to wait for the snail mail paperwork to be delivered, call your medical provider. Also, know that there are delays in getting Express Scripts coverage reinstated, if they are your prescription provider, after they get paid and additional delays for them to update maximum out of pocket values from your medical coverage provider.
Your benefits election info contains what WF pays to subsidize your premiums… if you have severance offered, medical maybe available as well.
My wife was recently laid off (not from Wells) and Cobra was going to be $2,200 per month.
At least double what you are currently having deducted from your paycheck. Wells stops paying “their” half.