Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Cobra cost
Old 03-19-2017, 11:49 AM   #1
Dryer sheet wannabe
 
Join Date: Feb 2013
Posts: 12
Cobra cost

Anyone know how I can find out the monthly cost for Cobra insurance through my employer? I'm planning to resign soon and afraid if I ask the Human Resources department they will suspect I'm leaving.
__________________

__________________
ImReady 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 03-19-2017, 11:55 AM   #2
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Second City Land
Posts: 23,931
Did your employer report the total cost of health care on your W-2? That would be a place to start.
__________________

__________________
MichaelB is offline   Reply With Quote
Old 03-19-2017, 12:02 PM   #3
Dryer sheet wannabe
 
Join Date: Mar 2017
Location: Andover
Posts: 12
Perhaps your a call to your health insurance provider can tell you. Be prepared, it'll be far more expensive than you're paying now. Mine is about $580/mo for a single (my share was well under a hundred while employed). yikes!

btw if you resign, are you still eligible for COBRA?
__________________
Mykle57 is offline   Reply With Quote
Old 03-19-2017, 12:05 PM   #4
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 2,930
That doesn't make sense. If you plan to leave soon then why are you afraid to ask.
__________________
Fedup is offline   Reply With Quote
Old 03-19-2017, 12:21 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 15,674
My former employer had such information posted on its intranet (available to employees but not the general public), along with 401k options, health insurance, etc.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 03-19-2017, 12:35 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,267
Quote:
Originally Posted by Mykle57 View Post
btw if you resign, are you still eligible for COBRA?
AFAIK, that's fine as long as your plan offers COBRA continuation coverage.
Quitting your job counts as a qualifying event, just like being laid off.

https://www.dol.gov/sites/default/fi...RAemployee.pdf
__________________
braumeister is offline   Reply With Quote
Old 03-19-2017, 12:38 PM   #7
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,602
We're paying $1414.06/mo for the plan through DW's old work for two of us. COBRA typically is 2% over the monthly cost of your old plan to cover administrative expenses, so when you do figure out the cost, add the 2%.
__________________
Dash man is offline   Reply With Quote
Old 03-19-2017, 12:51 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 1,548
Quote:
Originally Posted by Mykle57 View Post

btw if you resign, are you still eligible for COBRA?
I resigned and cobra was available. I believe they have to offer it. Depending upon state, the length of time you are eligible for cobra may be different.

Some employers post the total cost on the annual renewal. Or that may have told you what % of the health care they paid...from this and knowing your contributions you should be able to calculate it.

See if your employer has a website for benefits. You may find info there. In the end you'll have to talk with HR.
__________________
bingybear is offline   Reply With Quote
Old 03-19-2017, 12:53 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,729
I became eligible for COBRA when, in 2007, I reduced my weekly hours worked from 20 to 12, making me ineligible for their group health program. That was a qualifying event making me eligible for COBRA even though I was still working for the same company.


Before I reduced my weekly ours worked, I was paying 50% of the group health premiums and my employer was paying the other 50%. So, I simply doubled what I was paying, adjusted from a biweekly paycheck to a monthly basis, and tacked on another 2%. Because dental coverage was optional, I had a chance to drop it if I wanted to. I knew I would have some costly dental work in the next 18 months so I surely kept that coverage and got the costly dental work done before COBRA expired at the end of 2008.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 03-19-2017, 12:58 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,003
My COBRA was just under $600 a few years ago.
__________________
jim584672 is offline   Reply With Quote
Old 03-19-2017, 01:15 PM   #11
Recycles dryer sheets
 
Join Date: Jul 2016
Location: New Hampshire
Posts: 261
COBRA costs are typically 102% of what the company pays for that coverage (including premiums that would be paid by employees.) When I retired last year I was astounded at the prices - over $12K/year just for a HDHP plan similar to what I had been on before, twice that for a traditional PPO plan. I am very fortunate that I retired under a program where my employer is paying my COBRA premiums for 18 months (and giving me cash to buy another six months.)
__________________
Steve
jonat is offline   Reply With Quote
Old 03-19-2017, 01:16 PM   #12
Dryer sheet wannabe
 
Join Date: Feb 2013
Posts: 12
Quote:
Originally Posted by Fedup View Post
That doesn't make sense. If you plan to leave soon then why are you afraid to ask.


Soon meaning in a 3-4 months. If I ask now they may decide I should leave sooner.
__________________
ImReady is offline   Reply With Quote
Old 03-19-2017, 01:33 PM   #13
Dryer sheet wannabe
 
Join Date: Feb 2013
Posts: 12
Quote:
Originally Posted by MichaelB View Post
Did your employer report the total cost of health care on your W-2? That would be a place to start.


Thanks Michael. I did find a section on my W2 (Section 12DD) that shows the cost of employer sponsored health coverage. I'm wondering if I have to add my contribution amount on top of this.
__________________
ImReady is offline   Reply With Quote
Old 03-19-2017, 03:04 PM   #14
Recycles dryer sheets
 
Join Date: Jul 2016
Location: New Hampshire
Posts: 261
Quote:
Originally Posted by ImReady View Post
Thanks Michael. I did find a section on my W2 (Section 12DD) that shows the cost of employer sponsored health coverage. I'm wondering if I have to add my contribution amount on top of this.
Yes, you do.
__________________
Steve
jonat is offline   Reply With Quote
Old 03-19-2017, 05:27 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,547
You need to find out what your company's total premiums are. I read somewhere recently that the average corporate policy covers about 70% of premiums. If so the typical COBRA policy would cost more than 3 times the employee rate.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 03-19-2017, 06:22 PM   #16
Full time employment: Posting here.
 
Join Date: Dec 2010
Location: Southern California
Posts: 903
Quote:
Originally Posted by ImReady View Post
Soon meaning in a 3-4 months. If I ask now they may decide I should leave sooner.
If you sense they will "let you go", be sure to ask a month prior to your target departure date as unemployment benefits might be an option. Just saying.
__________________
Aiming_4_55 is offline   Reply With Quote
Old 03-19-2017, 06:26 PM   #17
Dryer sheet aficionado
 
Join Date: Feb 2016
Location: Duluth, GA
Posts: 34
I found the info on the HR web page from my old company, under "benefits". It prevents them from having to keep answering the same question over and over.
__________________
msieweke is offline   Reply With Quote
Old 03-19-2017, 11:19 PM   #18
Full time employment: Posting here.
 
Join Date: Jun 2016
Posts: 978
My cost when I was employed was $300/month, heavily subsidized by the company. COBRA was almost $1,400/month for the same PPO plan.
__________________
Scuba is offline   Reply With Quote
Old 03-20-2017, 05:45 AM   #19
Full time employment: Posting here.
 
Join Date: Jan 2014
Posts: 635
Quote:
Originally Posted by ImReady View Post
Thanks Michael. I did find a section on my W2 (Section 12DD) that shows the cost of employer sponsored health coverage. I'm wondering if I have to add my contribution amount on top of this.
Quote:
Originally Posted by jonat View Post
Yes, you do.
It generally includes both the employer and employee portions.

Quote:
Q6. What amount should the employer report on the Form W-2 for health coverage? The amount the employer paid? The amount the employee paid? Or both?
A. In general, the amount reported should include both the portion paid by the employer and the portion paid by the employee. In the case of a health FSA, the amount reported should not include the amount of any salary reduction contributions.

More info: https://www.irs.gov/uac/employer-pro...ns-and-answers
__________________
MBSC is offline   Reply With Quote
Old 03-20-2017, 06:45 AM   #20
Recycles dryer sheets
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 448
The comments about the cost being over $1000 per month for a couple are right on. I'd guess about $15K to $20K per year for a couple.
__________________

__________________
Jerry1 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
Trend towards high deductible plans, cost-shifting/cost-sharing explanade Health and Early Retirement 33 12-26-2015 08:25 PM
To COBRA or not to COBRA~ mickeyd Health and Early Retirement 1 09-04-2009 08:22 PM
COBRA Limits REWahoo FIRE and Money 3 11-02-2005 08:48 AM
COBRA Marshac Other topics 16 10-02-2004 05:46 AM

 

 
All times are GMT -6. The time now is 01:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.