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Laid off? What to do about health coverage

Even if you’ve still got a job, this is good to know.

If you think you might be one of them, know this: You’re almost certain to lose your employer-sponsored benefits with your full-time job. That’s why you need an action plan, stat. Make sure you know your health-insurance rights and options, because once you get that pink slip you have no time to lose

Health.com tells what to do from the first hour through the next two months. One key detail not to be overlooked when you’re getting your kiss-off exit interview:

Don’t leave without asking for a certificate of creditable coverage. This document includes the dates that your health insurance began and ended, and proves that you were covered during that time. You’ll need this to apply to other health-insurance plans.

After a week:

Plan to spend down your flexible spending account (FSA), if you have one, on new glasses, cold medicine, acupuncture—on whatever you can, so your former employer doesn’t get to keep your hard-earned savings.

If after the first month you haven’t found another job or joined your spouse’s plan:

Sign up for a COBRA extension. Under the Consolidated Omnibus Budget Reconciliation Act, you and your family have the right to extend your current health plan for up to 18 months after you are laid off.

Those are the high points; I recommend reading the whole thing.

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Tom Mangan posted at 12:06 pm December 19th, 2008 |

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  1. Caterpillar layoffs: what I know | Cat Stock Blog says:

    […] here’s a post on what to do about health benefits if you end up out of […]

    Permalink | Posted January 27th, 2009, at 8:08 am

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