topic Re: Waiting on pins and needles,,,, in Community Chat

Waiting on pins and needles,,,,

Madame Lorrraine — Thu, 17 Jul 2014 17:23:12 GMT

For the last 20+ years, my DH has worked for a VERY lard software company (guess which one, lol!) and today they announced a large round of lay-offs We've talked about this more than once and tried to figure out if he'd accept the golden handshake if it were to be offered to him.

We haven't the numbers exactly but the only reason he'd want to stay on in insurance: He's eligible for Medicare but I won't be for another two years. It easy to think, what could happen in 2 years? Well, in my experience, plenty!

Has anyone else been in this situation? What criteria did you use to decide? Ultimately I think we'd sit down with our financial advisor and compare both scenarios to help us decide what would be best for us.

If anyone has any helpful advice, I'd like to hear from you. Right now I'm nervously sitting by the phone to hear whether or not they want him for another two years (18 months, really) or if we could live on him unemployment benefits for as long as possible or if he should look for something else till he's ready to call it quits for good,

WWYD? (What would you do?) TIA if you have honest but kind things to say!

Re: Waiting on pins and needles,,,,

------ — Thu, 17 Jul 2014 17:25:28 GMT

""lard software company""

Freudian slip? lol

I don't have advice but wish you and your DH the best of luck.

Re: Waiting on pins and needles,,,,

game-on — Thu, 17 Jul 2014 17:26:32 GMT

Madame..... I know you are very anxious.... I encourage you to try and keep busy and think about other things..... often people draw closer during a crisis.... I hope that you weather this storm and there is a rainbow and a pot of gold at the end.

Re: Waiting on pins and needles,,,,

tansy — Thu, 17 Jul 2014 17:26:41 GMT

You should be able to get COBRA for at least 18 months. Then you buy private insurance until you hit 65. Edited to add: maybe he can negotiate continued insurance benefits for you as a condition of being laid off?

Re: Waiting on pins and needles,,,,

kittymomNC — Thu, 17 Jul 2014 17:27:39 GMT

If insurance for you is the main hangup, I'd go ahead and check into what the ACA offers in your state. Of course, it depends on your income as to whether you might be eligible for a subsidy. But if you're in a state that operates its own exchange you will probably have more choices from more companies. If his income goes down if he leaves and your total income is less, you could be eligible, but even if not, the competition offered in some of the exchanges might help keep the cost of your coverage down.

As tansy said, you would probably be able to keep your coverage through COBRA, but you might still want to compare with what's available through ACA. When my son lost his job due to health issues, he stayed on COBRA for 18 months, and then was able to get a really good policy through the ACA which costs him less and gives him better coverage than what he had under COBRA from his former company (a company in the top 100 U.S. companies to work for)! If we had known that, he would have dropped the COBRA and gotten the ACA policy sooner!

Re: Waiting on pins and needles,,,,

ahoymate — Thu, 17 Jul 2014 18:26:42 GMT

Cobra prices are outrageously expensive. Not to worry, you're close to 65 will have Medicare available to you. Also the option of ACA.

Large companies are heartless. Don't expect much. Good luck.

Re: Waiting on pins and needles,,,,

tansy — Thu, 17 Jul 2014 18:29:59 GMT

The advantage of COBRA would be that she'd have the exact plan she has now and doctors. It's an option to check out.

Re: Waiting on pins and needles,,,,

kittymomNC — Thu, 17 Jul 2014 19:04:10 GMT

On 7/17/2014 tansy said: The advantage of COBRA would be that she'd have the exact plan she has now and doctors. It's an option to check out.

That's true..if they really like the plan they have, they would be able to keep it under COBRA. It's good to check out all available options.

Re: Waiting on pins and needles,,,,

esmeraldagooch — Thu, 17 Jul 2014 19:53:47 GMT

I posted about this 6,000 that ended up 18,000 this morning. These are real people hurting as you know. This is horrible since the economy is so horrible and getting worse daily. I hope he finds work again if that is what you want to do. I hope everything works out ((hugs))

Ezzy

Re: Waiting on pins and needles,,,,

Elstongunn — Thu, 17 Jul 2014 20:27:10 GMT

On 7/17/2014 Skylands said:
Cobra prices are outrageously expensive. Not to worry, you're close to 65 will have Medicare available to you. Also the option of ACA.

Large companies are heartless. Don't expect much. Good luck.

ITA. COBRA will eat up a lot of your severance. Don't waste it on COBRA; try to get on ACA asap.

Yes, large companies can be heartless. If a mass layoff is in the offing, they won't negotiate with you on the severance unless you are top C-level. You get what everyone else gets.

Re: Waiting on pins and needles,,,,

tansy — Thu, 17 Jul 2014 20:30:25 GMT

On 7/17/2014 ktlynam said:
On 7/17/2014 Skylands said:
Cobra prices are outrageously expensive. Not to worry, you're close to 65 will have Medicare available to you. Also the option of ACA.

Large companies are heartless. Don't expect much. Good luck.

ITA. COBRA will eat up a lot of your severance. Don't waste it on COBRA; try to get on ACA asap.

Yes, large companies can be heartless. If a mass layoff is in the offing, they won't negotiate with you on the severance unless you are top C-level. You get what everyone else gets.

COBRA for me was about $50 more expensive than an ACA plan for me. Again, worth checking out.

Re: Waiting on pins and needles,,,,

Elstongunn — Thu, 17 Jul 2014 20:34:39 GMT

On 7/17/2014 tansy said:
On 7/17/2014 ktlynam said:
On 7/17/2014 Skylands said:
Cobra prices are outrageously expensive. Not to worry, you're close to 65 will have Medicare available to you. Also the option of ACA.

Large companies are heartless. Don't expect much. Good luck.

ITA. COBRA will eat up a lot of your severance. Don't waste it on COBRA; try to get on ACA asap.

Yes, large companies can be heartless. If a mass layoff is in the offing, they won't negotiate with you on the severance unless you are top C-level. You get what everyone else gets.

COBRA for me was about $50 more expensive than an ACA plan for me. Again, worth checking out.

I didn't realize it (ACA) was THAT expensive. When I had to go on COBRA, it was a killer. I haven't had to go back on it for years now...guess it isn't as bad compared with ACA as I thought. Ugh.

Re: Waiting on pins and needles,,,,

Hoovermom — Thu, 17 Jul 2014 21:21:51 GMT

Madame, I feel your pain. I hope things work out the way you and DH wish them to. DH's company went through a major upheaval this week and I was very worried. DH's in his 50's and not ready to even consider retirement. He did survive thank the Lord. Others are not so lucky today and I feel their pain. Good luck!!!

Re: Waiting on pins and needles,,,,

bells4me — Thu, 17 Jul 2014 21:24:41 GMT

So sorry this is happening to you. I elected to retire & asked for the Golden Handshake. My employer continued to pay my insurance until I reached Medicare age. Hoping your hubby won't be included in the lay-off.

Re: Waiting on pins and needles,,,,

Lila Belle — Thu, 17 Jul 2014 21:26:45 GMT

I hope things work out for your husband and you.

Re: Waiting on pins and needles,,,,

sidsmom — Thu, 17 Jul 2014 21:27:29 GMT

Would he get a severance package? 2 weeks for every year of work?

Re: Waiting on pins and needles,,,,

tansy — Thu, 17 Jul 2014 21:31:04 GMT

On 7/17/2014 ktlynam said:
On 7/17/2014 tansy said:
On 7/17/2014 ktlynam said:
On 7/17/2014 Skylands said:
Cobra prices are outrageously expensive. Not to worry, you're close to 65 will have Medicare available to you. Also the option of ACA.

Large companies are heartless. Don't expect much. Good luck.

ITA. COBRA will eat up a lot of your severance. Don't waste it on COBRA; try to get on ACA asap.

Yes, large companies can be heartless. If a mass layoff is in the offing, they won't negotiate with you on the severance unless you are top C-level. You get what everyone else gets.

COBRA for me was about $50 more expensive than an ACA plan for me. Again, worth checking out.

I didn't realize it (ACA) was THAT expensive. When I had to go on COBRA, it was a killer. I haven't had to go back on it for years now...guess it isn't as bad compared with ACA as I thought. Ugh.

I was looking at a top-tier ACA plan, in my 60s and I do not qualify for a subsidy. My payment is not bad at all and I am happy to have insurance since I have preconditions. Mine is nowhere close to $800 that someone mentioned earlier.

Re: Waiting on pins and needles,,,,

151949 — Thu, 17 Jul 2014 21:32:08 GMT

if health insurance is the only issue he will be able to get you COBRA for 18 months then the ACA marketplace has any number of options for you to chose.If the COBRA is too expensive you could go direct to the healthcare marketplace and chose an affordable option there. Since the passing of O care there are many better options than when I retired in 2008.

Re: Waiting on pins and needles,,,,

151949 — Thu, 17 Jul 2014 21:34:02 GMT

On 7/17/2014 tansy said:
On 7/17/2014 ktlynam said:
On 7/17/2014 tansy said:
On 7/17/2014 ktlynam said:
On 7/17/2014 Skylands said:
Cobra prices are outrageously expensive. Not to worry, you're close to 65 will have Medicare available to you. Also the option of ACA.

Large companies are heartless. Don't expect much. Good luck.

ITA. COBRA will eat up a lot of your severance. Don't waste it on COBRA; try to get on ACA asap.

Yes, large companies can be heartless. If a mass layoff is in the offing, they won't negotiate with you on the severance unless you are top C-level. You get what everyone else gets.

COBRA for me was about $50 more expensive than an ACA plan for me. Again, worth checking out.

I didn't realize it (ACA) was THAT expensive. When I had to go on COBRA, it was a killer. I haven't had to go back on it for years now...guess it isn't as bad compared with ACA as I thought. Ugh.

I was looking at a top-tier ACA plan, in my 60s and I do not qualify for a subsidy. My payment is not bad at all and I am happy to have insurance since I have preconditions. Mine is nowhere close to $800 that someone mentioned earlier.

It is not always this expensive - this person chose to get a premium plan and that is costly but there are many much more affordable options.

Re: Waiting on pins and needles,,,,

Mominohio — Thu, 17 Jul 2014 21:43:17 GMT

I didn't read the other posts, but wish you best of luck with this. You should be COBRA eligible, but when we last used it, it was very expensive.

Healthcare is in the forefront of most people's minds today. My husband's company is negotiating their latest contract, and switching insurance providers. Makes us nervous, as what we have is good, and we like it. Asking lots of questions at this time, and I think many people are when it comes to HC and cost and how to navigate it.

Best of luck.