Anyone have a recent estimate on how much a monthly health care COBRA payment is, for those leaving Honeywell either voluntarily or involuntarily? For reference, a lot of us are paying ~ $US 99 per paycheck right now.
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@gzq: That’s my exact scenario and age and I too retired from Plymouth at age 58 this past summer!!! What a TOTAL PAIN IN THE A– ir was to set to COBRA!!! They sent me a letter that I needed to re-enroll between Oct 21 thru Nov 8, which I did. The letter was posted marked Oct 29th and I didn’t get it until Nov 2nd!! WTF?! I too am SO GLAD that I get the hell out of there after 30 years of service. This company has COMPLETELY gone to hell!!
- 3rxw....... Yes you get mail notification but you don't need the notification it to apply for COBRA coverage if you want to go that route. Call the HR one-stop website phone number and they will walk you through it.
Did former employees currently on COBRA actually receive the notification documentation? I know of several that did not get documentation.
I can't believe anyone would pay the COBRA rate. Its ridiculous
- 1teg: While you are on COBRA insurance coverage the IRS allows the use of your pre-tax HSA account funds to make COBRA insurance premium payments.
Thanks for all of the responses. I did look up the total of Honeywell contributed + my cost ($99/biweekly) and the total come to ~ $500/month, which would be my estimated COBRA cost.
I will pay about $585 for Medical, Dental, Vision to continue the same type of insurance while working for a single person. All 3 are the top choices (most expensive) ones that gave me the most choice in doctors which since I need better care lets me choose my doctor so I am not stuck in a plan that limits who/where I go and if I can see a specialist.
Good luck to you in job hunting, but life outside of Honeywell is a lot better once you do land that new job.
I pay less than $30/month with the affordable care act. No deductible, very low copay, free generic d–gs and no PCP referral required. I've been retired for 5 years (currently 61yo) and been living off cash savings. Just take the minimum out of 401K each year so I have taxable income to qualify for the ACA. This is the lowest premium I've paid in the last 5 years. For some reason it keeps dropping each year.
I did pay about $25K in federal income tax/year when I retired so I don't feel guilty getting the ACA subsidy.
My COBRA was going to be 1400/mo. I went to another provider and saved 500.
Look on your W-2 form. Can’t remember which one off the top of my head, but there is a box with total health care cost, yours plus company contributions. That’s your total cost per year.
I’m paying about $1600 per month for health and dental after retiring early at age 58. I think that might be the market rate. But SO GLAD TO BE OUT OF THERE!!!
Try this (it will give you results in last 12 months):
https://www.google.com/search?q=COBRA+site:thelayoff.com&tbs=qdr:y
Also, check you local state insurance market. In some states, you can find replacement insurance that is cheaper than through Cobra. Do your research, be prepared.
Your Cobra premium will roughly be what you paid each month, plus the amount the company contributed each month while you were still employed. You can get what the company contributes toward your healthcare from the HR website, under my total reward. Deductibles not included.