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 Posted: Thu Jun 25, 2009 4:41 pm Post subject: does my insurance end when i quit my job |
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| i quit my job and wanted to know if my insurance ends the day i quit or can i continue after i get another job privately |
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mamade57
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| Posted: Fri Jun 26, 2009 3:46 am Post subject: |
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Hello and welcome Mamade57
| Quote: | | i quit my job and wanted to know if my insurance ends the day i quit or can i continue after i get another job privately |
Well, it might, depending upon the type of insurance we are talking about. If its a group insurance where the employer shares the premium with the employees, quitting the job makes you ineligible for the coverage. However in case of group health insurance you may stay on the plan for 18 months through COBRA even after living the employment . But I can give you specific replies only if you clarify the type of insurance we are discussing about.
~Jeremy |
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JeremyHolter
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| Posted: Tue Jun 30, 2009 6:07 am Post subject: |
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hey ,
It is up to the insurance plan you have taken like if the concern insurance was joint insurance with your employer, company or with coworkers then it may laps and if it is your personal then i will not be effected but even it is joint with your company the there must be a proceeder to continue it. |
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onlineautoquote
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| Posted: Tue Jun 30, 2009 6:28 am Post subject: |
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First of all:
| Quote: | | It is up to the insurance plan you have taken like if the concern insurance was joint insurance with your employer, company or with coworkers then it may laps and if it is your personal then i will not be effected but even it is joint with your company the there must be a proceeder to continue it. |
What??
Jeremy asks some good questions (as always). My assumption is that we're talking about group insurance here, but we can' absolutely say so. But I'm going to answer based on that assumption.
COBRA only applies if there are at least 20 employees enrolled in the group plan plus a few other rules that normally aren't anything to worry about. Secondly, as Jeremy pointed out, you would be eligible for the 18-month continuation period as there was a "separation from work" that counts as a qualifying event.
Group plan coverage normally ends on the last day of the month you were employed. Notice I said normally. So, it's likely you'll be covered until the last day of the month. If you are eligible for COBRA- you'll have to notify the plan administrator that you want it. There's a little more to it concerning the notification requirements for all parties and you can search online and get millions of hits if you query "COBRA rules."
If you're not COBRA eligible, most states have "portability" rules that will allow the former group insured to get into an individual insurance plan without any worries about medical issues. That depends on the state, and we have no idea where you live.
So, as previously asked, if you would "fill in the blanks" for us, we could probably be of more help!
InsTeacher 
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InsTeacher
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| Posted: Tue Jun 30, 2009 10:36 am Post subject: |
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| Hi Teacher, what would happen in case of group life insurance plan? I guess the coverage would lapse if you quit the job unless you take the steps to convert into individual life policy. But, is it always an option? |
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kelvin
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| Posted: Mon Jul 06, 2009 11:24 pm Post subject: |
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Group life is commonly subject to conversion, and we are seeing more and more carriers allow the insured group member to keep their group insurance upon separation from work. Kind of like COBRA, but not quite the same.
Life insurance is not subject to COBRA continuation, but can easily be convertible to an individual policy without evidence of insurability. Depends on the plan.
InsTeacher
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InsTeacher
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| Posted: Tue Jul 07, 2009 5:45 am Post subject: |
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| Quote: | | Group life is commonly subject to conversion, and we are seeing more and more carriers allow the insured group member to keep their group insurance upon separation from work. |
I guess the conversion would also affect the premium rate, right?
Does the policy holder also need to undergo fresh medical underwriting at the time of switching the group life policy to individual one? |
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kelvin
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| Posted: Tue Jul 07, 2009 7:05 am Post subject: |
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| Quote: | | I guess the conversion would also affect the premium rate, right? |
If you are allowed to continue on the group term plan at the group rate, your premium won't change. That's unlikely, however. Most plans allow you to convert your group term insurance into individual permanent insurance. If this is the case, the premium will go up considerably! Again, you won't have to prove insurability and you'll be able to convert up to the face amount you carried on the group policy.
Again, this is typical but not guaranteed. Depends on the plan.
InsTeacher
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InsTeacher
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| Posted: Wed Jul 08, 2009 12:44 am Post subject: |
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| Quote: | i quit my job and wanted to know if my insurance ends the day i quit or can i continue after i get another job privately
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It depends on how your employer set up your policy - could go either way.
Most employers the coverage ends at the end of the month you were released. i say this because premiums are paid prior the month you are working. Your best option would be that you should Check with the HR to be certain.
But, In most cases health insurance continues until the end of the month (or in the case of my last employer the end of the following month that you terminated employment). again You'd best check with your employer's HR department for verification. |
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choco
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| Posted: Sat Dec 12, 2009 6:59 pm Post subject: I was fired |
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I was fired from my job after 11 1/2 years in November and was told my insurance ended the last day of my employment. However I was in a car accident 2 days ago, Dec 10th and when I went to fill a prescription that night my insurance covered them still, do you know how long that will last?
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punkin1020
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