Here is another tip on insurance…If you have health FSA money with old company, say $1000, you are leaving the old company in the beginning of the year and only contributed $200 to your FSA, you can use up all $1000. It is your company’s lost because they have to fund it beginning of the year.
When one of my kids had a 2-month gap between finishing at a job and starting law school, she obtained coverage through GradMed, which was one of the benefits provided by her university alumni association. I believe it’s now called the Alumni Insurance Program. I don’t know whether ACA has affected this option at all, but my d’s school website still says that next-day major medical coverage is available. It’s temporary and I’m sure coverage is limited, but it was her best bet at the time. It appears that many schools participate:
Our kids U once did offer insurance they their alumni Assn but then stopped while they were figuring out ACA. Have not investigated if they offer it again.
We were very frustrated trying to find S any plan that would cover him since he was on our family policy and then the U plan.
He was rejected by the Durante because of pre-existing asthma (very well controlled). Ultimately, I went to our BCBS and begged them for any gap coverage we could get him to cover Mid-Aug thru 12/31. They said only because he’d always been covered since birth thru the present with BCBS, they could offer him a monthly individual plan with s deductible and copays. We took it. It was under $400/month for those months of peace of mind. S made appointments and started seeing providers once he as back on our family plan in Jan (no deductibles and lower copays).
My mom thought I was nuts for paying for those 3.5 months of coverage, but it was great peace of mind for me because my crystal ball doesn’t work and I know too many folks who have incurred huge medical bills on “healthy” young adults.
@greenbutton. It sounds like the HR person doesn’t understand how to handle the life event. Usually employees know the life event is coming and the day it will happen. HR can have him enrolled with the start date on his 26th birthday (or earlier if they do it by the month). You son doesn’t have to wait for the event to occur to get all the paperwork in order.
Example: For years, I have offered a group plan to my employees who need health insurance. The group is 2 or more. This year, I am down to one person, so the group plan will end Nov 30. She can sign up through ACA or individual BC/BS prior to this life event but the start date will be Dec 1.
@HImom - Assume this happened many years ago???
Under current law, health insurance companies can’t refuse to cover you or charge you more just because you have a “pre-existing condition” — that is, a health problem you had before the date that new health coverage starts. These rules went into effect for plan years beginning on or after January 1, 2014.
Thank goodness.
Another consideration is that COBRA might be cheaper than going to ACA is that you may have already met the deductible for the plan year, and if you start a new policy under ACA, and then switch again to the employer’s plan at the open enrollment, you could end up paying 3 deductibles in one year.
Yes, it was before ACA was fully rolled out—2010. It was stressful but at least it was a solution I could sleep well st night with.
He was rejected by e-surance from HI Kaiser HMO (dang spell mischeck and miscorrect.). I bought what I could find.