Retirement Decision / health coverage question - Page 4

Himi lover · ‎03-10-2010

When I was laid off from my job I was 60 yo. The severance package paid me for 72 weeks and I was able to continue with my health/dental insurance at the Company's rates for 1-1/2 years. When that ended, I purchased my health insurance thru my old Company but at a higher rate. I think I was paying a monthly rate of $120 for health/prescription, and dental when I was employed. But after the year and a half, I am now paying $236/mo for medical/prescription coverage, and $50/mo for dental.

COBRA was $500/mo, that scared me. Everyone was telling me I would then have to pay thru Cobra. That was incorrect. Can you continue your medical thru your Company instead of Cobra?

151949 · ‎03-09-2010

@Tissyanne wrote:
@151949 wrote:
@Lotus wrote:
Your company doesn't offer health insurance in their retirement package?

What is a retirement package? I doubt many companies give retirement packages.Mine or my DH's certainly didn't.
I cannot imagine you would not know what a retirement package is. Really?

Why don't you explain it to me instead of being snippy and rude?

maestra · ‎03-09-2010

Hate to clue the hot house orchids here but no, health insurance isnt included when you retire from a Catholic diocese-nor is a retirement package.

So much for Catholic Social Justice-a crock!

151949 · ‎03-09-2010

@maestra wrote:
Hate to clue the hot house orchids here but no, health insurance isnt included when you retire from a Catholic diocese-nor is a retirement package.

So much for Catholic Social Justice-a crock!

Hospitals don't give their professional staff retirement packages either. All I got was a catered in lunch for the staff in my department so we could have a "party" all the while still doing our full days assignments, and my manager knew we were moving to Florida so she gave me a white gold necklace of a flamingo with a pink sapphire body - which I love and wear often. Then at the end of my shift the VP of nursing made a big deal of presenting me with a check that was my retirement because i had elected to receive it all in a lump sum.It was far from being a gift since it was my money taken from my paychecks over 10 years - no matching funds or anything. She said so aren't you going to thank me as she handed it to me and I answered" For what - giving me my own money ? Well , thank you for delivering the check but they could have mailed it to me."

I asked my DH what a retirement package is and he said usually they offer those when they are trying to get rid of you.They make it very attractive for you to retire, and then your out of their hair.

Tissyanne · ‎12-07-2012

3
@151949 wrote:
@Tissyanne wrote:
@151949 wrote:
@Lotus wrote:
Your company doesn't offer health insurance in their retirement package?

What is a retirement package? I doubt many companies give retirement packages.Mine or my DH's certainly didn't.
I cannot imagine you would not know what a retirement package is. Really?
@Tissyanne wrote:
@151949 wrote:
@Lotus wrote:
Your company doesn't offer health insurance in their retirement package?

What is a retirement package? I doubt many companies give retirement packages.Mine or my DH's certainly didn't.
I cannot imagine you would not know what a retirement package is. Really?
Why don't you explain it to me instead of being snippy and rude?

A retirement package is what is offered by some companies upon qualifiying to retire from that company. It varies, but you can retire usually in one of three ways. Number of years of service, your age plus years of service equals 75, or being the age of 60 plus 8 years of service. These vary. Normally as you stated, the employee has had a percentage of their salary taken out and invested. There is normally a % match upon retirement. 200 % match is not uncommon. Along with this there are medical/dental packages offered as well. This then gives the employee a monthly annunity for life. There is more, but you get the idea.

I apologize for sounding snippy or rude, as that was not my intention. You are normally well versed in areas such as the Advantage Plans, and so forth, so it did surprise me.

deepwaterdotter · ‎03-09-2010

My "retirement package" was negotiated between my employer and the union. The contract outlined a combination of my age and years worked to qualify for company-paid health insurance and monthly pension benefits. Future contract negotiations could affect those benefits. The company appears to be very profitable since I retired, so am hoping that my benefits will last a lifetime.

terrier3 · ‎03-10-2010

@Kalli wrote:
I'm hoping to retire within the next 10 months or sooner. I've worked for the same employer for almost 30 years and have always had my health coverage through them.

Once I retire, I'll have Cobra for 18 months. Then I'll have to find my own health coverage until Medicare. I've never had to do this and I'm hoping folks will have recommendations for me. All advice and experiences with this type of thing will be appreciated.

I could continue working but truly want to be done. Just don't want to find myself in a pickle over this health insurance stuff. I know it's different now with the ACA...

As a health insurance broker - specializing in direct plans and ACA insurance, please here's somey advice...

Do NOT just take COBRA. Explore other options, including the state or federal exchange. Your income will probably be lower - you may be eligible for assistance reducing monthly premiums.

You can go on the state or federal exchange yourself (depending on where you live) or call your current insurer and see if they offer marketplace plans...they can walk you through all the steps.

Retirement is considered a SEP (special enrollment period)...you need to sign up within a certain amount of time after you retire...you don't need to wait for open enrollment.

I just helped a man who was in the same situation. The COBRA (through his former employer) for his family would have been $1,200 a month - he got insurance for himself and his wife for $60/mo. with $500 deductible and $1,000 annual out of pocket expenses. It was the final piece of the puzzle that allowed him to retire at 60 years of age - and not have to wait til he turned 65.

Some companies offer very reasonably priced COBRA - but many do not - you are basically paying (with COBRA) the entire cost of your employer sponsored plan, plus a premium they receive for handling your account.

Good luck!

terrier3 · ‎03-10-2010

@Kalli wrote:
Thanks everyone for your answers and recommendations! I'll have a Health Savings account that I can put toward the monthly premiums but from what retired friends have said, that won't completely cover the cost.

I'm happy to stay in the cobra plan because it's close to what my current coverage is, minus vision and dental. I'm concerned about what happens once those 18 months are up that's why I'm interested in opinions about getting my own insurance. It's scary to be searching for health insurance since it's not something I'm experienced in doing.

You can buy stand alone dental - it's usually less than $20/mo.

If you like your current insurer, call them up. They often have ACA plans that can reduce your monthly cost considerably. They will even help you determine if your current doctors and hospitals are in their ACA network. They are there to help!

terrier3 · ‎03-10-2010

@Mmsfoxxie wrote:
@Kalli, when I retired last summer, I was already eligible for Medicare so that helped me. I was eligible for cobra and at first I was upset because United Health Care, the plan I was in while working, want $585 or $685 a month! I found out, though, that you can choose any company you want for your supplemental insurance. The coverage is the same. So I chose Mutual of Omaha for $131, plan F. After my 18 months under cobra, I have no idea what I will have to pay but right now, I am well pleased.

Btw, for me, the AHCA was going to cost me a lot of money....more than the United Health Care premium was going to cost me.

People over 65 can't buy through the ACA exchanges...you have to get Medicare at that point.

chickenbutt · ‎03-09-2010

Terrier - I have a question, please, about healthcare.gov.

I don't have medical insurance. I am not an employee OR an employer,.

I tried going onto healthcare.gov to see if I can get medical insurance but the ONLY way you can proceed on is to choose either 'employer' or 'employee'.

Being that I am neither of those things, does that mean that I just cannot go on to finding rates for insurance and proceed on to getting covered?

TIA for any advice.