Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-01-2013, 05:44 PM   #41
Dryer sheet aficionado
2retireearly's Avatar
 
Join Date: Jul 2011
Location: Richmond, VA
Posts: 41
What a wonderfully low premium Kaiser offers you! I also stayed with a company for 34 years, but Genworth,which DOES offer retirement benefits (yay) charges according to your most recent salary,when working. So,if you had a high(ish) salary,your health benefits are pretty high. As a 'ER', age 57, trying to live mostly on savings,vs taxable Income from 401K. So, I findmyslef looking at other options,that I always,in the past, assumed, I wouldn't need to...such as ACA. But, I am the last of the employees at Genworth,to even get this Early Retirement Health insurance Perk.That was another reason i took the ER. I felt I had a perk, that was so good, that no one else was offered it.
__________________

__________________
2retireearly is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-01-2013, 06:36 PM   #42
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,672
Quote:
Originally Posted by digger1959 View Post
I was wondering if anyone on this forum can help me with a "sanity check" on the cost of LM retiree medical. I took a voluntary layoff early this year from LM and was not yet 55 so I have been paying for COBRA waiting for my birthday in 2014 so I can transfer to the retiree medical. COBRA for myself and my spouse is $1137 per month so I was sure that I would save money with the retiree medical. I received the notice this week that the equivalent coverage would cost me $1583 per month. Can anyone tell me if this seems like an appropriate cost for someone retiring with over 29 years of service? If so, I guess that I am going to be getting ACA! I am getting no help from the LM Service Center. Thanks, DG
I retired from LM this year after 16 years of service and looked into the retiree medical plan pretty thoroughly. My premium would have been $1843 for the two of us, both aged 57. We would get $240 subsidized by LM, which is 30% of the $800 maximum subsidy a 30 year employee would get. Premiums do vary by state somewhat, and I'm in Pennsylvania.
One thing you may want to check on since it may only apply to employees hired after 1995, but you only qualify for retiree medical if you are 55 when you retire from LM.
__________________

__________________
Dash man is offline   Reply With Quote
Old 12-25-2014, 08:55 AM   #43
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 204
Reviving an old thread for potential LM retirees:



LM HealthWorks for $811.24 for you only or $1,622.49 for family coverage or the LM Essentials plan for $478.35 for you only or $956.71 for family coverage. If you elect to continue your active coverage through COBRA in 2015, the estimated cost for the LM HealthWorks plan would be $518.33 for you only or $1,762.34 for family coverage.

I am bailing out of LM after 34 years of service effective 1 Feb.

Most likely scenario will be a United Healthcare Silver Compass HSA 3600 for $273 month after subsidy ($36K pension only for starters). The $2200 Deductable/MaxOOP is very comparable to the better LM plan. We will also be able to cover the y2kid under the Florida Healthy Kids program for (eventually ) $20/mo.

When I talked about using the ACA as a method of early retirement with my co-workers, I got nothing but blank stares. Most of them were shocked to know they were looking at $12K of retiree HC, unlike the $4K number they were used to as employees.

I guess everyone else really expected to be working until they dropped...
__________________
Nunthewiser is offline   Reply With Quote
Old 12-26-2014, 03:05 PM   #44
Confused about dryer sheets
 
Join Date: Nov 2013
Location: Orlando
Posts: 2
Quote:
I am bailing out of LM after 34 years of service effective 1 Feb.
I quit last Jan after 28 years, just before my 59th birthday (just wanted to be able to say I retired at 58). Best decision I ever made.

I went with BCBS policy better than LMC retiree medical for 1/2 their price, thanks to the ACA.

Wife and I have 3 adopted girls ages 12, 7, and 6. My "job" now is getting them off to school, helping out with the STEM program, working at the church on Wednesdays, and other projects that I WANT to do.

Oh, yeah, bought a new motorcycle, did a 3 week cross-country tour last October.

Life is too short to spend it working.....
__________________
roman102 is offline   Reply With Quote
Old 12-27-2014, 10:45 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,409
1993 I went for 12 years with absolutely no medical insurance - my COBRA was ballpark 700-800/mo. LM insurance would have required me to go back to work.

After Katrina and moving bought BC/BS for 268/mo at age 62.

heh heh heh -
__________________
unclemick is offline   Reply With Quote
Old 12-29-2014, 04:35 AM   #46
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,050
My Megacorp Retiree Medical is at 50% of the COBRA rate, plus a Medigap policy when you get Medicare. Years of service plus age must add to at least 75, and you must be at least 55 yo.

I left at 49 so this is moot for me. Going on ACA/Medicaid in 2015. Retiree medical, just another scam companies use to get workers to work till they drop.
__________________
jim584672 is offline   Reply With Quote
Old 01-03-2015, 12:33 PM   #47
Confused about dryer sheets
 
Join Date: Jul 2014
Posts: 9
I had the shock of my life the other day when I finally received info from my Megacorp about my retiree health benefits.

According to the info package, my pre-65 retiree medical plan costs $0.00 per month. I called the benefits center and they confirmed it. I'm still not completely sure I believe it and half expect it to be an error when I go back to enroll on Monday.

They don't offer a choice of plans to retirees, just one. It's not the same HDHP I have now, but it's a plan I used previously. I'd been happy with it and only switched because the HDHP was much lower cost. That calculation no longer applies!

I had budgeted a significant amount of $$ for insurance so if this is really real it will have a major impact on my security in early retirement.
__________________
ShadowBloom is offline   Reply With Quote
Old 01-03-2015, 01:41 PM   #48
Full time employment: Posting here.
 
Join Date: Sep 2013
Posts: 511
One of the (few) ways in which Boeing still provides decent benfits to its employees is in its early retiree medical benefits. When I quit at 55 with 28 years service I'll have a choice of various subsidized plans ranging from Kaiser ($50/mo) to Blue Cross/Blue Shield ($75/mo). If one puts in a full 30 years I believe these numbers drop to zero.

The downside: No retiree dental and no subsidy at all after 65. Once I qualify for Medicare I'm on my own.

PS. These cost figures are for an individual plan and would double if I included my DW. As she will continue to work and remain on her own plan though, no worries.
__________________
stepford is offline   Reply With Quote
Old 01-04-2015, 03:19 PM   #49
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 204
^^ I think Lockheed followed Boeing's lead recently and is ending its defined pension plan. Current employees will have their pensions frozen in a couple of years. They have nothing good to look forward to with regard to company funded healthcare. Tough nuggies....

update on my situation from post #43 above..we are going to split up our coverage and DW will get the silver HSA plan with 1100deduct/1100 OOP max . I will get a bronze HSA plan. Kid will get Florida kid care. Total monthly cost will be about $200 for all of us vs the LM retail rate of about $1622/mo. I take on more risk ($6200 deduct/OOP max) but I am healthy so far.
__________________
.................................
A life without beer is not worth living
Nunthewiser is offline   Reply With Quote
Old 01-04-2015, 04:55 PM   #50
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,587
I work for a LM company. Correct there is no more pension plan for new employees. Switch was about 2011 I think? I just started working there this past year, so now in lieu of the defined benefit pension plan, LM sticks 6% into 401k of the employee, regardless of the employee participation in the 401k plan, which I refer to as the pension offset (3 year vesting req't). 401k is matched additional 6% on employee's 9%, (no vesting req't). So effectively if the employee puts in 9%, you get 12% additional, or approx 21% total savings each year. However, the non-pension employees do not have any retiree medical, once you leave, that is it, no more ties to company. Just the 401k money.
__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is online now   Reply With Quote
Old 05-04-2015, 05:13 PM   #51
Confused about dryer sheets
 
Join Date: May 2015
Posts: 2
Retired from Lockheed Martin (LM) early '97 after more than 32 years continuous service.

Received January 2015 LM notice of LM dropping health coverage at end of May 2015 and requiring transfer via OneExchange (OE).

Have learned the following:

- OE is a middleman between insurance providers and retirees.
- If retiree uses OE, retiree must present any conflict to OE, not provider.
- Neither LM nor OE will have fiduciary responsibility to retirees.
- OE provides no written method to know or select options. (No trace of OE statements.)
- OE will NOT allow video or audio recordings of presentations to retirees.
- OE allows only telephone interaction to structure contract.
- Upon completion of option selection, retiree (and spouse) must sign written OE contract.
- LM reserves the right to drop contributions to health coverage.

This seems to be the next step in LM dropping all health coverage and responsibility to retired employees.

Do other LM retirees have concerns or similar evaluation of the change?

What will you do?
__________________
DarkOps is offline   Reply With Quote
Old 05-04-2015, 05:33 PM   #52
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,672
I'm too young to be on Medicare, so it doesn't affect me yet. It looks like I'd better make plans to find a different plan when the time comes. We're 58 and currently on DW's plan from her work, but had planned to consider the LM plan in a couple of years.
__________________
Dash man is offline   Reply With Quote
Old 05-05-2015, 05:40 AM   #53
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 204
Me too, but I just helped my mother get through the same OE thing as a survivor benefit that GE still has. No fun and the paperwork they give you was "big enough to keep you warm" as the old CSN&Y song goes.
__________________
.................................
A life without beer is not worth living
Nunthewiser is offline   Reply With Quote
Old 05-05-2015, 08:49 AM   #54
Recycles dryer sheets
 
Join Date: Aug 2010
Posts: 322
Quote:
Originally Posted by DarkOps View Post
Retired from Lockheed Martin (LM) early '97 after more than 32 years continuous service.

Received January 2015 LM notice of LM dropping health coverage at end of May 2015 and requiring transfer via OneExchange (OE).

Have learned the following:

- OE is a middleman between insurance providers and retirees.
- If retiree uses OE, retiree must present any conflict to OE, not provider.
- Neither LM nor OE will have fiduciary responsibility to retirees.
- OE provides no written method to know or select options. (No trace of OE statements.)
- OE will NOT allow video or audio recordings of presentations to retirees.
- OE allows only telephone interaction to structure contract.
- Upon completion of option selection, retiree (and spouse) must sign written OE contract.
- LM reserves the right to drop contributions to health coverage.

This seems to be the next step in LM dropping all health coverage and responsibility to retired employees.

Do other LM retirees have concerns or similar evaluation of the change?

What will you do?
I am not the LM retiree, but my 90 year-old father is and I recently did the whole switch to OE on behalf of my father and my 88 year-old mother.

At my parent's advanced age, I did not consider an alternative. I figure LM could have dropped them as easily directly as they can now by dropping contributions through OE.

It was an extremely tedious process via telephone. OTOH, the advisor I spoke with was pretty helpful and the net of the change is that for THE COMING YEAR, my parents will be paying less for what appears to be better coverage.

I have no illusions that OE won't raise rates while LM contribution will stay the same. But in my parent's situation, this was a small consideration.
__________________
"Time wounds all heels...." - Groucho Marx
LRDave is offline   Reply With Quote
Old 05-05-2015, 09:16 AM   #55
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,147
Quote:
Originally Posted by DarkOps View Post
Retired from Lockheed Martin (LM) early '97 after more than 32 years continuous service.

Received January 2015 LM notice of LM dropping health coverage at end of May 2015 and requiring transfer via OneExchange (OE).

Have learned the following:

- OE is a middleman between insurance providers and retirees.
- If retiree uses OE, retiree must present any conflict to OE, not provider.
- Neither LM nor OE will have fiduciary responsibility to retirees.
- OE provides no written method to know or select options. (No trace of OE statements.)
- OE will NOT allow video or audio recordings of presentations to retirees.
- OE allows only telephone interaction to structure contract.
- Upon completion of option selection, retiree (and spouse) must sign written OE contract.
- LM reserves the right to drop contributions to health coverage.

This seems to be the next step in LM dropping all health coverage and responsibility to retired employees.

Do other LM retirees have concerns or similar evaluation of the change?

What will you do?
I turned 65 this year so I won't be affected. Last year, my medical costs for myself and two kids totaled about $17,000 including dental and vision. That was with the LM Essentials program. I'm glad that is behind me.
__________________
Hermit is online now   Reply With Quote
Old 05-05-2015, 09:23 AM   #56
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,672
Quote:
Originally Posted by Hermit View Post
I turned 65 this year so I won't be affected. Last year, my medical costs for myself and two kids totaled about $17,000 including dental and vision. That was with the LM Essentials program. I'm glad that is behind me.

The changes being discussed are for those 65 and older using the LM Medicare health plan. Those under 65 I don't believe are affected yet.
__________________
Dash man is offline   Reply With Quote
Old 05-05-2015, 09:36 AM   #57
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,147
Quote:
Originally Posted by Dash man View Post
The changes being discussed are for those 65 and older using the LM Medicare health plan. Those under 65 I don't believe are affected yet.
I'm using Humana and Medicare Advantage. The costs of LM Medicare insurance was way out of my league. I couldn't figure out what was so special I would be getting for my money when Medicare pays for almost everything.
__________________
Hermit is online now   Reply With Quote
Old 05-05-2015, 09:43 AM   #58
Confused about dryer sheets
 
Join Date: May 2015
Posts: 2
Quote:
Originally Posted by LRDave View Post
I am not the LM retiree, but my 90 year-old father is and I recently did the whole switch to OE on behalf of my father and my 88 year-old mother.

At my parent's advanced age, I did not consider an alternative. I figure LM could have dropped them as easily directly as they can now by dropping contributions through OE.

It was an extremely tedious process via telephone. OTOH, the advisor I spoke with was pretty helpful and the net of the change is that for THE COMING YEAR, my parents will be paying less for what appears to be better coverage.

I have no illusions that OE won't raise rates while LM contribution will stay the same. But in my parent's situation, this was a small consideration.
The January 21, 2015 Lockheed Martin ANNOUNCEMENT included the following statement:
"Lockheed Martin reserves the right to change any of its retiree medical or other benefits plans, programs, or arrangements at any time."
My retirement paperwork did not have that statement. I assume that if we were to endorse the OE contract that the clause would become binding on us.

My experience with Lockheed Martin is that retirees are a burden. I expect that all LM contributions will change to zero once the "transition" is complete.

Did you find information that the Lockheed Martin contribution will stay the same?
__________________
DarkOps is offline   Reply With Quote
Old 05-05-2015, 10:02 AM   #59
Recycles dryer sheets
 
Join Date: Aug 2010
Posts: 322
Quote:
Originally Posted by DarkOps View Post
The January 21, 2015 Lockheed Martin ANNOUNCEMENT included the following statement:
"Lockheed Martin reserves the right to change any of its retiree medical or other benefits plans, programs, or arrangements at any time."
My retirement paperwork did not have that statement. I assume that if we were to endorse the OE contract that the clause would become binding on us.

My experience with Lockheed Martin is that retirees are a burden. I expect that all LM contributions will change to zero once the "transition" is complete.

Did you find information that the Lockheed Martin contribution will stay the same?
I did not word that well. Nothing I saw indicated they can't, in fact, lower their contribution. I just meant that if (when) premiums increase, I do not expect LM to jump in there with an increase in contributions.

I agree that LM views retirees as a burden and will shed any commitments to retirees as fast as they can.
__________________
"Time wounds all heels...." - Groucho Marx
LRDave is offline   Reply With Quote
Old 05-05-2015, 10:02 AM   #60
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 2,093
When I see all the numbers posted above about healthcare costs, it's scary. I retired at 58 years old from a megacompany, and just went on Medicare 4/1/2015.

My health insurance plan was $420 per month, and my new Medicare Supplement is now something like $150 per month--a take home increase in my pay (pension.)

I am a stable Type II diabetic. My wife had uterine cancer 7 years ago. Had we found ourselves without insurance, we'd been dead ducks. No company would touch us--until the ACA came to roost--but at extremely high deductibles.

I'm just thankful that my company is still supplementing our Medicare Supplement and that they're taking care of in this small way.

But remember that in long term retirement, you'll still need $250K+ for your share of deductibles and co-pays for your lifetime.
__________________

__________________
Bamaman is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 11:15 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.