Insurance Coverage after resigning
Say I'm leaving my company in the first week of a month and then joining my new company only in the 4th week of that month. What happens to my insurance coverage while I'm in transition? Am I not covered? If not what can I do to have coverage?
I believe you're not covered. There are options under Cobra insurance that can cover for transition period. For more details check here https://www.healthcare.gov/unemployed/cobra-coverage/
Almost every insurance plan covers the entire month if the individual is employed on the first day of the month. OP would be fully covered most likely.
None of the companies I’ve worked for do this. It works for the salary period, not the month. If you’re paid by weekly, that’s the coverage you should expect.
Thanks guys
In all the companies I’ve left, you’re covered until the last day of the month of your departure. Then you have the option to elect COBRA after that, but COBRA can be elected retroactively, so you basically don’t need to sign up until you know you need it. For example, let’s say you leave job A on Dec 1. You’d be covered until Dec 31. Flip side is that if you leave Dec 30, you’ll also only be covered until Dec 31.
Read your current company plan info. Some companies end coverage the minute u walk out, others carry it till end of month, or some other predetermined date.
Ask your HR department. You are often covered for the full month when you leave. So if you leave in week one you may actually be covered all the way through that month. If you are not covered, sometimes you can sign up for cobra retroactively if there is an issue. In some states you have about 60 days to sign up for cobra.
How do I sign up for Cobra?
COBRA is all you need to care about. You can activate it retroactively, meaning that while you wait to start at your new place if something happened you can activate it if needed even after the fact of going to the doc. So you just don’t activate it and if nothing happens you save that money :)
Are you leaving next week?
If you leave the company on any day of the month you will be covered until the end of the month from your previous company and your new insurance would start from the first of the next month with the new company
You will not be covered unless you elect COBRA which will have you paying the full amount. You can, however, elect COBRA retroactively for a period of time which may be a better option so you can see if it's money you needed to pay. Unless of course your insurance goes through the end of the month at your current job--that's often the case.