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Old 04-22-2014, 09:07 PM
02ProstarSammyD 02ProstarSammyD is offline
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Cobra healthcare question

Hey guys super odd question but just thought I'd see if there are any super smart healthcare or HR guys on here who could answer a question.

I'm quitting my job Friday unless my boss pisses me off any more and then it might be 10 minutes from now. Anyways I start another job the following week. My healthcare with that company starts after 60 days.

Question being that I've read I have 60 days to retroactively sign up for cobra after I am notified of loss of coverage. I would assume that would be fairly quickly after I quit. Does that mean if I shatter a knee wakeboarding I could sign up after and be covered for it? Seems shady. Trying to save the bend over motion of paying for Cobra if I don't have to. Also considered signing up for a low cost HSA for the mean time. Any suggestions? My kids and fiance ARE NOT under my plan so its just me but the future wifey is freaking out about me not having coverage.

I figured we might have some experts here and obviously I can't ask our HR manager about this prior to quitting.
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Old 04-22-2014, 09:21 PM
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Aric'sX15 Aric'sX15 is offline
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let me shoot my mother a text real quick. she is the HR director of a chain of hospitals.
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Old 04-22-2014, 09:24 PM
JPK JPK is offline
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Pretty much what you explained above is what my old HR manager told me after I resigned from my last place.

You will get a letter stating your coverage has stopped effective 4/25. But as you said you have 60 days to retro actively sign up. Or get married quickly and go under you're wife's policy.
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Old 04-22-2014, 09:29 PM
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JimN JimN is offline
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Quote:
Originally Posted by 02ProstarSammyD View Post
Hey guys super odd question but just thought I'd see if there are any super smart healthcare or HR guys on here who could answer a question.

I'm quitting my job Friday unless my boss pisses me off any more and then it might be 10 minutes from now. Anyways I start another job the following week. My healthcare with that company starts after 60 days.

Question being that I've read I have 60 days to retroactively sign up for cobra after I am notified of loss of coverage. I would assume that would be fairly quickly after I quit. Does that mean if I shatter a knee wakeboarding I could sign up after and be covered for it? Seems shady. Trying to save the bend over motion of paying for Cobra if I don't have to. Also considered signing up for a low cost HSA for the mean time. Any suggestions? My kids and fiance ARE NOT under my plan so its just me but the future wifey is freaking out about me not having coverage.

I figured we might have some experts here and obviously I can't ask our HR manager about this prior to quitting.
Let them fire you and as a condition of release, they pay for your health care. Or, call your health insurance provider and sign up for gap insurance.
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Old 04-23-2014, 01:50 AM
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JMLVMI JMLVMI is offline
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You should be covered as long as you sign up within the window. You should remain on your company's plan through the end of the current pay period, and then you have 60 days to sign up for COBRA. If you think you'll get another job (and therefore health coverage) quickly, don't sign up and pay for it unless you need to. My 2c
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Old 04-23-2014, 01:51 AM
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JMLVMI JMLVMI is offline
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Also, love the HSA and HDHP. Unless you have sick kids, are sick yourself a lot, or are having kids, they are great, and I wish they were the future of healthcare...
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Old 04-23-2014, 02:14 AM
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JMann JMann is offline
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Having done something similar last year your current employer should continue coverage until the end of the month. That being if you give 2 weeks notice on the 25th your last day would be the about the 9th of May. Your coverage should continue until the end May. Now if your last day is the 25th your coverage will end on the 30th.

With cobra you would be covered back dated to the date on the notice you will get which should be April 30th or May 31st. The problem is you will have to pay out of pocket for any medical bills you happen to get then go back and have to argue with cobra to get reembursed. The time and effort it could take for that might be worth the (I'm guessing) approx $1500 two months of cobra might cost.

I'm not a medical pro so someone might have a better explanation but that's the way I remember it.
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Old 04-23-2014, 10:51 AM
curver900 curver900 is offline
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NO wakeboarding for you...
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Old 04-23-2014, 01:19 PM
02ProstarSammyD 02ProstarSammyD is offline
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Quote:
With cobra you would be covered back dated to the date on the notice you will get which should be April 30th or May 31st. The problem is you will have to pay out of pocket for any medical bills you happen to get then go back and have to argue with cobra to get reembursed. The time and effort it could take for that might be worth the (I'm guessing) approx $1500 two months of cobra might cost.
Thats about what I thought. I'm on a high deduc hsa anyways so usually out of pocket unless I get hit by a train. Sounds like im pretty clear then. Thanks guys

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NO wakeboarding for you...
No..........just no falling
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Old 04-23-2014, 01:37 PM
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I checked into this kind of situation in the past and found that COBRA costs about 3x as much as a regular policy, so I called around- Blue Cross/Blue Shield has short-term policies, but with the new playing field, this may have changed. They still contact me occasionally, to see if I might be interested in what they offer, though. The prices I see are pretty decent, too.
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