Husband's Job Closing - Any COBRA or Insurance Tip... - Page 2

Happiness Is Inside JOB · ‎06-14-2016

Thank you, I had no idea of the issues under COBRA. Luckily, I will be able to add my husband to my insurance as a life event.

Happiness is ALWAYS an inside job,
Don't assign anyone else that much POWER
in your life!!!

missy1 · ‎03-10-2010

It's a qualifying event, so no waiting period on your insurance or the marketplace.

VaBelle35 · ‎03-10-2010

@Happiness Is Inside JOB wrote:
Well, Hubby job is closing after 35 years. We don't have a date yet but it will be before the end of the year (August/Sept/Oct/Nov). I called the benefits office today to inquire about COBRA. The cost to continue his current plan will be 935.00 per month.

I will begin carrying him on Jan 1 2020. But if we don't get something he will have NO Coverage from 1 month after the closing. So for example, the job closes August 1, he has coverage until Sept 1 but the prescription card ends the day it closes.

I don't think no having any coverage is an "option" at his age. He is early 50's, now if he was 25/30 I'd like differently.

I am going to look into an individual plan to compare prices. If you have any suggesstions or tips, I'd love to hear your comments.

You husband's job loss is considered a "Life Event." You may need something to prove his job loss. Typically his insurance company will automatically send you a "Proof of Loss of Coverage" that you would give to your benefits office and then you can add him to your insurance plan.

Typically in a severance package the company pays for a certain period of time for coverage at the active employee rate. This is usually tied into years of service.

===================================
QVC Shopper - 1993

# IAMTEAMWEN

VaBelle35 · ‎03-10-2010

@Happiness Is Inside JOB wrote:
@chrystaltree wrote:
You are talking about no coverage for 4 months; from Sept through Dec. when you add him to your policy. The 50's are relatively young assuming he has not chronic illnesses. You should contact his Benefits office but generally when a business closes or lays off workers, they hold meetings and provide information regarding health insurance, unemployment etc etc. All of that is pending the official date of the closing.
The closing is getting nasty. We are outside of DC and the employer was not saying anything. Employees found out on the NEWS that the stores were closing. SO....the employees starting talking to the media.

Then the Employer sent a global announcement for employees to NOT talk to the media. But they are not giving much informatin except the 42 plus stores are closing, they hope to sell the location to other businesses, they can not guarantee that all stores will be replaced by XYZ chain.

But the pharmacy section of the stores closed and the schedule was posted in the newspaper but my husband said employees did not KNOW. I'm not there so I can only take his word.

Our local newstation that helps people with problems was contacted by some employees and on the news they said that the "employer" would not return their calls.

Question:
When my husband is off on Thursday, I was going to have us call his benefits office to inquire about retirement.

Would it not be to his advantage to retire before the store closes?

I want to hear your comments.

Do not retire first. See what the layoff package is and then decide if you want the package or just retire. You will most likely want the package and then retire after.

===================================
QVC Shopper - 1993

# IAMTEAMWEN

icezeus · ‎10-30-2010

icezeus · ‎10-30-2010

@VaBelle35 wrote:
@Happiness Is Inside JOB wrote:
@chrystaltree wrote:
You are talking about no coverage for 4 months; from Sept through Dec. when you add him to your policy. The 50's are relatively young assuming he has not chronic illnesses. You should contact his Benefits office but generally when a business closes or lays off workers, they hold meetings and provide information regarding health insurance, unemployment etc etc. All of that is pending the official date of the closing.
The closing is getting nasty. We are outside of DC and the employer was not saying anything. Employees found out on the NEWS that the stores were closing. SO....the employees starting talking to the media.

Then the Employer sent a global announcement for employees to NOT talk to the media. But they are not giving much informatin except the 42 plus stores are closing, they hope to sell the location to other businesses, they can not guarantee that all stores will be replaced by XYZ chain.

But the pharmacy section of the stores closed and the schedule was posted in the newspaper but my husband said employees did not KNOW. I'm not there so I can only take his word.

Our local newstation that helps people with problems was contacted by some employees and on the news they said that the "employer" would not return their calls.

Question:
When my husband is off on Thursday, I was going to have us call his benefits office to inquire about retirement.

Would it not be to his advantage to retire before the store closes?

I want to hear your comments.

Do not retire first. See what the layoff package is and then decide if you want the package or just retire. You will most likely want the package and then retire after.

@Happiness Is Inside JOB

Please pay attention tot he section that I have bolded above. This is very important for your husband to consider.

PamfromCT · ‎05-22-2014

I am very sorry to hear what you and your DH are going through. Sadly, this is not uncommon in this country. I could go on forever about this.

I completely agree that your DH should not retire. Play this thing out until the end. Some companies get a bit nervous when they axe older employees - bad publicity and possibility of lawsuits. So they may offer some sort of lay-off package to placate those older folks. Not out of a sense of responsibility,

but to protect themselves.

I wish you you both the best of luck. And if your DH is not ready for retirement, I hope he finds a great new job.

mimomof4 · ‎03-08-2018

You have received some great advice. As someone who has lost a job due to company moving work overseas and then a few other times because I have taken work as a contractor, my advice is:

Do not make any financial/insurance decisions until you know what type of Severance/buyout will be offered. Typically Those packages include coverage of insurance for a short period of time. Also if you leave the job prior to the official separation, you will not be eligible for the buyout offer.
Watch out for Obama care - it has driven an increase in insurance costs. Any subsidies the government give you will be taxed. To make matters more unfair the question on the tax for only asks IF you used the Affordable health act and does not follow up with how long.
Your DH should start looking for a job NOW.
Do not retire prior to the closing, based on his age companies sometimes offer Early Retirement packages, those would include some healthcare coverage.

Most of all keep the faith, I know its a scary time.