My severence will be over soon and I haven't heard anything about signing up for cobra. I thought HW was sending that info out. Do I need to do something to get this started?
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@agyn+17C1IY9C Yes, COBRA is expensive. It's really meant for those that don't have any other option for insurance, mostly due to pre-existing conditions. If you have other options then they are almost certainly superior.
The law is that you pay 103% of the total premium (all of the premium plus a little overhead for COBRA compliance, I suppose).
In my case Honeywell is paying 60% of the premium and I'm paying 40%. 60/40 is 1.5 (150%). My 40% is 100% of what I pay and Honeywell's 60% is 150% of what I pay. if I were to go on COBRA I would be paying Honeywell's 150% + my 100% so the total I would be paying is 250% of what I play now plus the 3%. All this is to be expected.
In this particular case Honeywell is not ripping us off.
I called one stop because my spouse has open enrollment, I was pretty sure I'd go on his but thought i'd check. I was told 574 per MONTH single coverage, cigna.
My husband's company is 74/month for him alone, 275 /month for CIgna for both of us, plus his employer will give him 30 a month for his HSA and me too!
FYI by law, COBRA premiums are 103% of the employers cost.
@3gxf+17C1IY9C Based on what I just saw in the Total Rewards section it would be a little more than 250% for me.
They should send you a letter. If not, use One Stop to call them.
If you go to COBRA, there are really no changes to your insurance but you will pay about 2x what you were paying. The plus is that there are no limits on coverage once you reach your annual deductibles.
All these other less expensive plans do not have caps on what your out-of-pocket can be. So if you think you and the family are relatively healthy and will remain that way for the next 18 months, an alternative plan is the way to go.
If you want caps on your out-of-pocket, there is nothing cheaper than the COBRA insurance. That same plan with an outside provider will run another 2x roughly when compared to your COBRA expense.
https://www.healthcare.gov/
You can also compare Cobra coverage with the ACA coverage at the link shown above. You will need to estimate your adjusted gross income for 2021 to run the numbers.
Most USPS letters from HR are slow and cryptic. Website is even worse and you need to get them to snail mail you a registration key to even access the minimized site, so much for a "Connected" company with outsourced suppliers. Call the HR number and go through the 10+ step process for COBRA to access someone in person from HR every time. These folks know all the hidden pitfalls not even mentioned on website. Ignore all the "call back" messages. There is a human at the end. Hang in there!!
In COBRA you wind up paying the full amount of the Honeywell group insurance instead of the subsidized amount you paid while working. Since you are still with Honeywell you can see that information on the web site. Call them if you can't find it.
In a lot of cases it may be cheaper than outside but as someone said contact some insurance brokers.
Also while on COBRA specifically ask the website through the message app about your wife if you are married. About 3 years ago I found out that for some reason my wife got 36 months coverage in total. So I paid the one amount for me and my wife for 18 months and then just for my wife for another 18 months.
You will have to push it because I only found out by accident when a person on the 3rd phone call let that information slip.
Be sure to use the message system on the portal though to document the conversations.
good luck in finding another job.
My envelope arrived the day before coverage expired. It was he11ishly expensive. Do your homework/shopping, in case other options may work for you.
But, if you are eligible for Medicare, go with it immediately, or at least talk to an insurance broker.
The previous poster is correct about the non-ACA high deductible plan.
Just know that you have to consider not only pre-existing conditions but the unexpected as well.
One of my ex coworkers went on that. Model health.
Car accident. Costly event and one the outcomes will probably be a pre existing condition for next year.
Not saying this isn't a reasonable choice just saying there risks as with most things in life.
Cobra is only worthit if you have a serious pre existing condition that requires frequent office visits.
$5/month gets you a GoodRX gold pr-scrip-ion plan. Its prices are better than HON plan as long as its generic. They will make you switch pharmacies to Safeway to get the best prices.
As for medical, unless you have a preexisting condition, best is to get a non ACA catastrophic plan. They cover nothing until you hit the deductible. They don't have networks, you only get reimbursed after you pay. They have a list of preexisting conditions a mile long. But, if you qualify, they only cost $100-$150 a month.
Call the One Stop phone number to sign up for COBRA (18 months duration after severance). Current medical/dental is to the end of the month from when your severance ends (need to get it to begin on the first of the next month)