Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

Changing jobs - Health Insurance?

Notices

Changing jobs - Health Insurance?

Old 09-09-2015, 10:21 AM
  #1  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Feb 2005
Location: Ohio
Posts: 627
Default Changing jobs - Health Insurance?

Hello all,

I may be in the process of changing jobs. Only third company in my 35 years in business so not real familiar on how best to handle health insurance. I have hired plenty of folks, fired a few, laid off more than I wanted too, but I have not voluntarily changed companies myself.

Here is the deal, new company has good offer but insurance will not start until first of month, after 30 days from hire. Since I am resigning my position at current company I cannot ask if I can stay on current insurance even if I pay the premium. At least can not ask until I give my resignation letter I know current employer will not be pleased I am leaving but I have contract that I stay 30 days after notice.

So, it they do not let me extend my insurance 30 days after my last day working, what are the other options for the month or two of family health insurance? I need a family plan, wife and two college age boys.
monobill is offline  
Old 09-09-2015, 10:27 AM
  #2  
Senior Member
 
Join Date: Apr 2012
Location: Cape Coral, Fl
Posts: 1,310
Default

If your former employer has more than 20 employees and you are on a group plan, you likely qualify for COBRA. This means you can leave your job, go to work at the other place and if a medical issue arises pay for COBRA and you will be covered on your old medical plan. If you enact COBRA you will pay the full premium not just the employee portion but it is still a good safety valve. You can enact COBRA within 60 days so you won't need to activate it unless you need it.
Straegen is offline  
Old 09-09-2015, 10:29 AM
  #3  
Senior Member
 
Join Date: Jul 2013
Location: Destin/Tampa,FL
Posts: 1,365
Default

Since I am resigning my position at current company I cannot ask if I can stay on current insurance even if I pay the premium. The hell you can. If you are leaving on good terms they most don't stop insurance right as you leave. Have you put in your two weeks? I would work with them.
bayfisher92 is offline  
Old 09-09-2015, 10:30 AM
  #4  
Senior MemberCaptains Club Member
 
Join Date: Jan 2005
Location: Asheville, NC
Posts: 6,548
Default

Buy a month of Cobra... my clients do it all the time, even when they voluntarily resign. I usually get the hiring company to pick up the tab. Sometimes it's three months. I placed a technical director with a company with a ninety day waiting period. They reimbursed him for 90 days of Cobra.
HeadHunt is offline  
Old 09-09-2015, 10:30 AM
  #5  
Senior Member
 
Join Date: Jul 2010
Posts: 625
Default

The new company should be willing to start coverage on your first day. Have you asked?
kevincook is offline  
Old 09-09-2015, 10:32 AM
  #6  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2010
Location: Brooklyn, NY (Bay Ridge)
Posts: 14,705
Default

I'd say they'd work with you but yeah, COBRA.

Congrats and good luck,

J
Esuomm1 is offline  
Old 09-09-2015, 10:33 AM
  #7  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2012
Posts: 5,489
Default

Originally Posted by kevincook View Post
The new company should be willing to start coverage on your first day. Have you asked?
Their plan may prohibit that.
chrispnet is offline  
Old 09-09-2015, 10:33 AM
  #8  
Admirals Club Admiral's Club Member
 
Dulcecita Lures's Avatar
 
Join Date: Nov 2009
Location: Tempe, AZ
Posts: 16,768
Default

In most (not all) cases, your health care will not end until the end of the month in which you resign. You may be offered a COBRA option to continue it. COBRA is generally 3 times (or more) what you are paying now because you lose any company contribution and are paying it full boat yourself. But, it will allow you to continue coverage for the month or so you may need it until your health plan kicks in at your new job.

Life insurance is a different story. That will likely end the same month you quit and it's doubtful there is any option to continue it, since it's most often a group life policy. This is one of the reasons you should always have a solid independent life insurance plan. Group life is cheap, but lose the job and it's gone. However, your new employer is likely to offer some sort of group life as well that you can pick up after the 30 day waiting period.

The benefits starting the beginning of the next month after you start is fairly common practice these days. Gives them time to get you enrolled and everything set up. Some companies even stretch it to 90 days as a probationary period. Depends on the company and job.

Good luck with the new gig!
Dulcecita Lures is offline  
Old 09-09-2015, 10:34 AM
  #9  
Senior MemberCaptains Club Member
 
Join Date: Jan 2005
Location: Asheville, NC
Posts: 6,548
Default

Originally Posted by kevincook View Post
The new company should be willing to start coverage on your first day. Have you asked?
Most times companies have precedent issues in that regard. If they do it for one person they piss off all the others who didn't get it.
HeadHunt is offline  
Old 09-09-2015, 10:36 AM
  #10  
Senior Member
 
Join Date: Sep 2007
Location: Deltona FL, Penrod KY
Posts: 2,096
Default

After you quit or lose a job, you can temporarily continue your employer-sponsored health insurance coverage through a federal law known as COBRA. But here's the catch: You have to pick up the entire tab, plus up to 2 percent for administrative costs.

Not cheep, but they have to offer it. Do not go uninsured between jobs. A laps in coverage open up a can of worms.

Doug
rdmallory is offline  
Old 09-09-2015, 10:43 AM
  #11  
Senior Member
 
Join Date: Jul 2014
Posts: 1,793
Default

Does your spouse work and does her employer offer family coverage? Get on her plan for a couple months then when yours kicks in, switch them over (or not....you can coordinate benefits, i.e. two different coverages this way but may not be worth the extra premiums). Losing existing coverage is a life qualifying event that allows for healthcare coverage enrollment/disenrollment outside of normal open enrollment periods.

COBRA or purchasing an Exchange plan for a couple months would be the way to go otherwise, but would probably be more expensive.
richeerich is offline  
Old 09-09-2015, 10:43 AM
  #12  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2012
Location: Palm Beach County
Posts: 10,171
Default

listen to someone who actually knows what he is talking about. you have 30 days to sign up for COBRA. if you dont need to go to dr then wait the 30 days til new insurance kicks in. IF you need the dr sign up for cobra and go. Im on my third job in 6 years(all promotions), done it each time.
WPBTH is online now  
Old 09-09-2015, 10:51 AM
  #13  
Member
 
Join Date: Jan 2012
Posts: 102
Default

Are you sure you aren't already paying one month in advance for your current insurance. That's always how mine has been.
Fish Haid is offline  
Old 09-09-2015, 11:05 AM
  #14  
Senior Member
 
Join Date: Jan 2009
Posts: 2,793
Default

Originally Posted by WPBTH View Post
listen to someone who actually knows what he is talking about. you have 30 days to sign up for COBRA. if you dont need to go to dr then wait the 30 days til new insurance kicks in. IF you need the dr sign up for cobra and go. Im on my third job in 6 years(all promotions), done it each time.

60 days.

Within what time period does the Qualified Beneficiary have the option of electing
COBRA?
A qualified beneficiary
may elect COBRA coverage at any time within 60 days after the date plan coverage
terminates, or, if later 60 days after the date of the notice to the qualified
beneficiary from the plan administrator. The 60-day period permits a qualified
beneficiary to “adopt a wait-and-see approach to continued coverage, and
then elect if and when medical care is required during the election period.
If the plan administrator has not sent the notice of qualifying event, the election
period remains open. The 60 day period is a minimum




What are the Premium Payment Deadlines regarding COBRA coverage?
A plan may not require
any payment until 45 days after the qualified beneficiary’s initial election.
If a qualified beneficiary fails to make the initial premium payment within
the 45-day period, the plan administrator may terminate the COBRA coverage.
Thereafter, payments are due on the first of each month, subject to a 30-day
grace period.



http://ww1.cobrainsurance.com/cobra_faq/

UT_VOLS13 is offline  
Old 09-09-2015, 11:11 AM
  #15  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Feb 2005
Location: Ohio
Posts: 627
Default

Hey all,
Thanks for all the advice! No the wife doesn't work so that is not an option. Guess I have to wait until final offer as this is a question I have asked about getting insurance on first day. Very good to know options about COBRA if I need to.

At least now I have a back up plan on insurance if I need to give up something in discussions on other topics.

You guys are great, thanks!
monobill is offline  
Old 09-09-2015, 12:19 PM
  #16  
Senior Member
 
Join Date: Jun 2011
Location: Folly Beach, SC
Posts: 1,807
Default

Originally Posted by HeadHunt View Post
Buy a month of Cobra... my clients do it all the time, even when they voluntarily resign. I usually get the hiring company to pick up the tab. Sometimes it's three months. I placed a technical director with a company with a ninety day waiting period. They reimbursed him for 90 days of Cobra.
How did they structure it? If they were a smaller company, as of 6/30/15, you can not reimburse employees for individual health insurance or be subject to $100/employee/day penalty. Was it a 'signing bonus' run through payroll?
Trollin4Tuna is offline  
Old 09-09-2015, 12:24 PM
  #17  
Senior MemberCaptains Club Member
 
Join Date: Jan 2005
Location: Asheville, NC
Posts: 6,548
Default

Originally Posted by Trollin4Tuna View Post
How did they structure it? If they were a smaller company, as of 6/30/15, you can not reimburse employees for individual health insurance or be subject to $100/employee/day penalty. Was it a 'signing bonus' run through payroll?
Most times it is called a signing bonus or a relocation allowance.
HeadHunt is offline  
Old 09-09-2015, 02:37 PM
  #18  
Senior MemberCaptains Club Member
 
Join Date: Jan 2004
Location: Pittsburgh, Pennsyltucky
Posts: 7,211
Default

I wouldn't worry about it. You can get all the medical advice you need right here on this forum.

Kidding aside, as others have mentioned, you should be eligible to receive cobra benefits.
Brad1 is offline  
Old 09-09-2015, 02:57 PM
  #19  
Senior Member
 
Join Date: Jan 2009
Posts: 2,793
Default

Originally Posted by Brad1 View Post
I wouldn't worry about it. You can get all the medical advice you need right here on this forum.

Kidding aside, as others have mentioned, you should be eligible to receive cobra benefits.

LOL, and it's free.
UT_VOLS13 is offline  
Old 09-09-2015, 03:25 PM
  #20  
Senior Member
 
Join Date: Jul 2014
Posts: 1,793
Default

Originally Posted by UT_VOLS13 View Post
LOL, and it's free.

...but you get what you pay for.
richeerich is offline  

Thread Tools
Search this Thread