How does medical work for retirees?
Had trouble finding this info in HR website. Thank you.
I had about the same luck as most here with the ACA, bad. I would be happy to use and pay for a plan that they offer but nothing fits the bill compared to the Chevron retiree option that I like. I am not taking that chance when I only have X number of years left. I am perfectly happy with the CVX retiree insurance and it is about the same cost as an ACA plan, except the ACA plan did not cover as much and had a higher deductible. I suppose it varies person to person. Good luck with your choices.
20x-30x lifetime spending is a tremendous accomplishment when you are in your 60's?
'Easily hundreds of millions"?????? I think you may want to recheck your math unless you plan on living forever or expect a tremendous burn rate in your 70s. That's your children's inheritance and not much of it for most successful savers/investers is all.
Chevron Retiree Medical is a subject that is not covered sufficiently by HR in their presentations to employees considering retirement. I know because I’ve been to several of these presentations in the final years of my career and during the 2016 downsizing. They will dance around the biggest questions, especially the high costs of retiree medical premiums, they will avoid talking about the actual worth of the “company medical contribution” percentage.
you have 30x lifetime spending or did you lose that much an what's your point? I would be depressed about having to pay a lot for insurance too if I lost that much. you should take some advice here and try obammycare or medicaid like the rest of the losers on this site, lol! sign up for foodstamps while you're at it.
30x lifetime spending is a great accomplishment. Easily hundreds of millions. Why are you depressed about overpaying for health insurance?
@jaqs, You're another one like many "layoff.com types" on here. I laugh a lot too, but not at others, and I am not jealous to the point of doubting other's wealth or better investment decisions made throughout their careers. Maybe if you had made better decisions, instead of lmao online to vent your frustrations, you could lmao all the way to the bank and not have to skimp on healthcare?
@jwdr, Oh don’t stop. I’m LMAO on the floor. You’re too Funny 😆
@jpgh, Yes, your comeback was indeed childish. In retirement, like now, I will be able to afford the best insurance at the most efficient price. It just so happens that it is not through the ACA. I have done my homework on the subject. Also, I do not cut corners on my healthcare. And I have no need for handouts or government subsidies. I have no heirs. I have 20-30 times what I could ever spend in my lifetime. What would you choose? What's behind the door?
Since it is income based, 90% of retirees can qualify for the subsidy. Depending on your state the deals can be terrific.
Childish comeback. I am a wealthy retiree who can qualify for the ACA and does, like many others like me under 65. Be serious, kiddo. Wealthy people can afford many things, but we don’t throw away our money.
@irbw, You read that post correctly. For you to see who the dumb one is, all it takes is for you to look in your own mirror.
The wealthy retirees who make too much to qualify for the ACA are most certainly jealous of those who have to micromanage their limited assets to qualify. But of course, tell us another good one! hehehe.
@iqgz, Re-read your last sentence “We don’t care. Really.” So why the soapbox rant? You’re just jealous you don’t qualify to use the ACA loophole. Who’s the dumb one now? Look in the mirror.
Texas ACA plans are awful. No PPO/EPO available at any price!
I read that in Texas one third are working, one third unemployed and one third retired. Something for everyone.
To be clear, in Texas a third of those getting coverage on ACA plans pay their own way (get no subsidies). For some it is just a way to get affordable group coverage outside of a big employer pool. The top ACA plans are as good as you can find anywhere (but are not cheap). The “bad” plans are the fake cheap ones put in place in the last few years by Republicans (the Trump plans).
If you have paid federal income tax, you support ACA. However, there is no requirement that you pay to get a benefit. That is how government works.
I feel the same way. I like the ACA because it's basically no different from stealing and I like to steal. They work hard and pay. and we get cheap or free health insurance from a new program that we haven't paid in to. Like taking candy from a baby! Let's face it, no one "paid their dues" for enough time into this relatively new program to receive the thousands and thousands worth of health care for pennies. It's a ponzi, and I'm just happy to be on the front end while the middle class hard working millennial losers foot the bill! Win-win! only this is more like Lose-win. You lose, I win!
Everyone I know on ACA raves about how easy it is. The fact it can be so cheap or free is just a bonus.
It's very sad to learn that retirees who were gainfully employed for a significant number of years at a reputable corporation have to rely on government subsidies intended for low income families struggling to make ends meet. Maybe it's the ones who were only at Chevron for a short time or who mishandled their finances that are reporting here how they claim to be so skillfully and cleverly shifting their apparently inadequate resources around to qualify for handouts. In any event, I hope to never be in that pathetic predicament, much less trying to explain to others online anonymously how I think that because it is legal, then it is not unethical. You have no one to convince but yourself, folks. Look in the mirror. We don't care. Really.
The ACA is a law that governs all private healthcare insurance companies, even the very one you have at Chevron. The Healthcare Marketplace is the government subsidized insurance you can select from each year. You must qualify on the basis of household taxable income to be able to get subsidies. With that comes the strict task each person has to limit themselves to the income the specified they would earn next tax year. Yes, I know sometimes this can be a moving target for some people, but it’s your responsibility to be exact or pay back any subsidies you received if your income ended up higher. If you understand the rules of the program, you shouldn’t have any problems whatsoever. I’ve been using the ACA for 4 years and really have gotten great service for my money. I haven’t experienced a single problem or had a complaint.
Seems like Chevron is somehow in cahoots with the insurance companies to gauge witless retirees.
Yes indeed it is. I sure hope that when I am elderly I am not subject to the fleecing known as the ACA. I have heard enough horror stories about that as it is from younger people trying to get reimbursed. Can't imagine what it would be like for older folks.
It is terrible to think of elderly retirees being scammed and fleeced by insurers.
@gvyi, Yes, you are so right gramps. It's never too late to learn finance. And with the way you are still having to penny pinch these days at your age, it's about time that you start trying to learn!
What? I missed the 25% market rise a year ago? My ACA healthcare plan has never been more than $100 a month. Compared to having to spend $1300 on a comparable non ACA subsidized plan, I’d say I earned way more than a 25% gain on that. it’s never too late to learn finance, son. It’s a matter of making your hard earned money last longer.
Let’s move on folks, only small potatoes here. If someone is sitting on cash or is striping their Roth to get a few free ACA dollars put in for the poor the short time between their layoff and retirement age, ya gross, but also shows they are not smart (that cash missed the 25% market rise a year ago and that Roth dollar “tax free” investment growth is gone forever). If you want to get agitated forget this small fry stuff and look at the multi- generational growth that never gets taxed from the 1%ers personal pass through corporations or some of the billionaires hedge fund money backdoored into Roth accounts that will never pay taxes on many millions in gains. We need real tax reform, this time favoring the middle class, where all gains are taxed fairly. Until then some ACA dim weed low life stealing from the ACA pie is not even on my radar.
@fjjm+15un28jP, all this does is make you sound jealous of someone else's success.
@fjjm = Since I'm not successful, therefore no one else is successful. Gotcha!
I’ll school you @fxcv. You are nowhere close to what you claim to have. Keep dreaming if your fantasy soothes you from reality.
@fchi, Don’t kid yourself. We’re all selfish, we just don’t like to have it known by others, that’s all. Since this is an anonymous site, I can be honest. BTW I’m not looking to raise my level of selfishness in retirement. I’m trying to maximize my level of satisfaction in retirement.
I am in a similar situation. My annual taxable income is well over $100k without dipping into my ample savings, investments, cash assets, and with no CVX paycheck. In addition, I have enough in after tax liquid investments to easily get though 10+ years of no withdrawals from pretax investments with a $250k annual burn rate and mid 7 figures in investable assets on top of that.
However, I will give the astute professionals on "thelayoff.com" a chance to school me on finance. I'm all ears!
@fsxp, Live and learn what? You don't know anything any 6 year old using the internet doesn't know, lol. Yawn
It's too bad that the main goal of some is to maximize their level of selfishness in retirement. Sounds miserable.
What you become would you need to have? Answer— as low as possible taxable income. The amount that you place at the top of your IRS 1040 tax return. That income. How do you qualify for ACA subsidy and play poor on paper? Answer— Roth IRA distributions and bank savings, all prepaid tax financial assets. That’s how. Live and learn. Think like government thinks and you will be able to steer yourself as far away from harm.
@fnmr What income would you have? plenty. Rentals, business profits, Capital gains, dividends. Pensions from multiple companies, just to name a few. I was very fortunate in my many years in this industry to not only make a nice salary but to be able to invest wisely. Sad to hear others are left sc-aping the barrels for every nickel. It is a blessing on many fronts to be able to be a giver rather than taker. I don't bother with the cost of health insurance. I can afford the best, the best toys, travel and things in my life, and also have plenty left over for my favorite charities.
Not sure about any loopholes, but ACA was specifically designed by Congress for people with low taxable income to provide them subsidized health insurance. Savings are excluded because people should not need to drain their savings for health care. If you income is low, you get the benefit. Once you retire, what income would you have? None that would exceed the normal exceptions and deductions.
@fuhx, I was also fortunate to have amassed a small fortune over my 32 years at Chevron. I didn’t get there by spending money unnecessarily on things. The ACA is not suitable for everyone, mainly for the reason of taxable income. For many who didn’t structure their investments and savings early on in their working life, they are excluded from using the ACA because they need to take too large of distributions in retirement. I live well in retirement, I travel, and I don’t have to not skimp on some extravagances. But at the same time, I can get a good ACA Marketplace healthcare plan for under $100 a month, one that many retirees are shucking out at least $1300 and scared to use it out of concern for their annual deductible. I didn’t grow up stupid and lazy to learn. In this country, there are many rules in business, but there are several ways to legally circumvent restrictive benefits. The ACA law has several loopholes. You can either take advantage of them or not. Unfortunately for many, they had to have been prepared long enough ago to be able to use the loopholes today.
That was quite a streak of duplicate responses to yourself. Reminds us of that popcorn guy who blew a gasket when he eventually learned how much he lost taking the pension annuity. He would do the same thing to vent his hysteria.
I was very fortunate in my years in this industry to make a nice salary and bank more money than I need. Sad to hear others are left sc-apping for every nickel. It is a blessing on many fronts to be able to be a giver rather than taker.
Yes, I get it now. "outfox" them is the key to the win. Basically like stealing. If no one sees you steal from someone less fortunate than you, or taking advantage of government services meant for poor people, it didn't happen. I'm catching on. I will be a lying, cheating, selfish, pathetic, abhorrent loser in due time!