It’s my understanding they cover 50% but I can’t really get an answer...of course I contacted HR and no response in the time they said they would get back to me.
I figured people on this site know more than HR anyway.
DId you notice that this month is Budget month on the good life... how ironic!
here is the information from the FAQ:
Retiree Medical
Q: If I’m fifty or older and have at least 10 years of service, are there different health benefits
available from Allstate outside of COBRA?
A: If your employment is terminated due to job elimination or a reduction in force and you meet both
criteria below, retiree medical may be available to you.
• You are age 50 with at least 10 years of continuous service, and
• you have been continuously covered under the Allstate Medical Plan for the past three years
leading up to the termination of your employment.
Please contact the Allstate Benefits Center to discuss your options and the costs of those options.
Team:
As you’re aware, today, Claim employees received details about the people part of our transformation plan. This is the beginning of ongoing conversations, and leaders will continue to reach out and check in. Additionally, we have included resources on a new The Wire AllConnect page. Among the items on the site are FAQ resources, Learning and Development resources and more. I encourage you to review and take advantage of these materials.
Please know that I, and my leadership team, continue to be available to assist you with questions. As we move through this transition, thank you in advance for your professionalism and the support you’ll provide one another.
We got an email from our claim field leader... wfh a link to the documents that were on the wire.. it came out the same day the email about the assessments came out I believe
what / where are the FAQ's you are referencing? I don't recall any email with FAQ's or information about that severance, medical, any of this. Thanks!
Yes you do still get the retiree medical if you qualify.. it’s in the FAQs document.. I’ve gone through this in other offices too and that’s the case .. you can still get your severance and qualify for retiree benefits
No if you don't retire officially, you are not eligible for retiree medical. You wold be eligible for Cobra which covers something like 12 or 18 months. A layoff with no retirement would mean Cobra not Retiree Medical.
can someone clarify if you can get retiree medical if you lose your job with TG, (with over 30 years service) so we are not technically 'retiring'?
You can go into the retirement planning section of the benefits site and it will show you who can be covered, what plan and the cost.
I retired in 2018 with over 30 years of service and pay $534.51/month for an individual. I kept my same Aetna plan that I had when I was working.
I'm off Cobra now for vision & dental. I chose to do without vision and I have Delta Dental. It doesn't cover much but it's better than nothing in case of an emergency.
Well since they’re pulling the rug out from us before we’re ready lots of us not eligible for Medicare yet
I retired from Allstate a couple of years ago...Allstate's retirement insurance was way to high....went with Medicare (about $135.00/month); Rx D–g with Humana ($13.50/month) and supplement plan G with Aetna ($126.00/month); best option if you are qualified for Medicare and doing early retirement
Maybe Medicare for all will pass soon.. I checked the exchange and it’s a lot more with a much higher deductible so I guess I should be grateful they cover 50% and it’s just me
It will be 450 per month and more..!!!
For those of you asking, yes it's $500 to $600 a month per person AFTER the contribution by Allstate. It's pricey. Coupled with the fact that the doctors and hospitals don't give you a break at the door. Go to your doctor, they want the going rate for an office visit, $150 right up front. So figure for two people you are out $1,000 to $1,100 a month plus you each have deductibles. It's not really affordable but what can you do.
I won't be surprised if Allstate gets rid of the retiree medical in their cost savings mode right now. They dumped the defined benefit pension years ago, the medical is probably not that far behind.
I was thinking in future years if you're retired you can manipulate your investment distributions in such a way as to qualify for a subsidy. I think you can get to about $50,000 a year before you become ineligible for any subsidy, so depending on lifestyle and types of savings you have, you might be able to take $4,000 a month from IRA/401k and then make up any additional funds you may need from savings, if you're fortunate enough to have a chunk stashed away in the bank. IDK
It's hugely expensive. For me and my spouse it's about $1,100 a month and that's with Kaiser. On top of it is the $3,500 deductible, $4,500 OOP for individual and 9K OOP for both.
Basically it's only good if something catastrophic happens. You pay through the nose and end up getting medical bills in the mail constantly if you use it.
I would say if you qualify for ACA or other subsidized care go for it. We do not so we are stuck till Medicare.
They only contribute 50% after 30 years or so, if you have less than that their contribution is a lot less. So very expensive to say the least and honestly Alllstate's medical is some of the worst I've seen for a major employer. Not even competitive.
@mats66, correct. If count severance in this tax year, ACA would be full cost/no subsidy for similar coverage, which for me would be higher than Cobra
I know from my son that the amount you can earn to get a subsidy is pretty low... the severance is going to almost double our income for 2020 so I doubt we would be eligible for a subsidy
PPO through ACA typically costs more than Allstate’s equivalents.
Is it better to take Allstate's retiree health coverage with a 50% subsidy, or buy through ACA until medicare eligible? I see what the costs are after the 50% contribution after 30 years, and it is in the neighborhood of $500 per month for single. In using some calculators and going to the healthcare.gov website, it appears you can find much better deals out there, though I'm not sure the coverages are apples to apples. If you can get a subsidy through ACA, the costs were coming in at roughly half the Allstate retiree monthly cost. I'm surprised at this as I thought the retiree coverage was a huge benefit for retiring with Allstate after 3 decades of service. I'm not comfortable with ACA though, if something comes at half the cost something has to be up. I never had to deal with finding health coverage as it was always provided through work, but now I'm wondering what's best - take retiree coverage or shop the marketplace?
If you get laid off as a result of the rif, you can still e considered a retiree and get the severance though I’m thinking ... you don’t forfeit your severance by being retired because it’s forced .. that was in the document I believe ..so I should plan on $500 per month... yikes..
Having gone through the Allstate retirement process in 2019, I can tell you that you cannot take Retiree Medical without retiring from Allstate. If you still want a job, though, you would need to look outside of Allstate for one.
Can you take the retiree medical but not have that status of retired but rather laid off and collect unemployment? My state allows you collect with a severance package because you are required to sign the lay-off release in order to collect the severance. It’s viewed that by signing the release you are giving up rights. I am close to retirement but not quite ready to. My concern is, if I take the Allstate retiree medical I may want to still get a job.
Michigan retiree here....single with BCBS PPO+. I pay $493 a month
I had over 30 years of service and pay $1100 a month for my wife and me. This is about half the cost if we had to purchase health insurance on our own.
I am retired and had over 30 years of service with Allstate and my monthly premium for myself only (single) is $534.51. That’s my contribution after the 50% contribution from Allstate.
Cobra is not the same as Allstate retiree plan but looks like it costs about the same... I thought retirement was some type of benefit
500 for a single person sounds similar to what someone would pay on Cobra ?
once you are off Allstates Health Insurance the cost for a family of 4 1s 1820.00 per month and they charge you if its a half month or full month they pro rate It is called Cobra Program available for a year after getting the boot
So it could be less than $500 depending on your plan? I went onto the site but I wasn’t sure if that included the 50% reduction... I have over 30 years of service
The max is ~$500/month per person. An entire family would run a max of ~$1,500/month. This is if you have 30 years with the company. You can also find the exact amount you would be paying on the Hewitt website.
Right but after 30 years they pay half the health.. does anyone know if it’s half of $550 or if $550 is the employees 50% share ?
20 years is the minimum to be considered an Allstate retiree
Hmm ok not sure you get a subsidy with 20 years but with 30 I know you do... so maybe half of $550? I’m hoping... that would not be horrible
I retired after 20 years, 2 1/2 years ago... I pay about $550 a month for one person, my husband just went on Medicare
I think it’s 30 but I qualify as I’m one of those “older workers” with a target on my back. I’m just wondering how much my portion will be as I’m trying to budget
I was told by HR that you have to work 28 years to get the 50% medical. It’s graduated from 25% up to 50% maximum.