• rustysflygirl's Avatar
  • rustysflygirl's Avatar

    rustysflygirl asked a questionColorectal (Colon) Cancer

    Job lost, did not qualify for FMLA. Applied for short term disability. Waiting to hear back. Is life insurance included in cobra?

    8 answers
    • Bashiemn's Avatar
      Bashiemn

      When I've left jobs I've always had the opportunity to continue the life insurance through COBRA. It's available for 18 months after you leave a job. I am still on it for a plan that I had with a company that terminated me August 2010. Once my 18 months was up, my rate just went up a little, but I was still able to stay on the plan. No health assessment, no additional paperwork.

      Good Luck.

      over 4 years ago
    • abrub's Avatar
      abrub

      Note: It's not that Cobra is so expensive; it's that when on Cobra you are paying the full premium, as opposed to the employer paying a portion. Cobra is not subsidized. Also, businesses may add 2% onto the Premium Charges for administering Cobra.

      It's worth looking at options. You have about 60 days to sign up for Cobra, and the sign-up will be effective as of the day you became Cobra-eligible. Look for other options, however, do not look on price alone. You get what you pay for.

      over 4 years ago
    • RebeccaW's Avatar
      RebeccaW

      I wanted to update my answer for this question. My husband was let go after 7 months of waiting from the employer. The employer had purchased an insurance policy for each of their employee's that stated if they were ever let go of their employment due to a terminal illness their COBRA payment and life insurance would be in tact. Therefore my husband insurance was covered as well as his short term life insurance policy. But not all employers do that. I would check into Social Security Disability as soon as possible and see if he can get on there. I'm so sorry this happened to you and your husband. Prayers are going up for you today.

      about 4 years ago
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    rustysflygirl asked a questionColorectal (Colon) Cancer

    Due to job insecurity, should we run for the FMLA now in case of lay-off?

    5 answers
    • cpooh5150's Avatar
      cpooh5150

      Hey Rustysflygirl... I can totally understand your situation and wanting to go into panic mode. My husband has non hodgkins lymphoma. Since I work in a municipal gov't they have to follow federal & state government laws so I was able to do the FMLA (and people don't realize it is for x amount hours...I think over 800 hrs). With my husband it is a small company with less than 150 employees at their main office. Federal laws say they do not have to do the FMLA. so you will need to check the human resource office. If they do follow the FMLA then I suggest you have the dr sign forms ASAP and turn it in. This will protect his insurance.

      If you go with disability then you need to check the guidelines because you will have to be out of work for x amount of days/weeks WITHOUT pay. Of course they may let u use sick leave until it kicks in. Again you will need to ck w/ human resources. IF he goes with the social security disability then I've been told you must be without work for a certain amount of time. If this the route MAKE SURE TO KEEP/ASK FOR COPIES OF EVERYTHING. The Feds will want copies of every lab,test,scan,office visit etc...

      I pray all goes well with you and your husband. It's not easy being a caretaker but it's what he will need as with being a great cheerleader :). I hope that you find this info helpful ...cpooh5150

      over 4 years ago
    • rustysflygirl's Avatar
      rustysflygirl

      Thank you.

      over 4 years ago
    • Buckwirth's Avatar
      Buckwirth

      Your hubby should probably bite the bullet and start the short term disability, which will start the fmla clock.

      Fmla provides a number of protections, including the continuation of his current benefits. DO NOT TELL THE EMPLOYER HE WILL TRANSITION TO THE LTD! If you do, the employer is allowed to stop paying those benefits.

      While on std he can go online and apply for Social Security Disability. Getting the approval letter will make the transition to the ltd very smooth.

      The life insurance policy may have a couple of riders:

      1. Waiver of premium due to disability

      2. Early payout for terminal disease

      3. Some additional insurance for qualifying disabilities

      Typical ltd insurance pays out at 60% of current salary. This may not seem like it will cover much, but you will be paying lower taxes, and the final take home will be very similar to what he gets now.

      I just did this in October, and I could not be happier. He needs to do it to protect his benefits! If he is laid off he could lose hundreds of thousands in benefit dollars!

      Good Luck,

      Blake

      over 4 years ago
  • rustysflygirl's Avatar

    rustysflygirl asked a questionColorectal (Colon) Cancer

    Life insurance and job loss

    6 answers
    • fulto11's Avatar
      fulto11

      Just throwing my personal knowledge. What works for one...might not work for another. Had a friend with breast cancer. Went under Cobra after losing job. MD Anderson in Houston, Tx. paid her Cobra premiums and covered all co-pays. They said it was cheaper for them to pay the premiums (instead of absorbing all cost). Check with your medical center.

      Second: I just went thru dilemna of life insurance. I had laid down all applications that came through the mail. I did an application on the internet and got bombarded with life insurance. There is a term life that you qualify for under any condition. The most I looked for was rate increases. I had an insurance broker (friend) look this one over and he said it was very good. ONLY ONE that did not have rate increase, gave highest return and less monthly cost. It was United of Omaha Life Insurance. Have to stay alive for two years but if there is death...you get your premium back plus 10%. There is no rate increase. It is a gamble but have to start somewhere. If you get your money back...you can not lose. We have ten thousand dollar coverage for $66.00 mo. (age 67)
      Then sign up for a pre-pay. There is an older funeral home in our town that give good rates. One wanted minimium of $10,000 and the one we went with was $6,000. (knock off the flowers, books, limos, etc.) If he passes in first year at least I get thirty percent of the six thousand. Between year 2 and 3 I get seventy percent of the six thousand. After 3rd. year 100%. It is a 10 year note at $109.00 per month; but note stops after used.
      I know this is morbid but we have to be realist. I pray I have the old bird for many years to come...but we knew this had to be dealt with.
      Hope this helps. I am mad that I let 6 months lapse before getting this done. I did not know we could TRY for life insurance.

      over 4 years ago
    • rustysflygirl's Avatar
      rustysflygirl

      Thank you so much, this helps.

      over 4 years ago
    • tspoon's Avatar
      tspoon

      Something else to think of. We bought the same life ins, but he wants cremation. For 990.00 prepaid, they will pick him up anywhere in the state. Can vouch for reliability since my uncle passed last May. We prepaid my husbands in Oct. Once you take care of these things you never have to discuss it again.

      over 4 years ago
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