Can anyone share what the approximate monthly health insurance costs are for a single person if you elect to go with COBRA after your Chevron paid benefits run out?
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I was laid off October 8 and my last day of employment is Dec. 8. I talked to HR and they said my health insurance, etc. is covered until Dec. 31. After that, if I elect to go with Cobra, it is subsidized by Chevron for 6 months. My costs (I'm single) will be $168/mo Health, $42/mo Dental (not subsidized), and vision $9.82/mo (not subsidized). After 6 months, you can continue with Cobra for another 12 months at the following rates: $658, $42.54 and $9.82. I'm in Texas, not sure if its different for other states. Hope this helps
Chevron is paying its share for 6 months -- with my portion being about $110 or so (United Healthcare, Option 2). If I remember correctly, they are paying about 4 times as much as what I am paying as a single person. This amount is for TX. It may be higher for other states.
Logon to www.healthcare.gov and have a look at what it costs. I just signed up for coverage that starts on Jan 1, 2016 because my Cobra medical ended on Oct 31. For me and wife, I will pay only $58 per month for an HMO (Silver Deductable) Plan through Community Health Choice Insurance Company. The choice of PCPs, and list of physicians and specialists is very good. I actually found two of the Doctor/Specialists we used when I was employed at Chevron also accept this HMO Plan. This HMO has a $0 annual deductible amount and $4,200 maximum annual out of pocket cost ($2,100 per person). To get this monthly rate, I entered $27,500 as my total annual income. Yes, I know that sounds low, but that's all I plan to draw from my IRA and or 401k for the year. At least this first year.
Without company subsidy, COBRA is very expensive and should only be used as a last resort or very short-term. You should look into getting insurance through the affordable care act, healthcare.gov. There may be a local government office that can help you to enroll and determine your eligibility. If your income is low enough, you could qualify for Medicaid which is free.
I can tell from personal knowledge, as I was laid off on April 1. Since I was terminated after April started, Chevron fully paid my medical insurance for that month. That gave me enough time to wait for ADP Cobra Services to mail me the paperwork I needed to complete and Mail back to them with my first payment. Cobra medical plan rates for the first 6 months are exactly the same amount as your employee monthly rate. You pay ADP your amount each month and Chevron will pay its share to ADP to make up the difference. After 6 months, Chevron will no longer subsidize the Cobra medical premiums and you will now assume the whole deal. Let me tell you, Cobra rates are damn high. For me and spouse only, the monthly Cobra premium was going to be $1180 for the United Healthcare PPO, Option 1 coverage in Houston, TX. As an employee, I used to pay $235/month and Chevron paid the rest. Keep in mind Cobra medical is subsidized, but not the dental insurance. If you need to cancel Cobra coverage in part or full at the end of 6 months, just call the 1-888-TALK2HR and speak to someone in the HR Service Center by the first or second day of the month you intend to drop coverage or make a change. Good luck.
You would pay the full insurance premium without the company contribution.