Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-11-2015, 05:45 PM   #21
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
Quote:
Originally Posted by bingybear View Post
This would mean I was given the wrong information from the ACA help line
I think it depends what you asked. From your comment They provided paid cobra for a few months. , they may have given you the correct info. I'm not sure I know what paid COBRA is.

COBRA lasts for 18 months, regardless of who pays for it. Once you accept it you are on it. Your COBRA would be exhausted 18 months from when it started, not when they stopped paying for it.
__________________

__________________
rbmrtn is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-11-2015, 06:03 PM   #22
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 1,661
Quote:
Originally Posted by rbmrtn View Post
I'm not sure I know what paid COBRA is.
There really is not a requirement that the employee has to pay for COBRA themselves. My company decided to pay for COBRA directly which makes the the COBRA free (tax free too) for the time covered by the company payments.

And you may be right that the answer may have been right.

With the company in bankruptcy... one can not be sure they will have a health plan for those remaining even as long as they offered to cover cobra... thus it could disappear at any time.
__________________

__________________
bingybear is offline   Reply With Quote
Old 01-11-2015, 06:35 PM   #23
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,050
I thought a person has to elect COBRA coverage. I would double check to make sure the coverage is in place and not take the companies word for it.
__________________
jim584672 is offline   Reply With Quote
Old 01-11-2015, 06:39 PM   #24
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Quote:
Originally Posted by rbmrtn View Post
I...

COBRA lasts for 18 months, regardless of who pays for it.

Interestingly, my COBRA would last for 36 months--our lightly subsidized retiree health care ended when DH aged into medicare at the end of 2013 and I was offered COBRA for 36 months ("COBRA requires that continuation coverage extend from the date of the qualifying event for a limited period of 18 or 36 months. The length of time depends on the type of qualifying event that gave rise to the COBRA rights...."). I have a 19-month gap to cover before I qualify for medicare myself so this was good news for me. I wanted to stay on the same plan even though it is expensive imo at just over $1000/month (thanks to its low deductible, low OOP) for only my coverage as I have eye and other issues being monitored and was worried that ACA, which was just starting, might be vulnerable to screwups (imagine that) before it got rolling.

Quote:
Once you accept it you are on it. Your COBRA would be exhausted 18 months from when it started, not when they stopped paying for it.
I did not have to stay on COBRA--I could have switched to other insurance during the open enrollment period that ended mid-December 2014. In fact the megacorp letter advising of the premium increase for 2015 gave subtle hints that the ACA might offer more palatable rates....
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 01-11-2015, 06:43 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 1,661
Quote:
Originally Posted by jim584672 View Post
I thought a person has to elect COBRA coverage. I would double check to make sure the coverage is in place and not take the companies word for it.
I did elect it, the company was just paying the premiums for a few months
__________________
bingybear is offline   Reply With Quote
Old 01-11-2015, 06:45 PM   #26
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,050
Quote:
Originally Posted by bingybear View Post
I did elect it, the company was just paying the premiums for a few months
Good to hear.
__________________
jim584672 is offline   Reply With Quote
Old 01-11-2015, 07:06 PM   #27
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
Quote:
Originally Posted by Bestwifeever View Post

I did not have to stay on COBRA--I could have switched to other insurance during the open enrollment period that ended mid-December 2014. In fact the megacorp letter advising of the premium increase for 2015 gave subtle hints that the ACA might offer more palatable rates....
You can always switch during open enrollment, what I was referring to is you can not just drop COBRA outside of open enrollment and get an exchange plan. Dropping COBRA is not a qualifying event, exhausting ( using it up ) is.
__________________
rbmrtn is offline   Reply With Quote
Old 01-11-2015, 07:26 PM   #28
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
Quote:
Originally Posted by bingybear View Post
There really is not a requirement that the employee has to pay for COBRA themselves. My company decided to pay for COBRA directly which makes the the COBRA free (tax free too) for the time covered by the company payments.

And you may be right that the answer may have been right.

With the company in bankruptcy... one can not be sure they will have a health plan for those remaining even as long as they offered to cover cobra... thus it could disappear at any time.
Yes the premiums can be paid by anyone, only requirement is they are restricted to charging you no more than 102% of the cost.

You may be in a different situation with a bankrupt company. They would probably terminate their health plan which then terminates the COBRA offering but you won't know until they tell you. Once they terminate then you are back to a qualifying event ( loss of coverage ) for SEP

http://www.dol.gov/ebsa/newsroom/fsbankruptcy.html
__________________

__________________
rbmrtn is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any GPS experts here? A Visitor Other topics 79 10-11-2009 02:07 PM
To COBRA or not to COBRA~ mickeyd Health and Early Retirement 1 09-04-2009 09:22 PM
Calling Mortgage Experts (or non-experts, doesn't matter) 034runner Young Dreamers 6 10-10-2007 06:27 AM
Pinging Martha or any other Minnesota Tax Experts............. Cut-Throat FIRE and Money 30 07-24-2006 03:25 PM
Any Phone Panel Block 66 experts out there?..... Cut-Throat Other topics 12 04-28-2006 11:14 AM

 

 
All times are GMT -6. The time now is 05:35 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.