Pros and cons for taking COBRA first and then Chevron retiree health plan when you are 100% qualified for the retiree plan. Any impact to having Medicare part a and b when you are on COBRA.
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The pre-65 medical premium cost and the percentage of retiree medical your accrued points will get you are available here:
- Benefit Connect.
- Automatic Signon
- Accept T&Cs
- Hover over "I need to..." and look for Health and Welfare column, and then select Retiree Medical Coverage.
this will tell you the number of points (age/service time) you've accrued to date, and below it is the % of retiree medical that will be covered for you.
Back out to "I need to...." and under Health and Welfare, select "Start Pre-65 Medical". You'll be asked to select a date (up to 90 days in the future) and then click the "ready" button. It will provide your cost for the medical, dental and vision most equal to what you have now. There are "change" buttons so you can see what other options costs are. Don't move forward with 'start now' as you aren't moving forward, just modeling.
Happy Hunting!
Where do you find the numbers... just ask!
Two years ago when I retired they were for Houston:
Chevron Medical PPO (Anthem), $1296/mo.
Anthem HDHP, $996/mo.
Anthem HDHP Basic, $933/mo.
Medical HMO (HMO Blue TX), $2298/mo.
Chevron 100% covered about $125/mo. Of any of the above. All things considered at the time I went with an ACA plan instead that was cheaper (but probably not better). All considered that choice worked out for me. Next year I turn 65 and that will be an event that will allow me to joint the Chevron post-65 plan.
@1nbp, Where do you find the premium cost for retiree pre-65 medical insurance? That’s a great question, but I’m afraid you won’t be told by Chevron until AFTER you are retired. It’s a real shame, but they won’t. There’s several reasons, probably because it can vary from State to State and even from region to region within one State. It could also vary based on your age. So, don’t expect Chevron to publish the pre-65 medical premiums openly. The HR presentations somewhat cover this subject, but believe me, I’ve seen the presentation several times in the years before I retired and the information they present is too vague and doesn’t come close enough to most retirees expectations. Just know the premiums are HIGH. Most retirees will curse the skies when they find out after they’re gone from the company. If you happen to be a few years away from turning 65, you’ll regret having to pay the premiums. It’s going to eat into half or more than you expected your budget to be. If you have a mortgage, you’ll just have to go without medical insurance and take care of yourself until 65. Healthcare costs in the United States is criminally high. A real ripoff.
I still am not sure if end of cobra coverage is an “event” that lets you join pre-65 coverage or what percent under cobra Chevron pays (by law they need to offer coverage for 6 months BUT that does not mean you get it free!). If you do not join Chevron pre-65 in time the you can not rejoin until 65. Two years ago when I priced it Pre65 coverage for two (you and spouse) was $15-16k per year and the 100% match only payed a bit o bit 10% of that total. Don’t think 100% means they pay it all by any stretch! Not even close.
Does Chevron contribute if someone has less than 80 points? This is for Pre and post-65.
What would be pre-65 premium with 78 points?
Where do you find the cost of the pre-65 retiree medical plan.
There IS both a pre-65 medical plan and a post-65 plan. The Post-65 Medicare is managed by Via Benefits, the group that manages several insurance options with different price points). As a pre-65er, when COBRA ends you contact Chevron Benefit line to report this 'milestone event' BUT HERE IS THE RUB: the medical insurance coverage you purchase won't begin until the first day of the following month. So you could be without any insurance for 30 days. (How lucky are you? How's your health?) If you don't go the COBRA path, you can go right to Pre-65 insurance until you hit 65, when you transfer over to Medicare with no break in service. You do not have to take your pension with the medical coverage - you can hold off the pension until age 70ish. The other strange fact I learned today is that the post-65 "full medical" coverage (i.e., the 90 points deal), only covers $94 a month. :-) Happy hunting!
@olr, I don’t think that is correct...use up 12 months Cobra, transition to pre-65....until Medicare.
Not clear you can take 1 year of Cobra then jump onto pre 65 plan. I think Cobra is designed for those planning on another job with medical. Looks like you need to pass on Cobra and go right into pre 65 if you are in retirement mode.
Chevron kicks you off its plans when you are 65. It has no impact on Medicare. They help you find a Medicare Advantage plan and pay a contribution to Medicare too. The pre-65 plans are expensive but what can you do?
I think there is a pre-65 retirees medical plan.