Medical Insurance for cancer survivors

Buckwirth said:

Is Cobra an option?
I know it comes as a shock to most people when they suddenly have to pay what was their employers portion of the insurance, but for those of us with pre-existing conditions it can be a godsend, and would continue to cover the whole family (if you so choose).

Other things to think about now:

Does the current employer fund a Long Term Disability program? If so, your husband is elibible.

Does the current employer fund a life insurance policy? Does your husband carry extra life insurance? It may be possible to collect some of those funds early based on the diagnoses, and those monies can be used to cover medical expenses, including Cobra payments.

Visit your local Social Security office and start the process for getting him approved. Doing this early can cut down the usual five month waiting period after he stops working.

Getting approved early also shortens the wait time to Medicare eligibility.

Best to both of you,

Blake

One other thing
I think Abrub (I hope I have this right) is an insurance broker, and depending on what state you are in might be able to steer you in the direction of other options.

tko683 said:

cobra is an option
Blake, I think there is a time limit on Cobra. I will have to check on that. So are you saying that he should apply for SS disability now? I was under the impression that he should wait until he isn't working. We don't have all the details about long term disability from his company but my understanding is that he receives 60% of his salary but no benefits. We are still in the information gathering stage so thanks for all the info. Wishing you the best.

Teri

The time limit on Cobra
is 18 months, with an extension available for those on SSDI to cover the difference to Medicare (which is a 24 month wait).

I am currently going through this, so I am just relating my experience and what I remember being told by my local Social Security office.

He would not be starting SSDI, just getting them to say that he is eligible as of date xx-xx.

This can (not saying it will) cut down on the waits if/when he does go out.

Some comments on the 60%, currently a significant portion of his taxes are payroll taxes (Social Security and Medicare) with a smaller percentage going to income taxes (of course, this is dependent on your income). If this was paid for out of your husbands post-tax income, in other words he actually paid the premiums and not the company, then all income from the LTD insurance is tax free.

If there is a pension from a previous employer (I had one from my days as a retail clerk), and any 401k/IRA monies are now available without penalty (I highly recommend confirming this with a qualified financial adviser).

Have your husband ask about about or look up any life insurance policies he may have. With this diagnoses he may be able to collect some or all of the monies now. Also, in most states, when he goes out the employer supplied life insurance payments are suspended, with the policy remaining in force.

One of the reasons I recommend getting all of this wrapped up ahead of time is any delay can mean a delay in payment. Depending on your financial situation, a period of a few weeks or months without income can be devastating.

Caveat: For the purpose of FMLA NEVER tell your employer that you do not intend to return to work at the end of the FMLA time limit, as this frees them of almost all of their responsibilities under the law. Any conversation with a Human Resources employee should start with a demand that the entire conversation is to be treated as confidential.