Got laid off, when can I file for unemployment?

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achen9291
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Got laid off, when can I file for unemployment?

Post by achen9291 » Tue Apr 19, 2016 1:23 pm

Funny how life just happens... I just got laid off. I think it was a personal vendetta of my boss, but at this point I don't really care. I just got the formal notice from my boss today, and my last day will be april 29th. Can I file for unemployment now? Or will it have to be on the 29th? Does anyone have tips on what I should be doing or focusing on to transition to a new job, and life advice etc? Thank you...

edit: also, when can I roll over my 401k? Do I just move it to a traditional IRA? since it's in pretax 401k. and about 1000 of it is in roth 401k.

user5027
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Re: Got laid off, when can I file for unemployment?

Post by user5027 » Tue Apr 19, 2016 1:45 pm

This must vary by state. Did you google unemployment compensation xxxxxxxxxx (< insert your state)?

I know in PA there is a waiting period and you must be actively seeking employment to collect.

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FelixTheCat
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Re: Got laid off, when can I file for unemployment?

Post by FelixTheCat » Tue Apr 19, 2016 1:49 pm

Layoffs are like a tornado randomly hitting your house. Don't worry about the WHY and start focusing on your next steps.
  • File for unemployment when you are unemployed. File 4/30.
    You can move your pre-tax 401K portion to a traditional IRA.
    You can move your post-tax 401K to a Roth IRA.
    Update your LinkedIn account.
    Update your resume.
    Make sure you exercise.
    Update your skillset with any free classes you can find.
    Enjoy your mini vacation. Visit family, friends and do some free sight-seeing. Keep a positive attitude.
Felix is a wonderful, wonderful cat.

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Peter Foley
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Re: Got laid off, when can I file for unemployment?

Post by Peter Foley » Tue Apr 19, 2016 2:02 pm

I used to work in Unemployment Insurance. In most states you must be laid off to file for benefits. This is because the start date for an unemployment insurance claim is the Sunday of the week in which you get laid off. Again, in most states, if you have earnings during a week that exceed your weekly benefit amount, you are not eligible for benefits for that week.

While you can file on 4/30/2016, the first week you will be eligible for benefits is the week of May 1, 2016. I would suggest filing for benefits on Monday, May 2nd.

There are a lot of subtleties in unemployment insurance regarding which wages are used to establish a claim. Much of this is state law dependent. The wages that are used determine your weekly benefit amount.

neilpilot
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Re: Got laid off, when can I file for unemployment?

Post by neilpilot » Tue Apr 19, 2016 2:22 pm

...and if you happen to work in one state and live in another, you may have a choice. I worked in AR and live in TN, and would have been eligible to file in either (but not both). Turns out the benefits in AR are measurably better.

Non7WoodUser
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Re: Got laid off, when can I file for unemployment?

Post by Non7WoodUser » Tue Apr 19, 2016 2:25 pm

FelixTheCat wrote:Layoffs are like a tornado randomly hitting your house. Don't worry about the WHY and start focusing on your next steps.
  • File for unemployment when you are unemployed. File 4/30.
    You can move your pre-tax 401K portion to a traditional IRA.
    You can move your post-tax 401K to a Roth IRA.
    Update your LinkedIn account.
    Update your resume.
    Make sure you exercise.
    Update your skillset with any free classes you can find.
    Enjoy your mini vacation. Visit family, friends and do some free sight-seeing. Keep a positive attitude.
Agree with this post.

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Flobes
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Re: Got laid off, when can I file for unemployment?

Post by Flobes » Tue Apr 19, 2016 2:49 pm

Are you being "laid off" or fired?

wxz76
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Re: Got laid off, when can I file for unemployment?

Post by wxz76 » Tue Apr 19, 2016 3:01 pm

Flobes wrote:Are you being "laid off" or fired?
People getting fired usually don't get to stay till end of the month.

Topic Author
achen9291
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Re: Got laid off, when can I file for unemployment?

Post by achen9291 » Tue Apr 19, 2016 3:04 pm

Flobes wrote:Are you being "laid off" or fired?
laid off or "WFR" work force reduction. I'm in texas, houston actually.

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Flobes
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Re: Got laid off, when can I file for unemployment?

Post by Flobes » Tue Apr 19, 2016 3:18 pm

Non7WoodUser wrote:
FelixTheCat wrote:Layoffs are like a tornado randomly hitting your house. Don't worry about the WHY and start focusing on your next steps.
  • File for unemployment when you are unemployed. File 4/30.
    You can move your pre-tax 401K portion to a traditional IRA.
    You can move your post-tax 401K to a Roth IRA.
    Update your LinkedIn account.
    Update your resume.
    Make sure you exercise.
    Update your skillset with any free classes you can find.
    Enjoy your mini vacation. Visit family, friends and do some free sight-seeing. Keep a positive attitude.
Agree with this post.
+2

Add to the list:
Get letter(s) of recommendation, before your last day.

Da5id
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Re: Got laid off, when can I file for unemployment?

Post by Da5id » Tue Apr 19, 2016 3:25 pm

Flobes wrote: Add to the list:
Get letter(s) of recommendation, before your last day.
I'd also add

Be professional on your way out. Burn no bridges, say nothing you'll regret later.
Read carefully everything they give you, particularly about COBRA
Last edited by Da5id on Tue Apr 19, 2016 3:32 pm, edited 1 time in total.

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tetractys
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Re: Got laid off, when can I file for unemployment?

Post by tetractys » Tue Apr 19, 2016 3:29 pm

Your boss should give you full information. But if not, call your local unemployment insurance office. I would think you can at least begin the process immediately.

Best of luck, may new doorways open to you. -- Tet

Topic Author
achen9291
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Re: Got laid off, when can I file for unemployment?

Post by achen9291 » Tue Apr 19, 2016 4:20 pm

So Peter was right, looks like I can't apply until May 2nd. I think I will roll over my 401k after my last day as well. It's probably better off in Vanguard than waiting for it to get into another 401k with most likely worse options. I don't think it can get any better than vanguard. I will probably move back into my parents house to save some money.

ved
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Re: Got laid off, when can I file for unemployment?

Post by ved » Tue Apr 19, 2016 4:23 pm

If your current/ future income is expected to be above the rothIRA contribution limits, then you may want to think about rolling over the 401k to a traditional IRA. This will limit your contributions to backdoor Roth IRA.

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roymeo
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Re: Got laid off, when can I file for unemployment?

Post by roymeo » Tue Apr 19, 2016 4:29 pm

achen9291 wrote:
Flobes wrote:Are you being "laid off" or fired?
laid off or "WFR" work force reduction. I'm in texas, houston actually.
You need to use HR-speak passive voice: I was unfortunately affected by the RIF.
The sewer system is a form of welfare state. | -- "Libra", Don DeLillo

downshiftme
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Re: Got laid off, when can I file for unemployment?

Post by downshiftme » Tue Apr 19, 2016 4:55 pm

Unemployment varies by state, so confirm the excellent advice you have been given with your local unemployment office.

The termination must be somewhat cordial if they are having you stay on until April 29. If this changes and you are asked to leave earlier with a lump sum payment of 2 weeks pay, then check with local unemployment. Some states allow unemployment claims to begin in the week you stopped working, even if there is a severance payment, while others make you wait until the severance equivalent date.

Finally, start your job search now. Many people don't seem to build up a sense of urgency about job searching until after the actual last day of work. This means they lose a couple weeks which might have mattered since many job searches take unexpectedly long. Call people you know who may have moved on to other companies. Sometimes there are needs (and jobs) that don't get advertised, but an inside recommendation from someone who knows you can carry the day.

Best of luck to you. It can be stressful.

roflwaffle
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Re: Got laid off, when can I file for unemployment?

Post by roflwaffle » Tue Apr 19, 2016 5:24 pm

FWIW, even if you're "fired", many states will still let you collect UI unless you were let go because of something illegal and or negligent.

lakpr
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Re: Got laid off, when can I file for unemployment?

Post by lakpr » Tue Apr 19, 2016 6:01 pm

achen9291 wrote:So Peter was right, looks like I can't apply until May 2nd. I think I will roll over my 401k after my last day as well. It's probably better off in Vanguard than waiting for it to get into another 401k with most likely worse options. I don't think it can get any better than vanguard. I will probably move back into my parents house to save some money.
Based on my own experience, I would advise you to wait until the last paycheck had hit your account.

Last year, I switched jobs, with the last date being 28th of a month. My old job pays twice monthly, on the 15th and 30th/31st, and the pay is for the work done in the previous pay period.

What this meant was that the paycheck for the last two weeks of my work was paid on the 15th of the following month. That paycheck had all the auto deductions that I selected earlier such as 401(k) deferral, HSA contributions, Dependent Care contributions, etc. The last paycheck also included the generous 401(k) match.

If you would initiate the roll over of the 401(k) plan until that final paycheck actually is deposited into your account(s), it might cause lot of troubles and headaches trying to straighten out. If there's no custodian account to deposit the money, that check might get returned to your old employer, and it might take forever to trace what happened to the money until someone in HR would straighten it out.

In my case, I was doing backdoor Roths for the last few years, so it wasn't advantageous to me to roll over the 401(k) to IRA. Fortunately I am allowed to keep the 401(k) with the old employer's plan even though I was no longer employed there, indefinitely. I am inclined to keep it that way until and unless the plan rules change.

JoeJohnson
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Re: Got laid off, when can I file for unemployment?

Post by JoeJohnson » Tue Apr 19, 2016 6:13 pm

Agree on being patient for the 401k. Make sure you get your last paycheck/contribution/match. I'd probably wait to see if I got hired somewhere with a good 401k. I'd rather keep money in 401k for backdoor Roth purposes/asset protection. Make sure you get the appropriate PTO/vacation payout/severance/etc. Read up on COBRA.

Good luck.

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achen9291
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Re: Got laid off, when can I file for unemployment?

Post by achen9291 » Wed Apr 20, 2016 12:16 am

Should COBRA be worth it? My benefits terminate on the 29th, I would like to think I could get a job with new benefits without having to deal with COBRA. My manager gave me all the info, still trying to wrap my head around it... so much info..

Good idea on waiting on the 401k, I'll leave it as is until I see what the new 401k will be like and I"ll post back on what to do. I'm not familiar with a backdoor roth or what it means.

I won't be getting any matches, the company requires me to work here for 3 years and i'm basically at 2 year mark. It's about 4k that I'm leaving on the table. I feel like they are screwing people doing that. They can basically hire people and fire them before 3 years and not have to pay match.. I don't get even a portion of it for the years I've been working here.

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patriciamgr2
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Re: Got laid off, when can I file for unemployment?

Post by patriciamgr2 » Wed Apr 20, 2016 1:49 am

You want either COBRA or your state's ACA (Obamacare) health insurance in place. We wish you well in your job search, but not having health insurance is an unacceptable risk no matter how great your health is. HR departments sometimes move slowly even for the best candidates so even a wildly successful search may take a little time. Some Houston companies have been adversely impacted by commodity prices, so that may affect timing as well.

Good Luck.

orlandoman
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Re: Got laid off, when can I file for unemployment?

Post by orlandoman » Wed Apr 20, 2016 5:08 am

If you are getting severence pay, Florida where I live, delays paying UE based on your amount of severence pay, check the 'fine print' in your state. The logic is that you'd be getting paid twice for the time you get severence pay for, 4 week, etc., severence & UE.
"Don't Believe Everything You Think"

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teen persuasion
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Re: Got laid off, when can I file for unemployment?

Post by teen persuasion » Wed Apr 20, 2016 7:22 am

patriciamgr2 wrote:You want either COBRA or your state's ACA (Obamacare) health insurance in place. We wish you well in your job search, but not having health insurance is an unacceptable risk no matter how great your health is. HR departments sometimes move slowly even for the best candidates so even a wildly successful search may take a little time. Some Houston companies have been adversely impacted by commodity prices, so that may affect timing as well.

Good Luck.
Get to work on lining up health insurance coverage yesterday! We learned the hard way that there is a lagtime for ACA coverage to kick in. If your application is approved before the 15th of the month, your coverage begins on the first of the next month. If after the 15th, it will begin on the first of the following month. So applying today, the earliest your coverage could begin is June 1.

Even if you find new employment right away, your new employer's coverage could again be delayed - DH's new employer's coverage began after one month.

Da5id
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Re: Got laid off, when can I file for unemployment?

Post by Da5id » Wed Apr 20, 2016 7:34 am

teen persuasion wrote: Get to work on lining up health insurance coverage yesterday! We learned the hard way that there is a lagtime for ACA coverage to kick in. If your application is approved before the 15th of the month, your coverage begins on the first of the next month. If after the 15th, it will begin on the first of the following month. So applying today, the earliest your coverage could begin is June 1.

Even if you find new employment right away, your new employer's coverage could again be delayed - DH's new employer's coverage began after one month.
You have a limited time for the insurance decision, but I'm kind of doubting the above is exactly correct for you. COBRA is retroactive. And this site https://www.healthinsurance.org/glossar ... nt-period/ says
In the case of loss of employer coverage (and possibly individual coverage, pending a new HHS regulation), the special enrollment period begins in advance of the loss of coverage so that enrollees can purchase a new plan with no gap in coverage.
But look into it yourself. Bear in mind that going without coverage for 3 months in a year will trigger a tax penalty, and that moreover you will expose yourself to huge financial risk if something bad/expensive happens to you while uncovered.

If you don't choose to take COBRA within 60 days, you can't then sign up. You also have 60 days to sign up for ACA outside of the normal open enrollment -- you get a special enrollment period due to a qualifying change like a job loss.

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Epsilon Delta
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Re: Got laid off, when can I file for unemployment?

Post by Epsilon Delta » Wed Apr 20, 2016 8:02 am

orlandoman wrote:If you are getting severence pay, Florida where I live, delays paying UE based on your amount of severence pay, check the 'fine print' in your state. The logic is that you'd be getting paid twice for the time you get severence pay for, 4 week, etc., severence & UE.
Some companies will make payments as part of an agreement not to sue or similar, rather than as "severance". In some states this does not count against the unemployment insurance waiting period. So don't be too surprised (or insulted) if something like that happens. YMMV, IANAL, etc.

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Epsilon Delta
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Re: Got laid off, when can I file for unemployment?

Post by Epsilon Delta » Wed Apr 20, 2016 8:18 am

Approximate time table for health insurance. Some of the months may be 30 days so check if going down to the wire.

Cobra. You have 60 days from the later of the date of termination or when they send you the notification to sign up retroactively to the date of termination. Some health people fill out the forms and give them to a trusted friend to be sent in if there is a health emergency. This probably works best if you have new insurance starting shortly (e.g. have a new job lined up).

ACA. Loss of employer health care is a qualifying event. You have a special enrollment period starting two months before and ending two months afters. If you enroll before the qualifying event coverage is continuous, although there can be some administrative hassles if you enroll in the last 15 days or so before the prior coverage ends and need care immediately after the switch.

If you enroll after the previous coverage ends you will have to wait for ACA coverage to start. If you enroll before the 15 of the month coverage starts on the 1st of the next month, if you enroll after the 15th coverage starts on the first of the second succeeding month.

If you have a gap of 2 months of less you can claim an exemption to the personal responsibility tax.

Putting this together if you decide rely on retroactively applying for Cobra for two months and then use ACA if you don't get a new job be aware that you need to apply for ACA before the 15th of the second month. If you apply after the 15th you will be without coverage for a month, since Cobra eligibility will expire after 2 months.

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patriciamgr2
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Re: Got laid off, when can I file for unemployment?

Post by patriciamgr2 » Wed Apr 20, 2016 9:01 am

Epsilon Delta: thx for sharing that helpful information. great post for those leaving a job.

Am I correct that another "gotcha" is that if you fail to apply for ACA within the 60 day time period (instead choosing to rely on COBRA), you have to wait for the annual ACA enrollment period if you change your mind (ie ending COBRA isn't itself a qualifying event)?

Da5id
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Re: Got laid off, when can I file for unemployment?

Post by Da5id » Wed Apr 20, 2016 9:06 am

patriciamgr2 wrote:Epsilon Delta: thx for sharing that helpful information. great post for those leaving a job.

Am I correct that another "gotcha" is that if you fail to apply for ACA within the 60 day time period (instead choosing to rely on COBRA), you have to wait for the annual ACA enrollment period if you change your mind (ie ending COBRA isn't itself a qualifying event)?
Yes. If you sign up for COBRA and voluntarily drop it, you don't get the special enrollment. Or as it says here: https://www.healthcare.gov/coverage-out ... nt-period/ "Losing individual coverage doesn’t allow you to qualify for a Special Enrollment Period if you voluntarily drop coverage".

Also to OP, how good an ACA plan is vs COBRA depends on the details. ACA is often a win if you are going to get subsidies. In any case ACA plans are different by state, and change year to year. Your COBRA plan might be better to bridge you to your next job. You need to have a careful look at the details. If you are in a high deductible plan with HSA, depending on how much you've contributed, can be issues if you switch to a non-HSA ACA plan, just be aware of it...

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achen9291
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Re: Got laid off, when can I file for unemployment?

Post by achen9291 » Wed Apr 20, 2016 1:40 pm

Cobra seems pretty expensive after reading through the documentation, I think obamacare is probably a better option, I filled out a form online and some guy called me immediately and tried to get me to get it asap, he seemed a bit pushy about it. Is Cobra and obamacare the only way to avoid that tax penalty after 3 months of not having insurance? It's probably not smart to go without insurance as you guys say. How much would I be taxed?

My friend sent me a link about a gold card for my county (harris) and apparently everything is free. but the statement below im guessing i'd still be taxed. The obamacare guy quoted me at like $130 something/mo so maybe i could just take the tax penalty and get that gold card instead ? Sorry it's alot of info, and I'm already tired of dealing with it.
https://www.harrishealth.org/en/patient ... ation.aspx


Harris Health’s Financial Assistance Program is not an insurance plan. Harris Health does not provide health insurance coverage under the Federal Health Insurance Marketplace Exchange.

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patriciamgr2
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Re: Got laid off, when can I file for unemployment?

Post by patriciamgr2 » Wed Apr 20, 2016 9:15 pm

I'm pretty conservative even though I don't use health insurance much currently. In my own mind, I envision being protected if I were to be hit by an uninsured driver while I'm out on my bicycle. I would want access to the best ortho surgeons, rehab, etc.

I don't have time to read the linked county gold card info for you, but it's not insurance. Does having assets preclude your use of this--in some states, public programs are limited by asset & income tests (& remember you have 2016 earnings). Which of your local hospitals accept this in lieu of insurance? Would you be billed for the difference? Did your friend gather this info when he signed up--that might be a shortcut to some answers.

BTW, the person trying to sign you up quickly for Obamacare may be motivated just to help you avoid a gap in coverage rather than having some nefarious purpose. Obviously, we can't assess that for you.

I'm sure all of your focus is on finding a new job quickly (as it should be). You need to pursue that goal aggressively. Even if you're single, however, I would suggest spending a little bit of time on health insurance for the interim.

Best Wishes.

KlangFool
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Re: Got laid off, when can I file for unemployment?

Post by KlangFool » Wed Apr 20, 2016 9:27 pm

achen9291 wrote:Cobra seems pretty expensive after reading through the documentation, I think obamacare is probably a better option, I filled out a form online and some guy called me immediately and tried to get me to get it asap, he seemed a bit pushy about it. Is Cobra and obamacare the only way to avoid that tax penalty after 3 months of not having insurance? It's probably not smart to go without insurance as you guys say. How much would I be taxed?

My friend sent me a link about a gold card for my county (harris) and apparently everything is free. but the statement below im guessing i'd still be taxed. The obamacare guy quoted me at like $130 something/mo so maybe i could just take the tax penalty and get that gold card instead ? Sorry it's alot of info, and I'm already tired of dealing with it.
https://www.harrishealth.org/en/patient ... ation.aspx


Harris Health’s Financial Assistance Program is not an insurance plan. Harris Health does not provide health insurance coverage under the Federal Health Insurance Marketplace Exchange.
achen9291,

How much is the Cobra? Are you sure that it is more expensive than ACA? Please note that ACA is probably HDRP plan with huge deductible. And, you need to make sure that your existing doctor accepts the ACA.

I would not dismiss the COBRA immediately. Especially if you had met your annual deductible for your existing plan and it carry through the COBRA. You should start a different thread to look at this.

KlangFool

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achen9291
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Re: Got laid off, when can I file for unemployment?

Post by achen9291 » Wed Apr 20, 2016 10:58 pm

KlangFool wrote:
achen9291 wrote:Cobra seems pretty expensive after reading through the documentation, I think obamacare is probably a better option, I filled out a form online and some guy called me immediately and tried to get me to get it asap, he seemed a bit pushy about it. Is Cobra and obamacare the only way to avoid that tax penalty after 3 months of not having insurance? It's probably not smart to go without insurance as you guys say. How much would I be taxed?

My friend sent me a link about a gold card for my county (harris) and apparently everything is free. but the statement below im guessing i'd still be taxed. The obamacare guy quoted me at like $130 something/mo so maybe i could just take the tax penalty and get that gold card instead ? Sorry it's alot of info, and I'm already tired of dealing with it.
https://www.harrishealth.org/en/patient ... ation.aspx


Harris Health’s Financial Assistance Program is not an insurance plan. Harris Health does not provide health insurance coverage under the Federal Health Insurance Marketplace Exchange.
achen9291,

How much is the Cobra? Are you sure that it is more expensive than ACA? Please note that ACA is probably HDRP plan with huge deductible. And, you need to make sure that your existing doctor accepts the ACA.

I would not dismiss the COBRA immediately. Especially if you had met your annual deductible for your existing plan and it carry through the COBRA. You should start a different thread to look at this.

KlangFool
My documentation stated that the COBRA specific costs and info will be provided 2 weeks after my termination, which is on the 29th. But while employeed I payed half of my insurance while the company paid the other half, they want me to pay it in full and also a 2% fee. I'm not completely sure that it's more expensive, but seemed like it would be off my memory if I had to pay it in full.

The agent looked up my doctor and said they take ACA.

The agent emailed me this plan http://www.bcbstx.com/PDF/sbc/33602TX0460238-06.PDF which was basically the cheapest that my doctor accepted. I probably won't be using it, as my main purpose is to avoid the tax penalty. It does say overall deductible is $0? not too sure about that.

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teen persuasion
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Re: Got laid off, when can I file for unemployment?

Post by teen persuasion » Thu Apr 21, 2016 7:01 am

Another possibility is that you qualify for Medicaid rather than an ACA plan. Eligibility for ACA subsidies is based on AGI (annual total), but at least in my state Medicaid is based on monthly income. So when my DH left a job our annual income would have qualified us for ACA subsidies, but as his income was $0 that month we were eligible for Medicaid. If you are eligible for Medicaid, you are NOT eligible for ACA subsidies.

KlangFool
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Re: Got laid off, when can I file for unemployment?

Post by KlangFool » Thu Apr 21, 2016 8:14 am

achen9291 wrote:
KlangFool wrote:
achen9291 wrote:Cobra seems pretty expensive after reading through the documentation, I think obamacare is probably a better option, I filled out a form online and some guy called me immediately and tried to get me to get it asap, he seemed a bit pushy about it. Is Cobra and obamacare the only way to avoid that tax penalty after 3 months of not having insurance? It's probably not smart to go without insurance as you guys say. How much would I be taxed?

My friend sent me a link about a gold card for my county (harris) and apparently everything is free. but the statement below im guessing i'd still be taxed. The obamacare guy quoted me at like $130 something/mo so maybe i could just take the tax penalty and get that gold card instead ? Sorry it's alot of info, and I'm already tired of dealing with it.
https://www.harrishealth.org/en/patient ... ation.aspx


Harris Health’s Financial Assistance Program is not an insurance plan. Harris Health does not provide health insurance coverage under the Federal Health Insurance Marketplace Exchange.
achen9291,

How much is the Cobra? Are you sure that it is more expensive than ACA? Please note that ACA is probably HDRP plan with huge deductible. And, you need to make sure that your existing doctor accepts the ACA.

I would not dismiss the COBRA immediately. Especially if you had met your annual deductible for your existing plan and it carry through the COBRA. You should start a different thread to look at this.

KlangFool
My documentation stated that the COBRA specific costs and info will be provided 2 weeks after my termination, which is on the 29th. But while employeed I payed half of my insurance while the company paid the other half, they want me to pay it in full and also a 2% fee. I'm not completely sure that it's more expensive, but seemed like it would be off my memory if I had to pay it in full.

The agent looked up my doctor and said they take ACA.

The agent emailed me this plan http://www.bcbstx.com/PDF/sbc/33602TX0460238-06.PDF which was basically the cheapest that my doctor accepted. I probably won't be using it, as my main purpose is to avoid the tax penalty. It does say overall deductible is $0? not too sure about that.
achen9291,

1) That is a silver plan with $700 deductible. I seriously doubt that you will be paying $100 per month for this coverage.

<<But while employeed I payed half of my insurance while the company paid the other half, they want me to pay it in full and also a 2% fee. I'm not completely sure that it's more expensive, but seemed like it would be off my memory if I had to pay it in full.>>

2) Your assumption is correct. You can find out the exact number by looking at your payslip. Do you get paid biweekly? You need to adjust the number to monthly figure.

3) Please note that ACA does not cover dental and vision. In term of COBRA, you can choose to drop Medical but keep the dental and vision insurance.

KlangFool

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Epsilon Delta
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Re: Got laid off, when can I file for unemployment?

Post by Epsilon Delta » Thu Apr 21, 2016 7:44 pm

teen persuasion wrote:Another possibility is that you qualify for Medicaid rather than an ACA plan. Eligibility for ACA subsidies is based on AGI (annual total), but at least in my state Medicaid is based on monthly income. So when my DH left a job our annual income would have qualified us for ACA subsidies, but as his income was $0 that month we were eligible for Medicaid. If you are eligible for Medicaid, you are NOT eligible for ACA subsidies.
Cite please.

I'm pretty sure this is not true, or is only true in a very narrow set of circumstances. People with incomes between 100% and 138% of poverty level can choose either ACA plans with subsidies or medicaid (in states that expanded medicaid..

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Re: Got laid off, when can I file for unemployment?

Post by Flobes » Thu Apr 21, 2016 8:15 pm

Epsilon Delta wrote:... People with incomes between 100% and 138% of poverty level can choose either ACA plans with subsidies or medicaid (in states that expanded medicaid..
This ^ is certainly not true in my Expansion state. If you qualify for Medicaid, you cannot apply for or receive ACA subsidies. It is not a matter of personal choice; it's a system determination. In fact, the Exchange application process starts with Medicaid, and only if you have an official Medicaid rejection number can you go on to apply for ACA benefits.

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Epsilon Delta
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Re: Got laid off, when can I file for unemployment?

Post by Epsilon Delta » Thu Apr 21, 2016 9:21 pm

Flobes wrote:
Epsilon Delta wrote:... People with incomes between 100% and 138% of poverty level can choose either ACA plans with subsidies or medicaid (in states that expanded medicaid..
This ^ is certainly not true in my Expansion state. If you qualify for Medicaid, you cannot apply for or receive ACA subsidies. It is not a matter of personal choice; it's a system determination. In fact, the Exchange application process starts with Medicaid, and only if you have an official Medicaid rejection number can you go on to apply for ACA benefits.
That is not what I've seen. The NY exchange only ever asked for estimates of yearly income. And it appeared to allowed you to buy ACA policies even if annual income estimate was zero, although you got no subsidy below 100% of the poverty level.

The situation where low monthly income disqualifies you from ACA policies would cause havoc with variable income, including many self employed people, commissioned salespeople, and people living off capital gains / IRA withdrawals. It beggars the imagination that these would not be reported, so, cite please.

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Re: Got laid off, when can I file for unemployment?

Post by teen persuasion » Fri Apr 22, 2016 6:46 am

Epsilon Delta wrote:
teen persuasion wrote:Another possibility is that you qualify for Medicaid rather than an ACA plan. Eligibility for ACA subsidies is based on AGI (annual total), but at least in my state Medicaid is based on monthly income. So when my DH left a job our annual income would have qualified us for ACA subsidies, but as his income was $0 that month we were eligible for Medicaid. If you are eligible for Medicaid, you are NOT eligible for ACA subsidies.
Cite please.

I'm pretty sure this is not true, or is only true in a very narrow set of circumstances. People with incomes between 100% and 138% of poverty level can choose either ACA plans with subsidies or medicaid (in states that expanded medicaid..
In states that have expanded Medicaid under the ACA, Medicaid is available to enrollees with incomes up to 138 percent of the poverty level, and subsidies are not available below that threshold.
https://www.healthinsurance.org/obamaca ... m-subsidy/

It was difficult to find the admission in online links, but that is how we found it worked in practice. Just as you are ineligible for ACA subsidies if you have access to health insurance from your employer, you are ineligible for ACA subsidies if you are eligible for health insurance through Medicaid.

ETA: We applied in July 2014 through NYStateofHealth website. It did not allow annual income, only current monthly income (to my frustration), and did test for Medicaid eligibility first. If eligible, there was no way to apply for ACA subsidies at all. The site was poorly designed, and you could not go back to edit inputs without triggering a lock on your application and request for verification. I understand that many people in other states that use the federal website use it to explore costs based on various income scenarios, by entering and editing different data, but this was NOT possible on NY's site.

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Re: Got laid off, when can I file for unemployment?

Post by JD2775 » Fri Apr 22, 2016 11:31 am

This may be a stupid question....

But say you have 150k in a 401k, can you really just roll that into a existing/new IRA account? Does the $5500 limits not apply in that situation?

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Re: Got laid off, when can I file for unemployment?

Post by rob » Fri Apr 22, 2016 12:27 pm

JD2775 wrote:This may be a stupid question....

But say you have 150k in a 401k, can you really just roll that into a existing/new IRA account? Does the $5500 limits not apply in that situation?
Rollovers don't count against the annual contribution limits.
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

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Flobes
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Re: Got laid off, when can I file for unemployment?

Post by Flobes » Fri Apr 22, 2016 12:57 pm

OP lives in Texas, so Medicaid expansion rules do not provide an option for health insurance.

But it may provide a waiver from the Shared Responsibility Payment (aka the tax penalty for not having insurance) which OP is so eager to avoid. Income within the parameters of Medicaid expansion eligibility, in a state where Medicaid has not been expanded, is one of the defined exemptions. <138% FPL= <@$16,250 /yr for a single.

The "penalty" is $695 or 2.5% of income, whichever is greater. But have penalty-avoidance as your goal is focusing on the hole and missing the donut.

To the OP: it is so important to have health insurance.

Even to the healthy, accidents happen. I have an invincible and hardy friend who was camping in the wilderness with his dog, crawled out of his tent for relief, looked up at the stars, tripped over a tent stake and then stumbled over Rover; medical bill was >$100,000.

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Re: Got laid off, when can I file for unemployment?

Post by achen9291 » Fri Apr 22, 2016 1:01 pm

Flobes wrote:OP lives in Texas, so Medicaid expansion rules do not provide an option for health insurance.

But it may provide a waiver from the Shared Responsibility Payment (aka the tax penalty for not having insurance) which OP is so eager to avoid. Income within the parameters of Medicaid expansion eligibility, in a state where Medicaid has not been expanded, is one of the defined exemptions. <138% FPL= <@$16,250 /yr for a single.

The "penalty" is $695 or 2.5% of income, whichever is greater. But have penalty-avoidance as your goal is focusing on the hole and missing the donut.

To the OP: it is so important to have health insurance.

Even to the healthy, accidents happen. I have an invincible and hardy friend who was camping in the wilderness with his dog, crawled out of his tent for relief, looked up at the stars, tripped over a tent stake and then stumbled over Rover; medical bill was >$100,000.
I signed up for obamacare, it was $118/mo. I tried to find an exemption but couldn't find one. It has medical,dental,vision, critical accident insurance bundled up in it... so I think I'll be good in the mean time!....

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Re: Got laid off, when can I file for unemployment?

Post by roymeo » Fri Apr 22, 2016 3:27 pm

lakpr wrote:
achen9291 wrote:So Peter was right, looks like I can't apply until May 2nd. I think I will roll over my 401k after my last day as well. It's probably better off in Vanguard than waiting for it to get into another 401k with most likely worse options. I don't think it can get any better than vanguard. I will probably move back into my parents house to save some money.
Based on my own experience, I would advise you to wait until the last paycheck had hit your account.
Seconded. That contracting job I had ended up figuring out that the Highly-Compensated rules kicked in because of their unbalanced staff-wide contribution levels and it was a LOT more work to get everything straightened out after I'd rolled over to Vanguard vs. working with the original 401(k) servicer directly.
The sewer system is a form of welfare state. | -- "Libra", Don DeLillo

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Flobes
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Re: Got laid off, when can I file for unemployment?

Post by Flobes » Fri Apr 22, 2016 3:36 pm

achen9291 wrote:I signed up for obamacare, it was $118/mo. I tried to find an exemption but couldn't find one. It has medical,dental,vision, critical accident insurance bundled up in it... so I think I'll be good in the mean time!....
Great! Now let's hope you are off to lucky new adventures. You'll land a great job, with a generous 401. And you will not need to use your health insurance.

BTW The exemption for Medicaid eligibility in a non-Medicaid expansion state is detailed on HealthCare.gov. You'll see Texas is on the list of states where it's applicable.
https://www.healthcare.gov/exemptions-t ... y-hardship

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Re: Got laid off, when can I file for unemployment?

Post by cherijoh » Fri Apr 22, 2016 4:34 pm

achen9291 wrote:Cobra seems pretty expensive after reading through the documentation, I think obamacare is probably a better option, I filled out a form online and some guy called me immediately and tried to get me to get it asap, he seemed a bit pushy about it. Is Cobra and obamacare the only way to avoid that tax penalty after 3 months of not having insurance? It's probably not smart to go without insurance as you guys say. How much would I be taxed?

My friend sent me a link about a gold card for my county (harris) and apparently everything is free. but the statement below im guessing i'd still be taxed. The obamacare guy quoted me at like $130 something/mo so maybe i could just take the tax penalty and get that gold card instead ? Sorry it's alot of info, and I'm already tired of dealing with it.
https://www.harrishealth.org/en/patient ... ation.aspx


Harris Health’s Financial Assistance Program is not an insurance plan. Harris Health does not provide health insurance coverage under the Federal Health Insurance Marketplace Exchange.
The cost for Cobra is limited to 102% of the total cost of the coverage (i.e., they can only charge a 2% premium). It may seem expensive if your company was heavily subsidizing the cost of the coverage. When comparing Cobra to ACA, keep in mind that you may be comparing a Lexus to a Honda Civic. If you are generally healthy and expect to find a new job quickly that may be an acceptable compromise.

Also, if you do find another job quickly, you may no longer qualify for an ACA subsidy based on 2016 wages - in which case I believe you would have to pay it back when you file your 2016 taxes.

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