My benefits run out at the end of September. Haven’t seen anything about extending my health care on COBRA yet. Is it lost in the mail? Also, how much does it generally cost per month? Double the normal premium? Triple?
10 replies (most recent on top)
@ezod, it seems good that I can get health insurance for $513 per month for a year and a half. Gets me 1.5 years closer to medicare rates which really helps with my retirement planning. I find it hard to believe that's what it really costs BK though.
COBRA exists because federal law says it has to exist.
There has never been anything good about COBRA except that it's there is everything else fails and you need insurance, but it's also temporary. You end up paying your share, plus what the employer was paying. In a recession with no jobs, it's there, but in these days when jobs are plentiful, albeit not what you had or were making, you are better off doing those jobs in the interim and getting full benefits, and possibly less stress than trying to afford COBRA. IMHO.
From page 2 of the separation document:
COBRA Information
BNY Mellon will send COBRA information within 14 days after your insurance eligibility ends. You will have 60 days to consider the offer and if the offer is accepted, the coverage will be retroactive back to day one so at no point would you be without insurance. COBRA coverage is a month to month benefit with a maximum of 18 months. You can request a COBRA quote at any time by calling the Benefit vendor at 1-855-354-6940.
Mine runs out today and I haven't received anything about COBRA....
The premium for the Copay plan is $591 a month.
Does that $513 include the contribution to your HSA? If so, that seems pretty cheap.
What??? Employers subsidize employee health insurance??? Thanks for the info Einstein...
Health Insurance premium is usually $513 just subsidized by your employer. Get a job
Makes it kinda hard to plan, huh? I don't seem to remember it being that expensive when I looked at my total compensation details. But the sad thing is that $513 per month doesn't cover anything.
Give it until middle of September for COBRA paperwork to arrive. My single person health insurance only premium went from about $50 per paycheck to $513 per month.