Why are our employee benefit costs increasing significantly, even after all of the layoffs, etc? ~20-25% increase is significant.
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bcbs no longer retiree option for Medicare supplemental,united healthcare advantage or plus. 0 or 50$ / month as opposed to bcbs 120 and 180 for spouse.in florida
I checked. Single, High Deductible Broad Aetna and Non Smoker. $240 That is a great rate.
Remember that the union’s cost went down for the first two years, return to current price the third year, and then go up the last two years.
They also got an average raise of 3.5% over 5 years.
Mine was only $86. How could your be so much.
Your what? Increase, or total monthly premium? It's always cheaper, of course, just to insure the employee. Probably less than $100/mo based on elections. Add a kid makes it $160/mo or something. I think if you have employee+family, the monthly premium looks like it's about 20-25% higher over this year. I haven't gone in and made sure all the extras that might make it seem higher are addressed (like smoker penalty. etc)
I was referring to the max out of pocket.
If you’re on an expensive medication for a chronic issue, you’ll likely meet the max out of pocket quickly.
The HMO will cover most of the medication immediately and leave you with some co-pay.
The max out of pocket is also significantly less, while having a large network.
This high deductible bullsh-t su-ks, and ends up with you spending significantly more than just an HMO with higher monthly fees.
If you want the low deductible you only get select which is an extremely limited network.
These options are trash, and way worse than what we’ve had in previous years.
Mine was only $86. How could your be so much.
You must be new here.
Yeah, mine is up because it is the High Deductible Plan. I put a lot in my HSA each year.
Mine stayed the same except for my extra life insurance and my LTC bump
Um.... mine went down $25 a month for the BCBSIL Low Deductible, YoY.
$240 High Deductible Broad a month is not bad at all.
Our benefits are actually not very good. Basic high deductible stuff. Except we have very high deductibles. We use my wife’s plan and pay the $100 fee for me to be on her plan, she’s at a small company and they are about the same monthly with 1/3rd of the deductible. That’s just facts. We do have a good 401k match (non-pension person). That’s about it.
Where’s my HMO
You really don't want to go with the HMO unless it's being used as secondary insurance. It is absolute trash and covers so very little. It's more like major medical than health insurance.
It’s actuarial science, not rocket science.
Because T self-insures, the age of the workforce really doesn't matter compared to other companies. And actually, the number of older T workers is declining. What impacts the rates more is the smaller pool of participants. Easier to provide lower rates with more participants. Fewer managers, fewer participants in the plans. Total global workforce is ~150k, but 42% of that is bargained covered a different rates, and an increasing number is overseas, and I'm not sure they're even included.
https://sustainability.att.com/priority-topics/inclusion
“ And, go compare T benefits to many other employers , you will discover we have pretty good benefits.”
I have done so for many years. I have many contacts in this industry and others, many large corporations as well as smaller companies.
The benefits are average at best, overall. The medical insurance benefits for non bargained are below average, HDHP policies.
Somebody had to pay for the bargained employees pay increases. You didn’t think the company would do it or the c-levels would take a cut did you?
“My individual plan went up $15 a month…actual benefits remained the same. So this argument that benefits got worse doesn’t hold water. And, go compare T benefits to many other employers , you will discover we have pretty good benefits.”
Where’s my HMO then instead of this high deductible spend $7500 a year bullsh-t?
My individual plan went up $15 a month…actual benefits remained the same. So this argument that benefits got worse doesn’t hold water. And, go compare T benefits to many other employers , you will discover we have pretty good benefits.
“After looking at the employer paid life insurance, looks like I will be taking a paycut in 2025 of 15k a year.”
The benefits get worse every year.
A rep from HR replied in Yammer that medical costs went up but the company did not increase their contribution. I kept my Total Rewards letters over the years. The company contribution has actually steadily declined.
After looking at the employer paid life insurance, looks like I will be taking a paycut in 2025 of 15k a year.
Greed
I was thinking there is an ever-shrinking pool in the at&t insurance realm. thousands of layoffs, if you didn't exit the company by the end of '21 then retiree medical no more, and, yes, aging out in the retiree pool too...
It’s actuarial science, not rocket science. T has are a much older demographic than many other companies. The higher cost of insuring an aging employee base is passed on to workers.
Where did you hear the benefit cost was increasing?
The insurance plans were worse this year than last, not better (they took away my HMO option)
Seems like benefit costs should be getting cheaper.