Is Allstate severance same for everybody or does it differ by age? What I mean is, I know there is a certain number of weeks for however many years a person worked here but what if that person is over 60? Does that change anything? Are there any additional benefits provided (specifically, anything regarding health insurance?)
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I was "retired" by Allstate at age 57. But I can't access my pension or 401K for several years. I did get the retiree healthcare with has been slashed it. It covers $35.00 - seriously
They took away retiree health at end of 2020. If you didn't retire by end of year, you are no longer eligible for retiree health. Those who had it or retired by 2020 year end are grandfathered in. That was really the last retiree benefit left, as they slashed the pension when they got rid of the final average pay pension. Not sure they can take much more away in their cost cutting efforts, maybe get rid of the pennies on the dollar cash balance pension benefit still in place. Heard they may stop offering that to new hires.
In some cases and if they have the right contacts in HR over age 60 lay off impacted employees can get early retirement. Unfortunately it is not the same opportunity for everyone and is more of a "who you know" thing. I myself know of a 59 year old and 60 year old who got early retirement from the 2020 layoffs but others of the same age were not approved for this.
As for health care there are a lot of options. COBRA is the least desirable option due to its cost. ACA is and option but depending on your situation not much less than COBRA in price and more network restricted. Personally I shopped on my own and got good short term medical and dental for 6 months for myself, my wife, and my 16 year old daughter for only $287 a month. A 100/0 plan with 5000 deductible for med, no deductible for dental, $10 co pay on pr-scrip-ions, and $40 co pay for office visits. No co pay after deductible is reached. Almost same coverage under ACA would be hundreds of dollars more a month. This is pretty comparable to the medical and dental I had at Allstate. The issue is with COBRA or ACA for a family most of your severance is eaten up just in that. My short term coverage was used a few times and acted much like my Allstate medical coverage. Kind of shows what Allstate's medical benefits are all about. It was easy to term the short term coverage when I got my new job 4 months after Allstate's butchering (Took it easy during the holidays while living off severance, unemployment, and nest egg). Job I have now is same exact job I had with Allstate but making about $20,000 a year more. Shame on me for short changing myself all this time on that sewer of a corporation.
If you need health insurance, you can purchase COBRA for full price or seek out private coverage via the ACA marketplace
Age does not affect severance, only the span of time you've worked for the company.
Disclaimer: I don't work at Allstate but my dad does. That's why I'm asking.