Hi, does health insurance terminate the same day as the laid off day? And if you do get Cobra, does it get retroactive back to the day when your health benefit ends? Thanks.
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my cobra for single person for just healthcare, no vision or dental was $1996.
What plan would that be?
I am looking at the Open Enrollment 2019 COBRA rates right now, and the most expensive plan for a single person without dental/vision is UHC Premium PPP: $966 per month.
"my cobra for single person for just healthcare, no vision or dental was $1996. That's ridiculous. Who can afford that?"
Why are you surprised?
You pay the full tab of insurance (yours + oracles portions) + a % for cobra management overhead. Last time I checked it was 105% or something like that for cobra.
Look at your W2 to see how much Oracle paid last year for your medical.
my cobra for single person for just healthcare, no vision or dental was $1996. That's ridiculous. Who can afford that?
Deciding to use Cobra or Obamacare? The oracle plan is like a platinum plan. If you have paid into the deductible and expect more costly health expenses, Cobra will be cheaper option for same coverage in general. If you or spouse are over 65 you have 30 days to apply for medicare as part of SEP. if you don't you are penalized for life. Premiums are about $140/mon and give medical care at 80% coverage. You will need to call uhc to figure out if worth it BUT Medicare will be considered primary insurer so going with an obamacare plan would be cheaper. If over 65 You have to apply to medicare part B in 30 days! Dont forget or skip
Depending on your state, it probably makes sense to see what "obamacare" plans may be out there, although I also can understand why someone would not want to change insurance while dealing with a job loss, the only reason it may be good to shop around is that the full premium you pay with Cobra is pretty high. I wish they'd at least pass a law that the company has to pay their part of insurance for a year for employees but in the US that will never happen due to greed and corporate lobbying. During the last recession Obama paid the premium for unemployed people on Cobra but that isn't true anymore.
You pay for COBRA month by month so the most money you’ll be out when you cancel is one month
can you sign up for cobra and then cancel after you find a better plan?
SC takes away your health insurance coverage at midnight of RIF day in the USA unless you are in California. But like has been mentioned, if you sign up for COBRA, coverage is retroactive back to that midnight. First month of COBRA may be free but then it is $$$.
Can you buy PPO in Obamacare?
Yes it terminates at midnight on your last day of employment. Good luck and good riddance to that hell hole, it’s headed towards an Enron like event.
See if there are Obama Affordable Care Act plans that are less expensive that you can enroll in, oracle cobra is expensive
This is why we need universal health care in the US. Health insurance should not be tied to your job and it's so horrible that when someone in the US is dealing with a layoff, they also have to worry about paying a big Cobra premium to maintain health insurance. I hope, in my lifetime, this will change.
So unti Cobra kicks in, do you pay out of pocket and get reimbursed later?
Yes and yes (provided you enroll in and pay for CORBA within 60 days.