Hello, got impacted by the layoffs last week. I am deliberating between COBRA and switching to my husband's insurance. If anyone has any insights/ suggestions, that would be very helpful
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Cobra, the best/most expensive option for Intel that you get offered and co-payment. (Don't choose the high deductible option) Really, that's a great deal and likely better than whatever your spouse has.
COBRA is free (paid by Intel) for 12 months, this is actually very huge severance benefit (COBRA family is 2-3k/month otherwise). Besides, any deductable are kept when you use COBRA. If you already max out out-of-pocket your medical expenses, you got free healthcare till end of the year when using COBRA (same plan). Even if you get a new job soon - you can use COBRA until end of the year (to utilize deductable). I do not see the reason to not keep COBRA unless you 63+ and there are some cash payment options instead.
@ax
The monthly payment coverage is just over $900 and I am concerned my SERMA may go away if Intel is split up so I'm going to try and use as much of it as I can.
My COBRA is about ready to end, retired in July of 2024. I had continued with the High Deductible HSA. Kids will x-fer to wife's insurance at end of month and I will continue until Dec 31st using my SERMA to pay monthly dues. I have a good amount in my HSA account to easily cover the 3k premium.
Cobra provided by Intel is free. I am still on it until April 2026 (laid off Oct 31 2024). After that I can pick up my new employer's coverage since losing Cobra qualifies as a life changing event. Your spouse's insurance will likely treat it the same, do check.
@a8 Medicare
Free is always good.
@a2 Thanks, yes no cash payout this time unless on Medicaid.
How much is the payout if you forgo COBRA? Still $12k this round?
Normally, there will be a short period in most insurance plans where a spouse can get on to their spouses insurance because of a job loss. Your spouse's insurance may not be as good as Intel's and you will have to pay more, but you will pay both your and your employer's cost for COBRA unless Intel is expressly picking it up. COBRA can be very expensive.
Just take the Cobra, UNLESS they are providing any cash payout in lieu of the Cobra benefit. I don't think Intel is providing cash payout anymore, only for people eligible for Medicare perhaps..
It's nice to stay on the same health plan at least for the remainder of this year, right?