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08-09-2019 06:34 AM - edited 08-09-2019 06:44 AM
I worked for a huge international Fortune 500 company for nearly 40 years. They had extensive online manuals about employee benefits, retirement benefits, policies, etc. Does your company provide one online or in paper? If so, get/print a copy or ask HR to put the policy in writing for you.
My health insurance ended at midnight on my retirement date. They offered retiree health insurance and I paid the premium for my coverage until I turned 65.
I was thrilled when I turned 65. The total cost of Medicare, a supplemental policy, and an RX policy saves me $450 per month and they provide much better coverage than my employer plan.
08-09-2019 10:50 PM - edited 08-12-2019 12:58 PM
Anyone who offers ‘benefits’ should have a WRITTEN Summary Plan Description - (SPD). Employees should be given a copy of the SPD upon enrollment into the plan.
The SPD should specify how coverage following the end of employment will be handled.
The provider of the plan (usually employer) is FREE to specify the ending date, etc. However, once the SPD is in place it is in place for the entire plan year. If changed the next year, a new copy must be provided to all covered under the plan.
How the end of coverage is dealt with will vary from provider to provider, but it can NOT vary between persons covered under the plan.
08-12-2019 07:41 AM
You misunderstood my post.
Companies do exactly what they want.
Ever heard of the Golden Rule??
They have the Gold, they make the rules.
You are right about one thing, the rules are to benefit THEM.
@software Gimme a break!!! No. Companies don't do what they want. Companies are not charities. Companies need to make money to keep themselves in business and their employees employed. If they don't do that, they close, the employees are out of jobs and everyone suffers.
08-12-2019 12:56 PM
@Lisa now in AZ "Gotta love big companies". Sure, take a parting shot at the employer who's salary helped you pay your bills and live. I guess beating up on corporations is all the rage today.
@Lisa now in AZ
Couldn't agree with you more, cats01. Be it a small, medium, large or mega business, it's all boils down to the same bottom line. Trashing businesses is beyond absurd. Makes one wonder why Miss Lisa would patronize a really humongous corp such as this one. Hmmmmm.
08-12-2019 01:04 PM
@Lisa now in AZ wrote:
I retired last Dec. 17 and figured I would start my Medicare supplement on Jan. 1. Nope, my employer sent me a letter stating that my coverage would stop as of midnight on Dec. 17. Gotta love big companies!
Every company/corp has their own policies and procedures, which are well laid out in an Employee Manuel, with a special section regarding Retirement.
Purely from a fiscal viewpoint, it makes no sense to cover beyond 2400 hours the day of retirement. To do otherwise, the company is losing money, but is being extremely generous. I'm sure you're aware that employers and employees pay for our insurance, with employers shouldering more than the employee and in most cases, a lot more than the employee.
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