Let them fire me (lose retiree med) or?

[badatmath]

I put this here due to the fact if take new offer which is sort of similar, I lose employment days before I am eligible to retire with medical benefits.

If I decline the offer, my termination date is a month later and past age 55 so I *WOULD* get them. The are of course able to be cancelled at any time but new job does not offer them. New job is global company and only offering one year contract nothing more.

Benefits are just 55-65; similar plan to current plan at $400/month (single) and after 65 $2400/year for medicare supplement.

I had hope to retire this year before my 401K looking like hell but its the pressure form all my coworkers who are screaming i must have the new job that is getting to me. Retiring is sort of related but separate issue you know.

I need to check on ACA for my state, a few years ago I thought it was unacceptable for my needs. HMO, very limited. But I need to check on it. If anyone on ACA in AZ I'd love to hear your opinion.

 

[Sunset]

Keep the job and get the medical benefits in retirement. That is worth a LOT.

You can always find another job and one that pays MORE.

 

[badatmath]

Keeping current job is not an option, but I can decline, and get the medical by the skin of my teeth. It just happened so very confused about it all - that is the only clear option. New job no ins or keep ins no job. I do have a small pension I could take but it be a push to live on that and taking 401k seems not optimal at 55.

 

[MarieIG]

I'm not seeing much benefit to staying. Why don't you "let them fire you" and after, look for another job for a year or two. You would have a little breathing room with unemployment benefits, and may be able to negotiate a higher salary based upon already having medical benefits. Just my two cents.

 

[daylatedollarshort]

If you don't get an answer here about ACA plans for Arizona, you can try Reddit's Arizona subreddit, or if you live in a big city, it may also have a subreddit. I have found a wealth of information there with questions for our area.

We had an ACA plan in the Bay Area and it was fine. Close to zero cost for us in premiums most years for a PCP Bronze plan, with a large doctor network and good hospital choices.

 

[Sunset]

After you lose this job and keep the medical benefits, file for UI the next morning. Probably can do it online, research this now, which website for the State you apply.

Then you can look for a new job, as right now jobs are supposed to be all over the place. This new company will have other opportunities, so just tell them that you are committed to remaining at the current company until date: X , and afterward will be free to take a new position.

Don't listen to coworkers, it's not them that will lose a medical plan.

 

[MC Rider]

Hang on to that med plan. The cobra has a nasty crazy expensive bite.

 

[badatmath]

Thanks and good tip about reddit. Is no unemployment because I would have to turn down an offer (at other company) to be let go. It has been exhausting day and I am still at w*rk.

 

[daylatedollarshort]

Thanks and good tip about reddit. Is no unemployment because I would have to turn down an offer (at other company) to be let go. It has been exhausting day and I am still at w*rk.

You might also want to try starting a post here just with Questions About Arizona ACA in the thread title. Also Nextdoor can be helpful.

 

[RetiredAndLovingIt]

You don't say how long it is till you're eligible?
I seem to remember another post where you were planning to retire this year sometime so if it's just a few months I'd stay and wait for another opportunity to come up after you lock in the benefit.
If you think they're going to fire you, have you done something wrong and you're being fired for cause or are they trying to get out of paying your retirement benefits which kinda sounds unlikely?

 

[badatmath]

You might also want to try starting a post here just with Questions About Arizona ACA in the thread title. Also Nextdoor can be helpful.

Oh I just looked being completely unfamiliar with health plans other than the one I have they look scary. Some strange company names (to me) Oscar, Ambetter, etc.and higher deducitbles so I will have to read more carefully.

You don't say how long it is till you're eligible?
I seem to remember another post where you were planning to retire this year sometime so if it's just a few months I'd stay and wait for another opportunity to come up after you lock in the benefit.
If you think they're going to fire you, have you done something wrong and you're being fired for cause or are they trying to get out of paying your retirement benefits which kinda sounds unlikely?

It is a large scale outsourcing in my department has nothing to do with me. I am just caught up in some strange provisions of our eligibility rules that don't affect 99% of the people. (Age, start date, etc, that I cannot change).

 

[RetiredAndLovingIt]

So you're being laid off then which usually comes with some kind of severance package?
For example when my company laid folks off in October and November which they always seemed to do, they would still qualify for the pension/profit sharing payment for that year even though the rules stated they had to be employed on December 31st to qualify for it.
Also, some people jump ship immediately for another job and in doing that walk away from their severance package so be sure to understand what's on the table before you do anything rash.
Also if laid off then you will qualify for unemployment benefits and sometimes even retraining and with little to no income your ACA will be very low cost.
The day I got laid off was the best day of my life, it took me a while to realize it though, fear of the unknown with no regular paycheck was my first reaction and that was terrifying.

 

[cathy63]

As I understand it, your department's work is being outsourced to a 3rd party and you either go and work for them or you lose your job because your current employer will no longer be doing your work in house.

If you accept the offer to go and work for the 3rd party, then you're no longer eligible for retiree medical from your current employer because the new job will start just before you qualify and you also have to actually retire from the current employer to qualify for medical. If you wait until you are eligible for the retiree medical, then the new job at the 3rd party will no longer be available.

I think you should stay with the current employer as long as you can, especially if you're sure you can stay there long enough to qualify for retiree medical. At that point, you can just wait until they let you go and then say you're exercising your option to retire. This is not really being "fired" as that term is commonly used. If you decide to look for a new job afterwards, you definitely should not use the word fired to describe this parting of the ways. Instead say you were "laid off because the job was eliminated due to being outsourced."

There may be no severance package in this case because a) they did offer you the opportunity to transfer to the 3rd party company; b) you're choosing to retire and take advantage of retiree medical; c) employers aren't required to offer severance anyway unless there's a contract or at least a verbal promise to do so (ref Elon Musk and Twitter lawsuits).

I think you may actually be eligible for unemployment though, even if you say you're retiring. It depends on your state and the person who looks at your case and whoever in your company's HR dept decides whether to fight the claim, but you should definitely apply and point out that you are doing so because your job was eliminated. It's true that you might be denied, but the effort required to apply is minimal and it doesn't hurt to try.

I'm sorry you're going through this and wish you luck with whatever you decide.

 

[badatmath]

As I understand it, your department's work is being outsourced to a 3rd party and you either go and work for them or you lose your job because your current employer will no longer be doing your work in house.

If you accept the offer to go and work for the 3rd party, then you're no longer eligible for retiree medical from your current employer because the new job will start just before you qualify and you also have to actually retire from the current employer to qualify for medical. If you wait until you are eligible for the retiree medical, then the new job at the 3rd party will no longer be available.

I think you should stay with the current employer as long as you can, especially if you're sure you can stay there long enough to qualify for retiree medical. At that point, you can just wait until they let you go and then say you're exercising your option to retire. This is not really being "fired" as that term is commonly used. If you decide to look for a new job afterwards, you definitely should not use the word fired to describe this parting of the ways. Instead say you were "laid off because the job was eliminated due to being outsourced."

There may be no severance package in this case because a) they did offer you the opportunity to transfer to the 3rd party company; b) you're choosing to retire and take advantage of retiree medical; c) employers aren't required to offer severance anyway unless there's a contract or at least a verbal promise to do so (ref Elon Musk and Twitter lawsuits).

I think you may actually be eligible for unemployment though, even if you say you're retiring. It depends on your state and the person who looks at your case and whoever in your company's HR dept decides whether to fight the claim, but you should definitely apply and point out that you are doing so because your job was eliminated. It's true that you might be denied, but the effort required to apply is minimal and it doesn't hurt to try.

I'm sorry you're going through this and wish you luck with whatever you decide.

Wow got it in one guess and I'm sure I did not explain it well, thank you for reading and replying.

You may be right about unemployment what sort of "proof" do I need. The offer letter is in a weird looking format which may be hard to copy I will check this.

The job offer gives me bad vibes anyway because it is a one year deal. They are putting a lot of emphasis to try to lure us there but I get the feeling once it is up to speed we would be out. Anyone slightly older than me has nothing really to lose by trying it out and quitting if it sucks so they really do not see where my thoughts are if I discuss it at work.

 

[ut2sua]

OP, can you talk to the 3rd party company and negotiate a delayed starting time (call it vacation time-off or whatever). This could be a potential option ()

 

[Buckeye]

Thanks and good tip about reddit. Is no unemployment because I would have to turn down an offer (at other company) to be let go. It has been exhausting day and I am still at w*rk.

File anyway. Let them turn you down.

 

[W2R]

Terrific responses and especially what a great, informative post by Cathy63.

I can't add any more info, except my opinion: I think that having health insurance lined up is top priority for those wanting to retire in the US.

 

[Sunset]

Wow got it in one guess and I'm sure I did not explain it well, thank you for reading and replying.

You may be right about unemployment what sort of "proof" do I need. The offer letter is in a weird looking format which may be hard to copy I will check this.

The job offer gives me bad vibes anyway because it is a one year deal. They are putting a lot of emphasis to try to lure us there but I get the feeling once it is up to speed we would be out. Anyone slightly older than me has nothing really to lose by trying it out and quitting if it sucks so they really do not see where my thoughts are if I discuss it at work.

Cathy63 has explained it very well.

I will add, I've seen this before, the company wants to shove you to outsource the work, what they don't tell you is you will lose the new job after 1 year. We have seen it repeatedly by a large Telco.

Yes, wait until laid off, and then go claim UI. Doesn't matter what they say right now, just claim for it. You don't need proof. Whenever I did it, I just stated where I worked last. The proof is I was not at work.

For UI tell them you were laid off as you will be laid off due to lack of work or position eliminated.
Don't say you retired , because retired people don't get UI since retired means not looking for work.

 

[badatmath]

Wow, you guys are so supportive as always. I would really not have thought of UI or trying to approach the vendor later. I am certain the contract is not a long term deal.

I actually wonder if my current employer is paying them to take us. . . IDK if that is a thing but it feels strange hearing about how it should work. Like my offer contains "standard pto" and then supplement for a year. . .

Then again I have had this job more than 30 years not like I know how modern jobs are handled.

I realize 100% the benefit could go away in a heartbeat but it seems like *maybe* is better than *absolutely not*.

 

[Koolau]

Hang on to that med plan. The cobra has a nasty crazy expensive bite.

Terrific responses and especially what a great, informative post by Cathy63.

I can't add any more info, except my opinion: I think that having health insurance lined up is top priority for those wanting to retire in the US.

I agree.

You can find another j*b. Getting supplemented medical is more difficult. Good luck and remember that YMMV.

 

[Jerry1]

Terrific responses and especially what a great, informative post by Cathy63.

I can't add any more info, except my opinion: I think that having health insurance lined up is top priority for those wanting to retire in the US.

Agree, Cathy did a nice write up and recommendation. I will just chime in with - Don’t walk away from that retiree medical benefit! You can get another job. I can’t imagine that you can ever earn that benefit anywhere else.

 

[Venturer]

Listen to Cathy & try to hang on to the medical benifit.

 

[perez99]

Listen to Cathy & try to hang on to the medical benifit.

+1

 

[ShadowBloom]

I was laid off a few months before I would have been eligible, but the terms of the severance gave a 1-year grace period (i.e., if you would have qualified within a year if you remained employed, you qualified on that date) so I was able to access it shortly after the layoff.

There are several ACA options available in my zip code, all of them cheaper than my retiree medical package. However, their deductibles are about the same as my out of pocket maximum. They also don't offer any out of network coverage, and the leading cancer hospital nearby is not in network. Even though my retiree medical is not subsidized and is fairly expensive, those benefits make it worthwhile to me.

If I were you, I would try to hang on for the retiree coverage.

 

[jollystomper]

Definitely do what is needed to hang onto the retiree coverage. In our situation having Megacorp retiree coverage from age 60 until medicare is saving us about $120K. We can do a lot of fun traveling for that money .