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changing jobs - don't quit on friday to keep continuous health insurance?

T

tmc

Golden Member
changing jobs from company A to B.

B provides health insurance starting from day 1.

not sure whether A's policy runs till end of month/billing cycle, or ends same day as quitting.

given the above, is it better to quit on a mon/tue/wed/thu and join B the next day to keep continuous coverage?

don't want to go through cobra hassle in case of an emergency on the weekend.

any suggestions? thanks.
 
Ask company A's HR dept?

In all the jobs I've had, coverage lasted for a period of time after I quit. If there is going to be a gap, pick up COBRA for a month from company A if possible.
 
I've gotten COBRA offers for like $900. It's a fucking scam. Your employer is not paying that.

Shame we don't have laws for stuff like this.
 
Sixguns said:
this

When my wife changed jobs it was gonna cost upwards of $500 a month I believe.
Click to expand...

Fuck...$500/month is CHEAP. After I got hurt and could no longer work, I was offered COBRA coverage...first month was $1150...after that, it jumped to about $1400 per month...this was in 2004.
 
BoomerD said:
Fuck...$500/month is CHEAP. After I got hurt and could no longer work, I was offered COBRA coverage...first month was $1150...after that, it jumped to about $1400 per month...this was in 2004.
Click to expand...

Her coverage was pathetic so I think that might be why but not sure really. This was 3 years ago also.
 
BoomerD said:
Fuck...$500/month is CHEAP. After I got hurt and could no longer work, I was offered COBRA coverage...first month was $1150...after that, it jumped to about $1400 per month...this was in 2004.
Click to expand...

Well, sir, you win. LOL.

What size business and what quality of coverage, just outta curiosity? Also, what insurer?

I'm gonna laugh if you say UnitedHealthcare. Those motherfuckers are straight out of 'The Rainmaker.'
 
I'm pretty sure you can retroactively pick-up COBRA. So if you end up in the hospital during the weekend and predict some medical expenses greater than the COBRA payment for the month, time for COBRA.

Edit: Found it.

http://www.dol.gov/ebsa/faqs/faq-consumer-cobra.html

Q6: What process must individuals follow to elect COBRA continuation coverage?

Employers must notify plan administrators of a qualifying event within 30 days after an employee's death, termination, reduced hours of employment or entitlement to Medicare.

A qualified beneficiary must notify the plan administrator of a qualifying event within 60 days after divorce or legal separation or a child's ceasing to be covered as a dependent under plan rules.

Plan participants and beneficiaries generally must be sent an election notice not later than 14 days after the plan administrator receives notice that a qualifying event has occurred. The individual then has 60 days to decide whether to elect COBRA continuation coverage. The person has 45 days after electing coverage to pay the initial premium.
Click to expand...
 
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phucheneh said:
Well, sir, you win. LOL.

What size business and what quality of coverage, just outta curiosity? Also, what insurer?

I'm gonna laugh if you say UnitedHealthcare. Those motherfuckers are straight out of 'The Rainmaker.'
Click to expand...

That was through my union...about 30,000 members in the construction side...coverage was cadillac, and was health, vision, and dental.

Oddly enough, for a working member, coverage required 110 hours per month...at the time, the health insurance coverage was about $4.50/hr...about $500/month.
 
phucheneh said:
I've gotten COBRA offers for like $900. It's a fucking scam. Your employer is not paying that.

Shame we don't have laws for stuff like this.
Click to expand...

COBRA is a law. It stands for the Consolidated Omnibus Budget Reconciliation Act of 1985. You are paying exactly what your employer is paying, plus a maximum surcharge of 2%.
 
Obama's healthcare law forbid denying coverage for pre-existing conditions, so I don't think maintaining continuous coverage is as important as it once was. Let your coverage lapse, and if something happens, you could always activate Cobra.
 
Heh - my employer was paying well over $2000/month for my family insurance. When I quit to join a startup, I had to get my own insurance - my startup pays 50% but I had to apply for and get the coverage myself. The strange thing is that it was cheaper for me to get my own policy and have the rest of my family to stay on COBRA than for us to do the whole family COBRA by a significant amount.

Health insurance is a mess.

Oh, and the answer that "insurance is paid up through the month" is not necessarily true. My company had some combination of self-insurance and UHC, and my coverage terminated on my last day in the middle of the month. But I wouldn't stress too much about the possibility of a catastrophe happening over the weekend. As people have stated you can always invoke COBRA up to 60 days later if needed.
 
You can always back pay for cobra should you need it. Gives wiggle room to not have to carry it. We always are between insurances during a Job change but know we can fall back into it if necessary. We load up on our prescriptions and stuff though.
 
Are you just worried about the insurance gap from Friday until Monday?

Q7: How long after a qualifying event do I have to elect COBRA coverage?

Qualified beneficiaries must be given an election period during which each qualified beneficiary may choose whether to elect COBRA coverage. Each qualified beneficiary may independently elect COBRA coverage. A covered employee or the covered employee's spouse may elect COBRA coverage on behalf of all other qualified beneficiaries. A parent or legal guardian may elect on behalf of a minor child. Qualified beneficiaries must be given at least 60 days for the election. This period is measured from the later of the coverage loss date or the date the COBRA election notice is provided by the employer or plan administrator. The election notice must be provided in person or by first class mail within 14 days after the plan administrator receives notice that a qualifying event has occurred.
The Trade Adjustment Assistance Act of 2002 amended COBRA to provide certain trade affected workers with a second opportunity to elect COBRA continuation coverage. Individuals who are eligible for trade adjustment assistance (TAA) or alternative trade adjustment assistance (ATAA) and who did not elect COBRA during the general election period may get a second election period. This additional, second election period is measured 60 days from the first day of the month in which an individual is determined TAA-eligible. For example, if an individual's general election period runs out and he or she is determined TAA-eligible 61 days after separating from employment, at the beginning of the month, he or she would have approximately 60 more days to elect COBRA. However, if this same individual is not determined TAA-eligible until the end of the month, the 60 days are still measured from the first of the month, in effect giving the individual about 30 days. Additionally, the Trade Act of 2002 added another limit on the second election period. A COBRA election must be made not later than 6 months after the date of the TAA-related loss of coverage. COBRA coverage chosen during the second election period typically begins on the first day of that period. More information about the Trade Act is available at www.doleta.gov/tradeact.
 
Every company I've worked for coverage was good till the end of the month. So it was always best to leave on the 1st or as close to it as possible so there would never be a gap in coverage.
 
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