Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-13-2011, 11:53 AM   #21
Full time employment: Posting here.
 
Join Date: Dec 2006
Location: chicago burbs
Posts: 559
Quote:
Originally Posted by dgoldenz View Post
I think you may have a higher deductible and OOP max than you think you have. If the deductible is $4k and they pay 80% after that and your max OOP is $8k, that would apply to only one person. The family maximum would be two deductibles and two OOP maximums which would be a total of $8k and $16k.

If the deductible was $4k per person and the family maximum OOP was $8k total, that would mean there would be no co-insurance to pay. Since the policy clearly has a co-insurance percentage of 80/20, the OOP max must be higher.
Note the following from our plan:
For single coverage, the Out-of-Pocket Maximum is
$4,000 per Covered Person per calendar year.

If more than one person in a family is covered under the Policy, the single coverage Out-of-Pocket Maximum stated above does not apply. For family coverage, the family Out-of-Pocket Maximum is
$8,000 per calendar year.
__________________

__________________
golfnut 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 07-13-2011, 11:55 AM   #22
Full time employment: Posting here.
 
Join Date: Nov 2009
Location: VA
Posts: 923
Quote:
Originally Posted by golfnut View Post
Note the following from our plan:
For single coverage, the Out-of-Pocket Maximum is
$4,000 per Covered Person per calendar year.

If more than one person in a family is covered under the Policy, the single coverage Out-of-Pocket Maximum stated above does not apply. For family coverage, the family Out-of-Pocket Maximum is
$8,000 per calendar year.
That doesn't make any sense if the deductible is equal to the OOP max and there is 80/20% co-insurance after the deductible. Are you sure the deductible isn't a lower amount?
__________________

__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
dgoldenz is offline   Reply With Quote
Old 07-13-2011, 11:58 AM   #23
Full time employment: Posting here.
 
Join Date: Dec 2006
Location: chicago burbs
Posts: 559
Quote:
Originally Posted by dgoldenz View Post
That doesn't make any sense if the deductible is equal to the OOP max and there is 80/20% co-insurance after the deductible. Are you sure the deductible isn't a lower amount?
Yes, I am sure.
__________________
golfnut is offline   Reply With Quote
Old 07-13-2011, 12:17 PM   #24
Full time employment: Posting here.
 
Join Date: Nov 2009
Location: VA
Posts: 923
Quote:
Originally Posted by golfnut View Post
Yes, I am sure.
Alright, don't know what to say about that then...
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
dgoldenz is offline   Reply With Quote
Old 07-13-2011, 02:54 PM   #25
Full time employment: Posting here.
 
Join Date: Dec 2006
Location: chicago burbs
Posts: 559
Quote:
Originally Posted by dgoldenz View Post
Alright, don't know what to say about that then...

Thanks for the interchange here. After reading other posts from you, I know this is a subject matter i.e. health plans you are an expert in.

I still need to get a formal quote from UHC thru our agent and , if you wouldn't mind, I'll be back at you with any questions I may have.

Something I've been wondering about is what my former employer will do come 1/1/14. The way I see it the possibilities are as follows:

- continue the retiree plan for retirees only.

- discontinue the plan but offer the $533 monthly stipend to all present retirees.

- discontinue everything and wish us good luck in finding a plan thru the exchanges or individual plans.

Again, thanks for the feedback.

Golfnut
__________________
golfnut is offline   Reply With Quote
Old 07-13-2011, 03:03 PM   #26
Full time employment: Posting here.
 
Join Date: Nov 2009
Location: VA
Posts: 923
Quote:
Originally Posted by golfnut View Post
Thanks for the interchange here. After reading other posts from you, I know this is a subject matter i.e. health plans you are an expert in.

I still need to get a formal quote from UHC thru our agent and , if you wouldn't mind, I'll be back at you with any questions I may have.

Something I've been wondering about is what my former employer will do come 1/1/14. The way I see it the possibilities are as follows:

- continue the retiree plan for retirees only.

- discontinue the plan but offer the $533 monthly stipend to all present retirees.

- discontinue everything and wish us good luck in finding a plan thru the exchanges or individual plans.

Again, thanks for the feedback.

Golfnut
Not a problem. Your analysis of the possibilities is pretty accurate. If the employer dropped the plan altogether you may be eligible for guaranteed-issue HIPAA coverage depending on your state's options and risk pool situation. When 2014 rolls around that might not matter, but a lot can change between now and then.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
dgoldenz is offline   Reply With Quote
Old 07-13-2011, 09:08 PM   #27
Full time employment: Posting here.
 
Join Date: Dec 2006
Location: chicago burbs
Posts: 559
Quote:
Originally Posted by dgoldenz View Post
Not a problem. Your analysis of the possibilities is pretty accurate. If the employer dropped the plan altogether you may be eligible for guaranteed-issue HIPAA coverage depending on your state's options and risk pool situation. When 2014 rolls around that might not matter, but a lot can change between now and then.
Again, thanks
__________________
golfnut is offline   Reply With Quote
Old 07-16-2011, 03:38 PM   #28
Full time employment: Posting here.
 
Join Date: Dec 2006
Location: chicago burbs
Posts: 559
Anybody else have any thoughts?

Thanks,
Golfnut
__________________
golfnut is offline   Reply With Quote
Old 07-17-2011, 01:38 PM   #29
Full time employment: Posting here.
 
Join Date: Sep 2009
Posts: 739
I currently have retiree healthcare insurance via my MegaCorp plan. I'm super satisfied with it and the fact that they kick in 1/3 of the monthly premium. BUT, I have Zero information from them on what they will do after 2014.

Although I have nothing in writing guaranteeing me a continuation of my current plan, I do feel like:
1. There is a benefit to being part of a "herd" with some clout to keep the premiums lower for my MegaCorps insurance.
2. Less likelihood that the insurance provider could just drop me.
3. My MegaCorp has a vested interest in providing good insurance to it's former toilers.

I wonder if I might be foolish to have those feelings.
__________________
Zero is offline   Reply With Quote
Old 07-17-2011, 01:43 PM   #30
Thinks s/he gets paid by the post
GregLee's Avatar
 
Join Date: Oct 2010
Location: Waimanalo, HI
Posts: 1,881
Quote:
Originally Posted by Zero View Post
3. My MegaCorp has a vested interest in providing good insurance to it's former toilers.
?
__________________
Greg (retired in 2010 at age 68, state pension)
GregLee is offline   Reply With Quote
Old 07-17-2011, 06:10 PM   #31
Full time employment: Posting here.
 
Join Date: Sep 2009
Posts: 739
Quote:
Originally Posted by GregLee View Post
?
If you are questioning the meaning of that statement, it means that if my former MegaCorp (130,000 employees) company provides garbage healthcare insurance to its retirees, then a competitor (say MegaGiant 200,000 employees) can use that info to their advantage in the hiring process.

So yeah, my MegaCorp needs to provide us retirees a decent product.

Maybe it's only a SoCal issue but hiring MS and PhD level engineers is still a highly competitive process. Reputation helps. Treating the company's long term/retiring employees well is a plus.
__________________
Zero is offline   Reply With Quote
Old 07-17-2011, 06:26 PM   #32
Thinks s/he gets paid by the post
GregLee's Avatar
 
Join Date: Oct 2010
Location: Waimanalo, HI
Posts: 1,881
Quote:
Originally Posted by Zero View Post
Maybe it's only a SoCal issue but hiring MS and PhD level engineers is still a highly competitive process. Reputation helps. Treating the company's long term/retiring employees well is a plus.
If you say so. But I recall some previous discussions about this that gave some evidence new hires just don't pay much attention to details of retirement plans. Too far off -- they're not thinking about retirement. So I think it is less than obvious that your company's recruitment efforts would really be hurt if they were to cut off your retirement health benefits.
__________________
Greg (retired in 2010 at age 68, state pension)
GregLee is offline   Reply With Quote
Old 07-18-2011, 01:21 AM   #33
Full time employment: Posting here.
 
Join Date: Sep 2009
Posts: 739
Can you point me to those discussions, I'd appreciate the opportunity to read that and see the evidence that shows that well educated engineeing graduates "don't pay much attention" to benefits when considering new jobs.
__________________
Zero is offline   Reply With Quote
Old 07-18-2011, 11:59 AM   #34
Thinks s/he gets paid by the post
GregLee's Avatar
 
Join Date: Oct 2010
Location: Waimanalo, HI
Posts: 1,881
Quote:
Originally Posted by Zero View Post
Can you point me to those discussions,
Sorry, I can't think of a search term.
__________________
Greg (retired in 2010 at age 68, state pension)
GregLee is offline   Reply With Quote
Old 07-18-2011, 12:17 PM   #35
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,988
Quote:
Originally Posted by Zero View Post
Can you point me to those discussions, I'd appreciate the opportunity to read that and see the evidence that shows that well educated engineeing graduates "don't pay much attention" to benefits when considering new jobs.
I think that well-educated grads are likely aware that corporations keep changing their retiree policies (especially if they've seen their parents thus impacted). The grads (like most people) are most interested in what impacts them at the moment -- pay and benefits.

Also, as I've read, young people these days are less looking at corporations as life-long employers (due to the lack of loyalty on both sides). There, again, emphasizing less interest in pensions/retiree bennies and more interest in 'what are you going to do for me now'?

omni
__________________
omni550 is offline   Reply With Quote
Old 07-18-2011, 12:28 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,369
I have to concur with Omni and GregLee. Engineers may be different, but working with young teachers who will have an excellent pension, don't care about the pension in their 20's. They just complain about how much the pension system "taxes them". Yes they think of it as a tax, because the benefit is so far away (longer than they've been alive) they just see it as a drain on their take home pay. Now if your referring to older engineers the company recruits that maybe a different story.
__________________
Mulligan is online now   Reply With Quote
Old 07-18-2011, 01:21 PM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Mulligan View Post
I have to concur with Omni and GregLee. Engineers may be different, but working with young teachers who will have an excellent pension, don't care about the pension in their 20's. They just complain about how much the pension system "taxes them". Yes they think of it as a tax, because the benefit is so far away (longer than they've been alive) they just see it as a drain on their take home pay.
Maybe just tell them that all taxpayers in their municipality are getting drained to pay their pesnion benefit would result in less complaints?
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 07-18-2011, 01:41 PM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,369
Quote:
Originally Posted by FinanceDude

Maybe just tell them that all taxpayers in their municipality are getting drained to pay their pesnion benefit would result in less complaints?
You would be surprised on probably how many of young ones would be glad to give it up, if they could keep their share, too. Which would undoubtably be wasted away on cars and bigger houses, and thus a drain on society when their older as our system doesn't pay into social security!
Delayed gratification is a difficult concept for many.
__________________
Mulligan is online now   Reply With Quote
Old 07-22-2011, 10:59 AM   #39
Full time employment: Posting here.
 
Join Date: Dec 2006
Location: chicago burbs
Posts: 559
I appreciate all the responses. However, I was hoping to receive some more advices iro my situation. Does anyone know of any other forums which might deal my specific question? Staying with my former employer's plan vs. the individual market?

Thanks,
Golfnut.
__________________
golfnut is offline   Reply With Quote
Old 07-22-2011, 11:59 AM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,369
Quote:
Originally Posted by golfnut
I appreciate all the responses. However, I was hoping to receive some more advices iro my situation. Does anyone know of any other forums which might deal my specific question? Staying with my former employer's plan vs. the individual market?

Thanks,
Golfnut.
Since I helped take your thread off track, the least I can do is give you my experience, as it relates to your situation. I retired and as a retiree was offered the opportunity to stay on group plan until 65. It was about $500 monthly with $1000 deductible and dr. and rx copays. Pretty traditional plan. Being 46 and no health problems, I went on an individual plan with $5500 deduct, 100% pay after deductible for $72 a month, and I opened up and HSA. Almost everyone I know who has retired, and that is a lot of them, stayed on the group plan. Most people want the security of that. Even a few I convinced to go on individual market did it only for 12 months to pocket a quick savings then jumped back on group as you had 12 months to make up your mind. My plan is grandfathered before Obamacare, so this may help me. If you join an individual plan now and assuming no changes are made to it, unhealthy people I assume will be able to join your plan. Since you benefited from underwriting you will get a better premium. But since everyone will be able to join, you will share in the process of paying for others. How close are you to 65? If I was 10 years older, I would have stayed with the group, but I'm taking a calculated gamble, that I can save a lot of money early and stay healthy, and then just hang on at the end until I'm 65, because I'm sure they will socket to me premium wise as I push into the 60's. So far I have saved at least $6000 bucks in just 12 months by going in individual market. I think your age, your tolerance to gamble to stay healthy (and wife), and your vigilance in fully funding your HSA are matters to consider. Will you definitely get the rate you were quoted? I made my decision based on the math, reading posts here, and working with ehealthinsurance. Most people prefer safety of group insurance. The only real risk you run on staying with your company plan is becoming unhealthy, company dropping retirement option, and Obamacare collapses. I certainly have no knowledge to assist you on that, and if I did, I would advise you to ignore it!
__________________

__________________
Mulligan is online now   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 06:24 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.