Quitting Tech Job: Health Insurance Options Help

Feb 27 17 Comments

Hi! I'm putting in my 2-week notice for my SWE role (ML Engineer role to be specific) at Capital One tomorrow. I'm taking time off (6-12 months) to work on some personal projects.

During that time, I'll need health insurance - I'm wondering if anyone has educated opinions (and resources) about COBRA vs. a personal health insurance plan.

Personal Factors:
* I'm mid-twenties and healthy
* I live in New York (in Brooklyn)
* I don't have any special health circumstances

Seeking info on:
* Cost Comparison
* Coverage Comparison
* Specific resources for personal health insurance plan(s)
* Info on COBRA coverage (ie. how long can I continue it? Any 'gotch-yas' I should know about?)
* any other relevant factors for the decision

Thanks a lot! Hopefully the comments on this post help others, too.

#health #insurance #cobra #quitting #quit

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 TOP 17 Comments
  • AT&T
    KSpb12

    Go to company page AT&T

    KSpb12
    Cobra is a joke. It’s best to find your own insurance. Dm me if you want the name of an agent I used.
    Feb 27 0
  • New
    enBT65

    New

    enBT65
    If you are unemployed and a US citizen, you can apply for Medicaid and get fully covered health insurance.

    I’ve done this 3 times during lay offs and long term career breaks in both NJ and NYC.
    Feb 27 6
    • New
      enBT65

      New

      enBT65
      Are you all for real?

      $0 premium, $0 copay, $0 deductible, $0 Rx payment. Yes, you can get family coverage. It’s obviously meant for lower income people, but any unemployed citizen with no or little income (< $1000 per month) virtually qualifies. We pay for the system with every pay check.

      Granted, I got it as a stop gap and never really needed to use it much. The biggest pain points would be lack of doctors accepting it. More common in wealthier zip codes. Another big one is processing time. Takes 1-2 months to get approved and your card. Technically, any medical expense that happens during that period would be retroactively covered, but I imagine that reimbursement process is a nightmare.

      OP feel free to DM for more info.
      Feb 27
    • OP
      Awesome, thanks for the info!! Very helpful. I'll reach out after I do a little reading up on it if I have questions :)
      Feb 28
  • OP
    Okay follow-up --
    - I've done some research and don't think I want to do Medicaid since the coverage would be quite spotty.
    - COBRA is $635 a month for me (single guy) and a decent indiviudal catastrophe plan with Empire BlueCross BlueShield on the Obamacare site is ~$285. So I'd save ~$350 a month (and ~$4200 over the year). Although, the Capital One insurance plan is really good (way better than the catastrophe plan), and might be worth the extra money to me.

    ***My Question***
    Any reasons aside the price that COBRA isn't the better option?
    Mar 2 2
    • Financial Services Company
      Wimo56

      Financial Services Company

      Wimo56
      COBRA is almost definitely the better option, purely because of the networks. The Marketplace BlueCross BlueShield plans in New York are designed with special “narrow” networks. However, if you are willing to put up with a little annoyance around scheduling appointments, the math itself will probably look better for non-COBRA plans. We’ll talk to you for a free 15-minute call if you check on our website (it’s free to talk and you only pay if you want us to run the numbers).
      Mar 2
    • OP
      Thanks! I'll check the website :)
      Mar 6
  • Financial Services Company
    Wimo56

    Financial Services Company

    Wimo56
    My company does this. We compare costs for COBRA vs. the Marketplace (Obamacare) vs. any spouse or parent options you have. The other commenter is correct that you can sign up for Medicaid; however, the main trade-off is that almost no doctors in New York will give you appointments when they find out you have Medicaid (but it’s free if you can manage to get in to see a doctor). COBRA will be better if you actually need a doctor. Our company is called Predictabill if you want us to run the numbers for you.

    You can stay on COBRA for 18 months, and longer if you have a “life event” during the 18-month window. You’ll want to strategize around your deductible year and when you hit your out-of-pocket limits.
    Feb 28 1
    • New
      sailsummer

      New

      sailsummer
      Does “life event” include serious illness like cancer? Are they then required to prolong the cobra insurance through the company you have the insurance through?
      Mar 31
  • Investment Bank
    Glinda

    Investment Bank

    PRE
    HP
     Glinda
    At your age, unsubsidized Obamacare will likely be less expensive than COBRA. Go to healthcare.gov to find out how much you can expect to pay. By checking now you can quickly make a decision once your COBRA packet arrives.

    I do not recommend insurance co-ops, short term coverage or less expensive plans in case you have a catastrophic illness.
    Feb 27 1