Megacorp is downsizing and has offered those with many years of service a voluntary separation package. Part of this package is that they will pay our COBRA premiums through the end of 2008. Before that time I should have gotten another job or would be able to get private insurance or coverage through HIPPA.
I'm 51, and have two kids in 8th and 10th grade, so health care is critically important. We're expecting my daughter to need a surgery next summer which will probably run around $80K.
I've been already offered a new position at a startup. I'd be CEO of a small company bankrolled by an affluent individual. He owns many other companies as well, and I don't fully understand yet all of the business details of his holdings.
He has said that I can have any insurance I want, he will cover it. But since it is a startup, here is my concern. I understand that COBRA eligibility applies to companies of 20+ individuals. This is a startup company and would be well under 20 for the forseeable future. Also, as a startup, it is risky. If something didn't work out in, say, a year, then would I have no recourse to getting another health plan since I didn't have COBRA eligibility? This could be a deal breaker, as the alternative is that I look for a company of over 20 people to ensure continuing COBRA eligibility. I can't risk becoming uninsurable. Although we're all basically pretty healthy, my wife and I each have some potential issues that might incur costs (in my case surgery) over the next few years.
It would be shame to pass up what would otherwise be a great opportunity. Any comments/ideas appreciated.
I'm 51, and have two kids in 8th and 10th grade, so health care is critically important. We're expecting my daughter to need a surgery next summer which will probably run around $80K.
I've been already offered a new position at a startup. I'd be CEO of a small company bankrolled by an affluent individual. He owns many other companies as well, and I don't fully understand yet all of the business details of his holdings.
He has said that I can have any insurance I want, he will cover it. But since it is a startup, here is my concern. I understand that COBRA eligibility applies to companies of 20+ individuals. This is a startup company and would be well under 20 for the forseeable future. Also, as a startup, it is risky. If something didn't work out in, say, a year, then would I have no recourse to getting another health plan since I didn't have COBRA eligibility? This could be a deal breaker, as the alternative is that I look for a company of over 20 people to ensure continuing COBRA eligibility. I can't risk becoming uninsurable. Although we're all basically pretty healthy, my wife and I each have some potential issues that might incur costs (in my case surgery) over the next few years.
It would be shame to pass up what would otherwise be a great opportunity. Any comments/ideas appreciated.