If I quit before 12/31 then I should be on UHC COBRA. If I quit after 12/31 then I should be on BComs Insurance COBRA. Correct?
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Agreed, it will be BC COBRA, not VMW UHC as the option.
Check out the Medical Summary Benefit Coverage documents and you will see "why" BC touts their medical expenses are lower than VMW. They don't have coverage for many preventative procedures that VMW has allowed, for example- Massage Therapy, gone. Acupuncture, gone, chiropractor, gone. I'm afraid to see what their Rx coverage allows. If you have any Rx fills under VMW, get them picked up before 12/31. Just because VMW allowed a dr-g DOES NOT mean BC will cover the same medication. New prior authorization will likely be required. Did you see they are asking for marriage certs and recent tax filing forms before they allow a spouse on coverage for benefits? It is 1980 all over again............clearly, micro managing is their mantra. 33
For a single employee, VMware's 2023 UHC COBRA rate is $589.54/mo with a deductible of $1500 and an out-of-pocket max of $2500. Broadcom’s 2024 Anthem HSA Plan 2 is $667.11/mo, with a deductible of $4000 and an OOP max of $6550. Also, HSA funding is $750 for VMware and $1000 for Broadcom's Plan 2. I don't think we get HSA funding on COBRA, be we will probably get it as employees before being terminated on Jan. 26.
Maybe VMware's 2024 UHC plan, if it ever exited, would have been a bit more expensive than Broadcom's, but the the difference in deductibles and the OOP max is a ki-ler. Broadcom's plan would be fine if you are healthy and just go in for a yearly checkup and do not have a lot of other health care expenses.
UHC COBRA costs will be lot higher than Anthem Plan 2 COBRA cost. They have provided COBRA costs for all Broadcom plans in a document. Call UHC and ask them what will be their COBRA cost. My bet is that VMW UHC plan will be more expensive for COBRA.
By all means, call UHC. However, think about COBRA works. An employer works with an insurance company to set costs, including the company portion and the employee portion, based on employee demographics and historical claims. A person on COBRA pays the total cost of the combined portions plus 2%. VMware is gone, and Broadcom is not going to work with UHC just to set rates just for COBRA people. If you know anyone currently on VMware COBRA, check with them to see if they are participating in Broadcom's open enrollment.
Broadcom COBRA rates are higher than VMware', but their employees are probably older and have higher health costs. We know that Broadcom does not higher interns and people just out of college, and those people tend to have low health costs. It's possible that an influx of younger healthy people from VMware will lower Broadcom's insurance (and COBRA) rates eventually. However, when everything shakes out, I expect that the demographics of the remaining VMware people will be similar to Broadcom's.
Imma call UHC on Monday to be certain.
No. You will be on BC’s COBRA’s plan either way. I know it su-ks because VMW’s UHC plan is much better than BC’s Anthem plan.