supernova72
Recycles dryer sheets
Hello,
For 30+ yrs our retiree medical has been thought of as the gold standard and known as Magacorp Traditional Plan. $20 monthly premium and $300 deduct with reasonable co-pays. I know---off the charts goodness.
So fast forward---August 2015. We non-Union "heritage" employees hired before 1999 will have increased costs "unless you retire by 12/31/2015".
Interesting timing since we won't actually know the new costs 2016 and on until open medical enrollment beginning November 9th.
The retirement benefit office has been as helpful as possible in explaining what those costs are in 2015 plans.
It would be $45 a month for a single. Same deduct, same co-pays. What we don't know is how much those rates will go up 2016 and on (retirees will pay the same as current employees).
Another interesting option is for those retiring 2016 and later is the newly offered "Advantage Plus" plan. For current employees that is a $1300 deductible with company contribution of $1025 to HSA. I've been on it for 2.5 yrs now. Good plan with few surprises.
If we choose to retire in 2016 (or later) there would be no company contribution to the HSA. BUT---you can max out your HSA up to the IRS limits.
FYI: I turn 55 this year and that is our ER date at Mega. I was planning on working about two more years...hmm. Our pension is also being "frozen" at the end of 2015. We've known this for two years now so no surprise.
Just curious if any other of folks similar or the same Megacorp feel about this? Not sure if we'll see a mass exodus at the end of 2015 just to take advantage of inexpensive retiree medical?
Decided not to name the company so PM me if you would like more!
For 30+ yrs our retiree medical has been thought of as the gold standard and known as Magacorp Traditional Plan. $20 monthly premium and $300 deduct with reasonable co-pays. I know---off the charts goodness.
So fast forward---August 2015. We non-Union "heritage" employees hired before 1999 will have increased costs "unless you retire by 12/31/2015".
Interesting timing since we won't actually know the new costs 2016 and on until open medical enrollment beginning November 9th.
The retirement benefit office has been as helpful as possible in explaining what those costs are in 2015 plans.
It would be $45 a month for a single. Same deduct, same co-pays. What we don't know is how much those rates will go up 2016 and on (retirees will pay the same as current employees).
Another interesting option is for those retiring 2016 and later is the newly offered "Advantage Plus" plan. For current employees that is a $1300 deductible with company contribution of $1025 to HSA. I've been on it for 2.5 yrs now. Good plan with few surprises.
If we choose to retire in 2016 (or later) there would be no company contribution to the HSA. BUT---you can max out your HSA up to the IRS limits.
FYI: I turn 55 this year and that is our ER date at Mega. I was planning on working about two more years...hmm. Our pension is also being "frozen" at the end of 2015. We've known this for two years now so no surprise.
Just curious if any other of folks similar or the same Megacorp feel about this? Not sure if we'll see a mass exodus at the end of 2015 just to take advantage of inexpensive retiree medical?
Decided not to name the company so PM me if you would like more!