I was laid off at 59 years old. Now I have no medical, dental or life insurance. I find out today that cobra insurance cost 600 a month and life insurance will cost 250.00 a month! How is a person supposed to do that? They screwed us very badly. Even with a part time job and my husband's social security there is no way to afford that. So my message to all of you getting laid off this company s—s big time. I could have retired in a year and half.
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I don’t’ understand how you could have retired in a year and a half after 59 but now there Is hardship after a year of SUB, a part time job and reduced employment related expenses. You can start any of your retirement options now from 401K to any legacy pension with very little loss and $600 COBRA is what I paid in 1992.... a very good deal now. There has to be something else that you are not mentioning as it is only a six month gap from your plan after a year of more money than planned.
I got laid off back in Dec 2018 and I'm still unemployed. Once my subpay was done, which means I lost my beneifts, I applied for medicaid insurance on the PA compass website. I was immediatly eligible and got it for FREE. This insurance is way better than what I got from BNYM, especially since there's NO deductible. Not sure why you would pay for cobra or anything on healthgov.org, way overpriced especially if have no job. Here's my philosophy. You worked all those years and paid into the system, it's time that it pays you back until you get back on your feet again.
Go to Healthcare.gov. Your qualifying event is that you were laid off. Good luck
Save your money for a rainy day such as this.
you should be aware that a legacy BNY employee over 55 that had 10 years service CAN purchase retirement medical after cobra runs out ... it is expensive, about 1000 per month just for an individual but may be worth considering. I believe legacy mellon employees have something similar. Or, that is what Obamacare is all about ... buying a policy on the state exchanges is intended to be subsidized up to 400% of the federal poverty line.
I'm the same age and barely hanging on here. Too old to easily find another job, and I know the hardest part will be the healthcare if I'm layed off. It s—s that whatever retirement savings people have will be used up on healthcare. I'm not going to blame people getting it for free. Everyone should have healthcare in this country, but something needs to be done about this. It was left up to companies to provide the people with healthcare, now their looking for ways to boost their profits by cutting out the older employees.
Understand the cost of medical but that life insurance? How much coverage is that for?
I think you can do better if if you shop around. Bottom line is that if you have no debt, what do you really need life insurance for? You only need a small policy to cover funeral expenses. Having lots of life insurance is a waste of money unless you have young dependents. You be better off investing those premiums elsewhere. Talk to a financial planner if you haven't already.
Mickey mouse bank
I did get sub pay . But it's done now.that's why I have no more insurances.
did you not get SUB?
I am sorry but this isn’t just BNY. This is happening at every global bank.
Try getting another job. Good luck!