My last day at current company is on 4/5 and start date at new company is 4/8. Cureent company insurance will be over on last day ie 4/5. New company insurance will start on 5/1. What option do I have for the interim? Do I need to pay for COBRA?
Typically insurance premiums are paid on monthly basis. So if you leave on the 5th day of April then you are covered for the entire month of April. But on 5/1 you will be out of insurance if you don’t get on the new one. When you join new company, let’s say on 5/5, the new insurance will start from the day you join. You have 60 days to activate your Cobra, so if all goes well during the days you are out of insurance then you don’t have to activate the cobra. But just in case if something happens then you can fall back immediately on the Cobra by paying the month of May. This is a typical case, but please confirm it with your benefits person at the office to be on the safe side. Good luck!
Usually you're covered for the month if you leave after the 1st. Also, COBRA can be paid at the last day of the month... So, if you'll end up using it... You can pay when you need it...