Yes, I am being packaged out, too on 4/29. Was going through the SIRP packet, and the severance is paid lump sum (minus taxes) and then you pay for you continuing medical benefits monthly I your own dime at the same rate it was taken out of your check.
Since I am also eligible for the retirement HSA that Ford will fund providing you get your insurance through the Via marketplace, I wondering if that might be better, since I think the retirement HSA pay like 12,000 per year for spouse and child.
I see discussion of COBRA premiums for health care coverage if you're SIRPd. This is what they meant by "x-months of continue health care" versus them paying the same as if you were employed? Is this really cheaper than what's available via ACA?
“ COBRA premiums are not reimbursed from the HRA. We checked and double checked on this.”
Then you checked wrong. Ford, Via, and the IRS all say that they are.
You only get retiree healthcare benefits if you started before 2002. Otherwise, you are on your own.
“Early” Retirees get $1000k (on average) per month UNTIL they reach Medicare age. And it is dispersed by VIA benefits (if you choose). Once you turn Medicare eligible (65), then it drops to $1800 (per person…spouses get that amount as well) per YEAR. The $1800 per year has been this same amount since 2008. (Would love to see a chart of what that $1800 provides now in today’s dollars and cost of healthcare vs. 2008. )
COBRA premiums are not reimbursed from the HRA. We checked and double checked on this.
You can take the severance and apply for retirement benefits if you are retirement eligible. I took the package last Fall. Hint - many of us found that continuing our heathcare under Cobra for another year was cheaper than the medical plans available on the exchange. And Cobra premiums are reimburseable with the HRA dollars the company provides as your retirement medical benefit.
During the last round, an HR rep told me if you are SIRP but are retirement eligible, you can choose to retire instead.
I never understand why people would hand over their savings to any financial advisor. If she/he was so awesome she/he would be so rich and not waste their time working for you. It’s not hard to educate yourself on investing and save the fee you are paying out of your gains to an advisor. No one is going to care more about your money than yourself.
Retirees get $1000 monthly (self & spouse) in your HSA account thru VIA benefits. VIA reimburses you when you send in receipts, goes right in our checking account. And yes you can apply for retirement after being SRD’ed, my hubby did. He took the lump sum & took out 401k & gave to our financial guy to invest for us. Good luck!
I am sure you can file for retirement and they expect people to do that. As they've done before, they sometimes target retirement eligible people thinking it might be softer landing for them than others.
You'll have to look closely at the coverage options. Ford dropped retiree healthcare last year and I don't think they were giving $1000 a month but maybe my memory is foggy.
Not sure how cost of buying plan on market compares to COBRA