Benefit guys cobra open enrollment etc al (1 Viewer)

[belljr]

So long story short. My wife after 30+ years is leaving her company. So we are obviously losing her insurance coverage. So looking into enrolling in mine as a QLE. The effective date would be sometime in October.

If I don't do anything how long would we be covered for 30 or 60 days?

I'm tempted to just wait until open enrollment or is that too big a window?

Premiums are usually pretax correct?

I'm sure I have some more questions but that's it for now

Tia

 

[gianmarco]

Not worth the risk. What's the downside to signing up now?

 

[belljr]

Not worth the risk. What's the downside to signing up now?

Premiums are triple.

But most likely I will. Was just wondering if it is something to consider

 

[ChiefD]

What date does her insurance end?

 

[belljr]

10/5 will be her last day

 

[the moops]

Not worth the risk. What's the downside to signing up now?

Premiums are triple.

But most likely I will. Was just wondering if it is something to consider

Why are premiums triple now than what they will be during open enrollment?

 

[belljr]

Not worth the risk. What's the downside to signing up now?

Premiums are triple.

But most likely I will. Was just wondering if it is something to consider

Why are premiums triple now than what they will be during open enrollment?

They will be triple whenever I sign up. If I could ride her old insurance to January I'd save 800 ish

 

[matttyl]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

 

[matttyl]

Also, find out how much cobra will actually be - it might not be as bad as you think (or that bad compared to coverage through your employer).

 

[ChiefD]

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

This is what we did when my wife changed jobs earlier this year. Her last day at the old job was something like March 3rd, but her insurance with the old company expired March 30. She didn't start her new gig around April 20th or something. So we just didn't ever sign with Cobra.

We figured if something happened between March 30 and April 20 we would accept the Cobra and pay the premium.

 

[RG623]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Was coming to post this. My experience is coverage will sometimes continue for the entire month of the last day worked.

 

[belljr]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Deductible is yearly. Need to check how far along we are.

My new insurance has no deductible

 

[Keerock]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Deductible is yearly. Need to check how far along we are.

My new insurance has no deductible

And that's why the premium is triple.

You have the perfectly worded answer from @matttyl - float COBRA until the first of the year and then get on yours (assuming your open enrollment is effective Jan 1)

 

[belljr]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Deductible is yearly. Need to check how far along we are.

My new insurance has no deductible

And that's why the premium is triple.

You have the perfectly worded answer from @matttyl - float COBRA until the first of the year and then get on yours (assuming your open enrollment is effective Jan 1)

Yeah - I should also caveat. My wifes insurance is dirt cheap its why we stayed on it - the premium is like 200 a month. Not joking. I'm just going to get our Fed BCBS for 550 to keep into retirement. That was always the plan just sooner than expected

 

[matttyl]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Deductible is yearly. Need to check how far along we are.

My new insurance has no deductible

Hence it being three times as much. Just you and wife (no kids)?

 

[belljr]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Deductible is yearly. Need to check how far along we are.

My new insurance has no deductible

Hence it being three times as much. Just you and wife (no kids)?

Family

 

[matttyl]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Deductible is yearly. Need to check how far along we are.

My new insurance has no deductible

Hence it being three times as much. Just you and wife (no kids)?

Family

Same advice as above, but with the added note - cobra is an individual right. That means if you float it, and something happens to you (but not your family), just you can accept cobra without the rest of the family members.

 

[bigbottom]

I’m an insurance agent. I’ll answer this as best I can with the information you’ve provided.

First and foremost DO NOT say no to an offer of cobra. You don’t have to say yes, but if you say no then that option is off the table. Just let the offer expire, you generally (legally) have 63 days I believe to accept or reject the offer from when it was delivered to you. Also, I’m assuming she works for a “large company” of over 20 employees, where cobra is federally mandated.

Second, if her last day is 10/5 - find out if your coverage will end (without cobra) at the end of that day, or at the end of that month. If it’s the end of that month (October), and you have 60* days of cobra offered, you can “float” the offer pretty much till the end of the year. If something happens, you can accept cobra retroactive back to when the coverage ended.

Also look into what your current deductible is, how much of it each of you has met, and when that deductible will reset (typically it’s with the calendar year, but not always). Do the same with the coverage from your employer.

Was coming to post this. My experience is coverage will sometimes continue for the entire month of the last day worked.

This is absolutely key as well as confirming that the 60 (or 63) day opt in period runs from the last day of coverage and not from the termination date. Otherwise, you can’t float to Jan 1. In that case, you’d have to decide on December 5 whether to opt in to Cobra and make all the retroactive payments or risk getting hurt/sick during the balance of December without any coverage.

 

[Gally]

You have the perfectly worded answer from @matttyl - float COBRA until the first of the year and then get on yours (assuming your open enrollment is effective Jan 1)

Typically I have found that a change in status (like a spouse losing insurance that you are on) allows you to start with your company outside of open enrollment time. There is normally a set of a few circumstances that allow you to add insurance (getting married/divorced, having a kid, losing insurance, etc). You may be able to just roll into your insurance immediatley because of this status change.

 

[Keerock]

You have the perfectly worded answer from @matttyl - float COBRA until the first of the year and then get on yours (assuming your open enrollment is effective Jan 1)

Typically I have found that a change in status (like a spouse losing insurance that you are on) allows you to start with your company outside of open enrollment time. There is normally a set of a few circumstances that allow you to add insurance (getting married/divorced, having a kid, losing insurance, etc). You may be able to just roll into your insurance immediatley because of this status change.

True. It's called a "qualifying life event". However, there is typically a time limit in which you can make those changes... usually 30 or 60 days.

 

[belljr]

You have the perfectly worded answer from @matttyl - float COBRA until the first of the year and then get on yours (assuming your open enrollment is effective Jan 1)

Typically I have found that a change in status (like a spouse losing insurance that you are on) allows you to start with your company outside of open enrollment time. There is normally a set of a few circumstances that allow you to add insurance (getting married/divorced, having a kid, losing insurance, etc). You may be able to just roll into your insurance immediatley because of this status change.

You have the perfectly worded answer from @matttyl - float COBRA until the first of the year and then get on yours (assuming your open enrollment is effective Jan 1)

Typically I have found that a change in status (like a spouse losing insurance that you are on) allows you to start with your company outside of open enrollment time. There is normally a set of a few circumstances that allow you to add insurance (getting married/divorced, having a kid, losing insurance, etc). You may be able to just roll into your insurance immediatley because of this status change.

True. It's called a "qualifying life event". However, there is typically a time limit in which you can make those changes... usually 30 or 60 days.

Um. ... I literally said it was a QLE in the OP lol.... just trying to figure out if I can just make into open enrollment/jan 1 on my wife's current plan or go through the steps of setting up paying a larger premium only to do open enrollment a month later

 

[belljr]

well her cobra quote was 2k a month lol so I guess I'll just sign up now

 

[belljr]

Thanls for all the info everyone

 

[matttyl]

well her cobra quote was 2k a month lol so I guess I'll just sign up now

Just so you know, that’s means that your family’s coverage has always been $2k a month. It’s just that her employer has been paying the lions share of it for you. When you go to cobra, the entire amount is shifted to you, but the overall cost remains the same.

 

[belljr]

well her cobra quote was 2k a month lol so I guess I'll just sign up now

Just so you know, that’s means that your family’s coverage has always been $2k a month. It’s just that her employer has been paying the lions share of it for you. When you go to cobra, the entire amount is shifted to you, but the overall cost remains the same.

Yep - I saw the breakdown for my insurance also - so I had an idea - just hoping to avoid all the paper work and money since we are close to EOY. But it is what it is.

Thanks