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Life in general - Preparation

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TheBoondocks
Established Contributor

Life in general - Preparation

Hey guys, so I know this is not credit life related but more of life in general of finances. I want to prepare myself for when things does happen, I'm prepared for it and know what to do.

So, I just started a new job and I got called in for new hires to see how the performance is doing on a monthly basis to see if I'm hitting the numbers. In the first month, it was good and just starting out they understand, now the second month, it's just stagnate, and I'm just scared cause if I lose this job, I lose my health insurance and this is my biggest income due to the hours and overtime. I really need to keep the job...

However, say if this department doesn't work out for me. I could maybe ask to move to something easier or so? But in terms of health insurance, I didn't know this so I ask the health insurance company and they told me if I ever do lose my health insurance I could get Cobra. But, the thing about Obama Care is it's a hit and miss, it's only from Nov to Jan so you have to really be alert.

But, when I did my research on losing health insurance. It says that I have a grace period of 60 days before and after losing it to enroll in Obamacare which I will do immediately after knowing that I lost my job.

Sometimes, I just want to get married already so I don't have to worry about that. I'm 26 about to be 27, and I can't see my life just keep working. I need to find a way out... I work 3 jobs too.
2 REPLIES 2
Anonymous
Not applicable

Re: Life in general - Preparation

TheBoondocks ... now I have been out of the flow for awhile but, Cobra Insurance Coverage was an extension on your Employer's Insurance Coverage for generally up to 18 months (certain situations 36 months). The only hitch is you have to submit the monthly premium cost of the Cobra Insurance coverage by a date certain that the employer specifies and you go month to month on the payments. In the event you are late, the Employer has the right to drop you from their insurance plan. Note, your Employer may have other options and you may too but, this is how it worked in the not too distant past.

 

What I have had to do is be fortunate enought to have saved enough in an "Emergncy Fund" sufficient dollars to make the monthly premiums and as you likely know, that ain't cheap. An easy $550 to $1,900 a month depending on the type(s) of coverage a person has. To eat or have health insurance?

 

My background is as the chief officer and had to deal with this type of thing. Possibly today there may be some other options for health insurance and you can check around to be sure. Your being alert to the fact and making a seach so as to eliminate surprises is good as it can be a real shock (you already know this).

 

Best of luck in your planning as your situation has happened to me and I was not prepared so having contigencies is great!

Message 2 of 3
TheBoondocks
Established Contributor

Re: Life in general - Preparation

Thank you Dinosaur, rawr! Aha, I really appreciate for the info. I will look more into Cobra and see what I could do.
Message 3 of 3
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