A quick healthcare question. Are we still covered for at least a few months after a layoff or do we automatically lose our health insurance?
Frankly, this is my greatest fear when it comes to the possibility of being laid off. Everything else can be overcome, but I can't afford to lose my coverage, as bad and expensive as it is.
They paid me 6 months of the premium the company was paying towards my insurance for me and my 2 dependents.
They advertise you get 6 months coverage, what does that mean?
COBRA coverage is available for 18 months but very expensive. You have to pay the portion of premium that your employer was paying. So if you were paying 500 a month and the employer was paying 2000. Now you have to pay 2,500 per month. Another option is to look into Affordable Care Act (Obamacare), if you expect your annual income to be lower this year, you can get discounts on monthly premiums.
You will be eligible for COBRA coverage for some amount of time per Federal law.
https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/faqs/cobra-continuation-health-coverage-consumer.pdf
Usually you get until the end of the month or 30 days