Thread regarding General Motors layoffs

I had some additional comments about my previous post about Marketplace and COBRA.

1. In 2019, the IRS penalty for not having insurance has been removed

2. All Blue Cross plans are NOT created equal. If you compare a Benefit Summary of your GM plan with a Benefit Summary in the Marketplace, you will see many differences; in particular, be aware of the network of providers you are considering. The Marketplace offers mostly Blue Care Network HMO plans, rather than Blue Cross PPO plans like GM's. An HMO plan network is totally different, provides only in-network care (other than emergencies) with a Primary Care Physician needing to be selected. All care sought from a specialist needs to be referred through that Primary Care Doctor. This is much different than the GM PPO where there are both in and out of network benefits and there is no Primary Care Doctor to seek a referral from.

3. Look carefully at the pr-scrip-ion medicines covered under any Marketplace Plan. You can view online the formulary listing for pr-scrip-ions.

A competent agent will help you through this process to compare.

Actually looking at COBRA and the cost is about half of what I thought it would be. Since I will have another 6 months of benefits I may sign up for COBRA as I don’t want to restart deductible in September so COBRA may be cheaper.

As far as healthcare, yes the Exchange may be an option. Keep in mind you can use your H.S.A. savings to cover COBRA premiums as COBRA is a qualified expense and there will be no tax penalty for using those HSA dollars on COBRA premiums. The GM plan design is a better plan than Marketplace plans and COBRA will likely be less expensive than a Marketplace plan if you are older. COBRA may be a good idea to continue if you have met some of your deductible already as a Marketplace plan will reset the deductible to $0. Also, allow lead time for a Marketplace plan to kick in as it is not immediate like COBRA. Also keep in mind if you do select COBRA, if you drop it before COBRA runs out and want to switch, you would need to wait until an Open Enrollment period for Marketplace, which in 2019 means you would need to apply between 11/1/19 and 12/15/19 for coverage that would begin 1/1/2020. Wageworks has info about eligible expenses also: https://www.wageworks.com/employees/support-center/hsa-eligible-expenses-table/

Hope this helps. I'm a spouse of a VSP taker and insurance is my background. Prayers to all for navigating through these changes.

Excellent post.

Use this as learning experience. Get out of debt, fortify your savings, plan for the worst. We will go through this again, this is the new normal.

I have still survived again, and wanted to let you know that Is an excellent post and every person must think of their choices carefully

good post and thank you

+1 from me