OT - sort of lost my job today...

[adventure_woman]

I'm so sad. I work PT in the evening so I can stay home with our DD2 during the day. I love my job. It is only 3 1/2 hrs a night, and I didn't make that much $$ BUT I carried the insurance, very cheap. NOW, I think I lost my job due to displacement - I'll know for sure w/in 4 days or so if the person above me will be taking my job. So now, I may be w/o a job AND insurance! Forget about the $, if we go on my DH insurance, it will cost us about $400-$600 a month extra! (I'm waiting to get the prices from him). And, how am I supposed to go into work tonight and not cry?

I don't mean to be a downer, but it's so sad. I can't even imagine what you families are going through where the primary breadwinners are losing their job. Thanks for listening...

 

[ChelleinNC]

So sorry Before you sign up for your insurance thru your DH's company, check with your employer about COBRA to see if your company is required to offer it. If they currently pay for your (employee) coverage, they won't anymore but you'd keep the same policy, just paying for it yourself.

May be cheaper than your DH's and it would be the same policy/doctors etc. Hope things work out all right!

 

[mamacatnv]

Also with the new COBRA laws you the employee may only be responsible for 35% of that COBRA premium and the other 65% is being carried by the former employer who gets to take a tax credit for the 65% - this subsidy is available for 9 months of COBRA coverage

 

[3boymthr]

I know how you feel. It's so hard. Before DH moved to his current workplace I worked a part time job for a local HMO just for the insurance (100% coverage at a bargain basement rate). I left that job when they wanted me to work the same hours on more days - which with 3 kids would have meant it was costing me more money that I was making to go to work. It cost us an extra $400 a month for DH's insurance at that time.

Oh, how times have changed. Now because of my industry I work pt just for the extra cash it brings in (I make as much working pt as DH makes working ft). But DH still carries the insurance which is good because his job is more secure than mine.

Anyway, do check into the COBRA rates however; be prepared for sticker shock. In all likelihood even at $400 more a month your hubby's insurance is probably cheaper. Thru COBRA you must pay 102% of the cost of the insurance. I just attended a seminar on health insurance today: nationally, the average family plan costs in excess of $1,000/month with many plans costing way more than that - that's a lot of cash, especially when your income is down. With the new legislation that just went thru some changes were made to the COBRA regulations and the cost for laid off employees so you might see a reduced charge. Search the internet for the changes in regs. But be aware also that COBRA is a limited time option. Electing COBRA may just be deferring the inevitable switch to DH's insurance as most companies do not offer coverage for part time employees.

Also, when DH checks into his insurance cost also double check to see if they can/do take his contributions pre-tax. This can save several hundred in taxes each year if they can and will help off set the increased contribution cost.

ETA - Due to qualifying event regulations, be aware also that if you take the 9 month COBRA option because it's cheaper you may have to take it for longer and pay full price for it at least until DH's open enrollment which depending upon timing could mean paying for the COBRA at full price for up to 9 months. Generally speaking dropping coverage because it has gotten too expensive is not considered a qualifying event and would not make you eligible for his plan. For 99% of plans you must have your coverage involuntarily terminate to be eligible for his plan off cycle.