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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Health insurance help
My dh starts a new job next week and there is a 30 day waiting period. Is there something I should do in the interim that is cost effective and not too much of a hassle? We have 2 small children plus I don't want to be stuck with a tax penalty. Any advice is appreciated. Thanks
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Posted 3/22/16 8:38 PM  |
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Long Island's Largest Bridal Resource |
MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Health insurance help
Can you do cobra through his current job temporarily
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| Posted 3/22/16 8:56 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Health insurance help
The easiest thing to do would be to carry COBRA if possible--it would allow you to pay to continue your current coverage- it may not be cost effective.
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| Posted 3/22/16 8:58 PM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: Health insurance help
We had a short term lapse in health insurance last year due to a paperwork problem.
After looking at our different options, we decided to buy catastrophic insurance. For a low insurance cost, we were covered after $10,000 but we had to pay every dollar up to $10,000 out of pocket. Thankfully we did not need to go to the doctor once during that time period.
We bought our insurance through ehealthinsurance.com.
Message edited 3/22/2016 9:45:55 PM.
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| Posted 3/22/16 9:45 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Health insurance help
DH and I did cobra for 1 month and had negotiated that his new job reimburse us. Even if they didn't it would have been worth it. At the time it was just the 2 of us... I cannot remember the cost.
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| Posted 3/22/16 10:52 PM |
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MrsM429
Mama x2 <3
Member since 12/10 4946 total posts
Name:
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Re: Health insurance help
From what I was told by my accountant, you have 60 days before you begin to accrue penalties.
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| Posted 3/23/16 5:33 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Health insurance help
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
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| Posted 3/23/16 6:06 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Health insurance help
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
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| Posted 3/23/16 7:23 AM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Health insurance help
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
Wow yeah that is too much. Maybe I will just take my chances and try a short term policy
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| Posted 3/23/16 10:57 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Health insurance help
I think - but am not sure - that you have 30 days to elect COBRA coverage and that even if something happens where you need the coverage, you can retroactively elect it. So, if after 15 days, you need a doctor or hospital, you can seek treatment and then sign up for COBRA. So, since you would only need the coverage for 30 days, if you don't use it, you don't have to pay for it. I am not sure of this, but it is worth looking into and asking about.
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| Posted 3/23/16 11:21 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Health insurance help
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
This exactly. He should ask HR to see if they can expediate the COBRA paperwork. It can take up to 60 days to receive it. But it's retroactive to his last day, so you wouldn't have a lapse, even if you don't sign up for it right away. It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
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| Posted 3/23/16 1:47 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Health insurance help
Posted by NYCGirl80
It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
It might also be a tax question. If you're not worried about actually having to use it or pre-existing conditions, it might be cheaper to pay the tax penalty then paying for coverage.
But YMMV. I would never let it lapse because I don't want to lose pre-existing conditions. (Or, perhaps now with ACA they can't knock you on pre-existing conditions, I forget.... personally I just never want to have it lapse, period.)
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| Posted 3/23/16 1:58 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Health insurance help
Posted by NYCGirl80
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
This exactly. He should ask HR to see if they can expediate the COBRA paperwork. It can take up to 60 days to receive it. But it's retroactive to his last day, so you wouldn't have a lapse, even if you don't sign up for it right away. It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
We definitely can't afford a few thousand dollars as I am not working. I just read online that the penalty is only if you are without insurance for longer than 3 months. I hate to let it lapse but I don't want to waste money that we can't afford. We don't have any pre existing conditions or anything thank god. Not sure what to do I don't think there any affordable options for us
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| Posted 3/23/16 9:51 PM |
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SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
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Re: Health insurance help
Posted by chilltocam
I think - but am not sure - that you have 30 days to elect COBRA coverage and that even if something happens where you need the coverage, you can retroactively elect it. So, if after 15 days, you need a doctor or hospital, you can seek treatment and then sign up for COBRA. So, since you would only need the coverage for 30 days, if you don't use it, you don't have to pay for it. I am not sure of this, but it is worth looking into and asking about.
This is what I just did. If you have a definite date coverage will begin, just ride it out with nothing, and if you need it, then use cobra. Don't spend the money if you don't need to.
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| Posted 3/23/16 10:17 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Re: Health insurance help
Posted by Mrs213
Posted by NYCGirl80
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
This exactly. He should ask HR to see if they can expediate the COBRA paperwork. It can take up to 60 days to receive it. But it's retroactive to his last day, so you wouldn't have a lapse, even if you don't sign up for it right away. It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
We definitely can't afford a few thousand dollars as I am not working. I just read online that the penalty is only if you are without insurance for longer than 3 months. I hate to let it lapse but I don't want to waste money that we can't afford. We don't have any pre existing conditions or anything thank god. Not sure what to do I don't think there any affordable options for us
I would definitely ask the accountant. DH was uninsured 2 months between his 26th birthday and our wedding the first year they did the penalty and was charged those 2 months
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| Posted 3/24/16 8:17 AM |
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MrsM429
Mama x2 <3
Member since 12/10 4946 total posts
Name:
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Re: Health insurance help
Posted by MrsB12614
Posted by Mrs213
Posted by NYCGirl80
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
This exactly. He should ask HR to see if they can expediate the COBRA paperwork. It can take up to 60 days to receive it. But it's retroactive to his last day, so you wouldn't have a lapse, even if you don't sign up for it right away. It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
We definitely can't afford a few thousand dollars as I am not working. I just read online that the penalty is only if you are without insurance for longer than 3 months. I hate to let it lapse but I don't want to waste money that we can't afford. We don't have any pre existing conditions or anything thank god. Not sure what to do I don't think there any affordable options for us
I would definitely ask the accountant. DH was uninsured 2 months between his 26th birthday and our wedding the first year they did the penalty and was charged those 2 months
I just went through this in 2015, DH received a new position and benefits did not start for 90 days. By law, you are given a 60 day grace period, and starting on day 61, you begin to accrue penalties. We had to pay that penalty for those days without insurance (1 month). It was $59 i believe.
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| Posted 3/24/16 9:13 AM |
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Paramount
Sweet!
Member since 7/12 4289 total posts
Name:
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Re: Health insurance help
Posted by chilltocam
I think - but am not sure - that you have 30 days to elect COBRA coverage and that even if something happens where you need the coverage, you can retroactively elect it. So, if after 15 days, you need a doctor or hospital, you can seek treatment and then sign up for COBRA. So, since you would only need the coverage for 30 days, if you don't use it, you don't have to pay for it. I am not sure of this, but it is worth looking into and asking about.
I was coming on to say the same thing. You can tell them you want cobra. *if* something happens to you and family that you need the health coverage THEN you pay the cobra fee.
If you have no issue, don't pay and you were not covered.
Basically you get to have the cobra coverage if you need it. If you don't need it you don't have to pay it. If you do need it pay the premium and you are covered.
My advice is NOT gospel.
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| Posted 3/24/16 10:56 AM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Health insurance help
Posted by NYCGirl80
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
This exactly. He should ask HR to see if they can expediate the COBRA paperwork. It can take up to 60 days to receive it. But it's retroactive to his last day, so you wouldn't have a lapse, even if you don't sign up for it right away. It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
Requirement is you must receive COBRA notification within 14 days of your health insurance termination. You have 60 days to elect the coverage and it will reactivate so there will be no lapse in coverage.
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| Posted 3/24/16 11:17 AM |
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Re: Health insurance help
Posted by MrsB12614
Posted by Mrs213
Posted by NYCGirl80
Posted by Blazesyth
Posted by Mrs213
Thank you so much everyone we literally only need the insurance from April 1st-30th. Does anyone know how we apply for cobra? Should he ask for the form before he leaves? Sorry for all the questions this is all foreign to me
Usually in the last day documents they give you the info on Cobra. If I was actually going to use it though, I would talk to HR before hand to get more info from them to see if I could get started early on the process.
Not sure if it was mentioned before, but note that it is very pricey. Remember, the company isn't going to pay anything into the plan that month so you have to cover everything. It's usually 1-2K per month depending on how many people are on the plan.
This exactly. He should ask HR to see if they can expediate the COBRA paperwork. It can take up to 60 days to receive it. But it's retroactive to his last day, so you wouldn't have a lapse, even if you don't sign up for it right away. It likely will be a couple thousand dollars, but since it's required that you have health insurance, it's your best/quickest/least hassle option.
We definitely can't afford a few thousand dollars as I am not working. I just read online that the penalty is only if you are without insurance for longer than 3 months. I hate to let it lapse but I don't want to waste money that we can't afford. We don't have any pre existing conditions or anything thank god. Not sure what to do I don't think there any affordable options for us
I would definitely ask the accountant. DH was uninsured 2 months between his 26th birthday and our wedding the first year they did the penalty and was charged those 2 months
You are allowed a short term gap in coverage (2 months). You have to fill out a form but you shouldn't be charged a penalty.
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| Posted 3/24/16 2:55 PM |
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