What are the age + service requirements for the retiree medical subsidy? I know I can call the retirement hotline but I reeaaally don't want to. Dash told me it doesn't know lol.
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Being with WF 20+ years and laid off, Cobra pricing was ridiculous. If I recall, I could only use COBRA for 18 months after severance. Just signed up under ACA and had only one insurance provider to choose from due to pre-existing conditions (Ambetter). It is not cheap though it is considerably less than COBRA. Big increase in out of pocket expenses going from company subsidized insurance, UHC to ACA.
@j4This caught my eye in your post:
"Not eligible for private due to pre-existing"
Unless this has changed over the years my experience in this area found that once I retired and no longer had employer provided health care coverage there was a provision for first time applicants that did not let pre-existing conditions come into play at all anytime in the process. Insurance company forms did not even list this question at all. It was a blessing because I did have a pre-existing condition so I know for sure that was the process back then. The bad news came later. Over time as costs increased I began searching for different providers. Low and behold, the first thing I was asked from every provider was to answer "Yes" or "No" to the person asking the questions on the phone. They had a list of conditions and finally hit the one I had and the interviewer stopped the process when I answered "Yes". They politely told me to check with Federal and State organizations for all coverage requests. Back then you had one bite at the apple on pre-existing and after that bite you were stuck with your provider and they could not drop you as long as you continued to pay your premiums on time. I have since now come down with a few more of those conditions and it's true, I still have that original provider. I don't know if this has changed over the years but if I were you I would check to see if you do qualify.
I retired from Wells a few years ago (under age 65). The retiree plan depends on years of service plus age. I can tell you it's very expensive. I'm currently paying almost $3200 a month for me and spouse. It's the same coverage as if you're still working under the regular UHC plan. Not eligible for private due to pre-existing, and ACA only covers you in your state except for life threatening conditions. The premium is outrageous but health care coverage is a necessity, so I've spent a stupid amount of my retirement savings on that premium. Yes, I left early on my own accord, but my mental health was more important than that stupid job. I hated it there and it sounds like things have only gotten worse.
Dash is useless.
It’s in the retirement guide. You only get a subsidy for certain conditions like you were part of one of the acquisitions etc.
Most of us don’t get sh@t
there is no retirement subsidy for healthcare, unless you are grandfathered under a very specific hiring period in specific LOBs. If you were, you'd probably know it already, but you can verify by calling HRWells.
@as
I think the important takeaway here is..."in my particuar case".
Which does not encompass all.
Good point over all though.
Do not laugh and toss this message in the trash bin.
When you retire at the normal retirement age, I believe 65+, immediately file for your Medicare Health benefit. Unlike corporate health insurance Medicare does not cover everything for one monthly premium. In my particular case I opted for the Medicare Plan A for Hospital coverage, Plan B for Doctor coverage, Plan C for Supplemental Hospital AND Doctor coverage and Plan D for prescription coverage. Since I filed as soon as I became eligible I also decided to claim my SS monthly benefit and opted to have the yearly deductible for the Medicare health benefit AND monthly premiums taken from my SS check before it was sent to me. This allowed me to opt out of my employer health benefit plans which had become outrageously cost prohibited using funds that I never had before. Over the years this has been an excellent plan, at least for me, to alleviate the craziness with health care.
The retire medical subsidy was ended over a decade ago and only applies to those employees hired under those programs. For most of us, if you retire at 65 or older you pay full cost. If you retire under age 65, there is no medical plan available to you- unless you have a legacy subsidy. Otherwise WF gives you access to a portal to buy medical plans at full cost. It's not good.
I don’t remember, but when I looked into it, the premiums were outrageously high even with my subsidy. I am no longer counting on that subsidy as a retirement benefit. Probably do COBRA for a year then look for private ins.