what do people do about the medical insurance when changing jobs?
I’m going to start my new job soon and my last day of employment is next week. HR told me that my medical insurance will be terminated on my last day. My new job’s medical will not start until 4 moths later.
What should I do with my medical in the next 4 months? Are employers required to cover the medical temporarily even after the employees leave? if not, what’s the most economical way to purchase out of pocket?
August 18th, 2010 at 1:01 am
guess you’ll have to not get sick or hurt for 4 months
August 18th, 2010 at 1:05 am
I think employers are required to leave you on the plan if you agree to pay the full premium. Look into COBRA insurance.
August 18th, 2010 at 1:27 am
Very rarely can it be afforded but ask your current emplyer about COBRA insurance.
August 18th, 2010 at 1:37 am
Nick G is right. They have to offer you COBRA which lasts for like 18 months but you have to pay a premium for it.
August 18th, 2010 at 2:25 am
You will be offered COBRA coverage from your current jobs insurance. It will be very expensive. Make sure to keep the insurance to cover you through your 4 months probation period at your new job, if you can afford it. If it expires for even one day, you may have a problem with “pre-existing” conditions but if the insurance never lapses, you will not have that problem. Good luck with your new job.
August 18th, 2010 at 3:18 am
Resignations are not covered under COBRA so they are under no obligation to offer you any further medical benefits after your last day of work. You can make the request if they are willing to allow you to stay on there benefit plan at your expense.
August 18th, 2010 at 3:31 am
Do you pay part of the medical insurance premiums, or does your employer pay them all? When I moved to a different company and paid part of my premiums I was always paid up through the next quarter. You should be able to purchase your insurance in advance until your new insurance covers you, check it out with HR, ask them about the COBRA. It may be worth it in case of an emergency. Plus, check out where things stand as far as pre-existing conditions are concerned with the new insurance. Look up COBRA on-line!
August 18th, 2010 at 3:49 am
Not sure there is an economical way since insurance is so high but you might contact the company you are with now and see if you can work something out with them until the new insurance kicks in.
When I was working, my insurance always went to the end of the month I left in because the premiums were already paid for the whole month so if I left on the 20th, I still had coverage through the last day of that particular month. I’ve never heard of anyone cancelling the same day someone left so that’s a new one on me.
August 18th, 2010 at 4:42 am
Your former employer will have to offer you COBRA. The problem with COBRA is that it is very expensive–you are paying the cost of the full premium yourself. (Usually when you are employed your employer pays between 70-80% of the premium and the amount you pay is usually on 20-30%).
You could go on line and look for an “individual” insurance policy with a high deductible….the premium won’t be too bad….and keep your fingers crossed you don’t have an emergency medical situation arise….