Related Posts
More Posts
Can I get 15 likes so I can DM please!!??
Bowl Leader
Anybody looking for writers?
What are some of the ways for using Amex points?
Thoughts on H4B Chelsea?
Bowl Leader
Pro
think it might come today?
Conversation Starter
This group needs more members !!!
Additional Posts in Tech
Pro
What’s your net worth? 💰
Rising Star
You should be able to get on your company’s insurance plan as soon as you turn 26 - I believe that’s a qualifying event. Sign up now, you’ll be eligible for cobra if you let go
Yes, it is considered a qualifying event. Not sure how long the window is open so inquire now, enroll it what makes sense for you and have COBRA option if you separate.
Don't quit while you're on a PIP! If you get fired, ask for a severance and 3 months of COBRA insurance coverage.
Bless your heart, there is no such thing as a permanent record, unless you're talking a criminal record, and even those can be scrubbed in certain circumstances (legally, not some shady biz). Just do your best and continue to learn real world strategy from the advice on this board. If there's valuable feedback in the pip, try to work with that. If it's a bad fit, then keep in mind when finding the next opportunity that it's a 2-way street, you are interviewing the employer as much as they're interviewing you. But I'd recommend at the minimum getting catastrophe insurance to cover you in case of an accident.
Turning 26 and getting kicked off your parent's plan should certainly qualify as a life changing event and allow you to get onto your company's plan.
I'm not a financial expert, but if I were you I'd immediately get onto an HSA plan if your employer offers it. Your contributions get a triple tax benefit and can be invested to grow over time, making it a great tool for retirement planning.
I was placed on a PIP at my previous job and worked my way out of it! Stay positive and good luck.
If you are terminated, it’s a good idea to plan out what you are going to say in interviews. You want to be sure to emphasize what you have learned from the situation, and never bad mouth your previous employer
If you having savings to fall back on, it would be better to quit. That way, you get to control the narrative. The market is still really good, so your odds of finding a job quickly are probably pretty good
You don't have to enroll for insurance if you don't want to, but if you want to, then you can sign up for ACA insurance online when you lose your parents' coverage
Also I am in a state where there is no tax penalty for not being on healthcare. Could I just not enroll in any plan once I’m kicked off my parents’ plan? I’m hoping to lock down a new job soon.
Rising Star
This is a bad idea.
You don’t have to enroll if you don’t want to. But if you need any medical attention, it might cost an arm and a leg 😮💨
I get all the concern around insurance, but if you haven't been let go yet and your parents insurance runs out, sign up for insurance at your current job, at that point, Cobra becomes an option. A bad one, but an option.
Also, just because you're on a PIP, doesn't mean you'll be fired. How about, try to do better at your job? There are reasons you're on a PIP and it's probably not the companies fault. Take a look what you are doing incorrectly and fix it.
Go through the PIP and do what you're told to get yourself on the right track.
I just left a toxic workplace and purchased COBRA. Two facts: COBRA coverage is hella expensive, and switching insurance is a PITA. Based on my experience, here are my observations and recommendations.
If you take any prescriptions, ask your doctor for a three-month supply before you lose insurance. The day your insurance turns off, you are on your own for meds.
You need catastrophic insurance -- that is, you need a high deductible plan that protects you (and your parents if they co-sign) from a life-changing financial setback if you have an accident or major illness that requires hospitalization. Someone mentioned an HSA, which does have the benefit of putting away portable savings. If you're still employed, this can be a good option as any pre-tax money you put away while still working will still be yours if you are let go--and you can use anything you save to pay medical expenses between jobs.
AFTER you fall off your parents' insurance and are no longer covered, it is a qualifying event. If you are still employed, you are eligible to get on your employer's plan. Do it. As others have stated, if you are let go you may be able to take a month or more of insurance with you. This is extremely valuable both for the cost savings and for avoiding the PITA factor of switching insurance.
Once you are on your own, shop a plan in the marketplace. At your age, I would wager it will be multiple times cheaper to buy insurance there than COBRA, and depending on your earnings, there could be tax benefits.
Last, you are never more employable than when you are already employed. The PIP is a strong sign you aren't a great match for your current role. If you interview now, the only reason you have to give for leaving is to seek a better opportunity.
It depends on the severance and the circumstances. Most terminations result in your company health insurance terminating at the end of the month you're let go.
COBRA has always felt to me like a gigantic FU from the employer; it's hideously expensive compared to buying health insurance on the exchange, which is what I did the last time I was unemployed for an extended period.
Make them fire you so you can get unemployment. If anyone calls to check your work record- they can only say what dates you worked there. They cannot say you were fired. Good news - “change of employment “ is a qualifying event.” You can go online and apply at healthcare.gov. As you only worked 1/2 year - you’ll be eligible for a heavily subsidized plan - almost free! So if you get fired:
-Remain calm, stay professional - don’t take it personally. Often they regret the decision- and may hire you back - but not if you explode when fired.
-If you are on a PIP - discretely remove all your personal possessions from the office. Pictures, mugs, personal documents. Get a copy of anything you may need for a job search - work records, phone numbers, etc. Have your resume updated and ready. Be looking now.
-When fired - go directly to the unemployment office and immediately file for unemployment.
-Then go to healthcare.gov and sign up.
Surprisingly- your former co-workers may reach out to you with job leads. These can be really good. Nobody likes to see anyone get a bad deal. Many people who are fired - wind up in much better and higher paying jobs. Best of luck!