Having a hard time swallowing this. Honeywell actually is planning to pick up the tab for medical insurance premiums to the tune of 40%.
It reads as if the decision was taken to voluntarily give employees money. Someone please find the cash. It seems too good to be true!
@OP Promises to improve benefits to keep stringing people along and from jumping ship too soon. The company wants to decide who and when people are RIF’d.
Is the company picking this up because they know that many of us will be RIFd in the split up?
That would double out of pocket costs for a family
For 2025, the maximum out-of-pocket limit for most Marketplace (Obamacare) plans is $9,200 for individual coverage and $18,400 for family coverage. For individuals with a High Deductible Health Plan (HDHP), the maximum out-of-pocket limit is $8,300 for self-only coverage and $16,600 for family coverage.
This is what I expect with this great deal. You can’t get shareholder value up by giving us low deductible plans.
I cover me and spouse. Total deduction dropped more like 20%, maybe. Bit less with only medical dropping. Haven’t compared plan details yet deductions and such matter. End of day I still drop more than $600 a paycheck when hsa is included.
@OP SO MUCH ENERGY spent explaining how lucky we are they decided to match MARKET VALUE. No more…simply market value…
Honeywell is already self-insured.
The catch? You have keep working at this dump to keep your benefits.
@OP so heres the deal - 5 years ago they started severely overcharging us for benefits (that they totally control since they self insure). Now after 5 years of this, with the kitty growing exponentially and with a 3 way break apart looming, they have to discontinue using our healthcare benefits as a standalone profit center.
We have not been competitive for over 10 years in any category, so that is a classic fail that should result in firing of those in charge. They have to spend this money, or lose it as part of the Form 10 that details path forward. We are not going to be ‘best in class’ but rather win a participation trophy for being at the bottom end of a very wide category called competitive. It would be nice to see how US (the majority of employees) fair on a per employee basis as compared to other sites/countries, since this newfound slush fund was generated solely by US employees.
We are also not competitive on Salaries, but not a word on that…..crickets
I suspect that the next month will have many ‘major’ announcements to come resulting from Elliott MBA’s ‘doge’ activities that caused our management to buckle in less than 3 months time. They did so because they can get their huge salaries through the breakup, and have multi-million dollar bonuses for meeting schedule & cost constraints. You can bet there WILL be furloughs & layoffs, and hopefully RIF’s (for those of us waiting for the return of this fantastic benefit paying severance to those who have wanted to retire but wanted a fair severance for doing so.
I also suspect that miraculously, they will start matching our 401k each paycheck because there is no way to do this after the breakup consistently to all the sites, and it will keep another huge account that Honeywell uses as a personal margin account for investment during the year with billions of dollars at their disposal.
Gonna be an interesting ride…🤓
Yeah.
I’ll be waiting to see what the catch is too.
They say there is no catch, but I am very skeptical about that.
@d7 Who's sole purpose is to reduce benefits as much as possible with breaking too many laws. Restricted units are granted for every million they save.
We even have global benefits vice president... wonder if we receive some nice furlough so we can have a healthy rest before being RIFed
55% reduction to cost , same coverage, just announced
Probably switching to self insured.
Worst benefits of any Fortune 500 company. Pride themselves on this fact and give the executives bonuses. Why do E Band people have their own version of the health insurance? Sounds like what congress does.
I saw nothing. Smells like politics maybe tied to subsidies
Agreed - no way this is entirely true. I’m guessing it only applies to a subset of lower compensated employees somehow.
This is probably because so many honeywellera now qualify for Medicare that we can shift people to part b coverage.
Honeywell has bottom of industry benefits no matter what they promise. Repeat offenders at promising one thing (8% match, pension) and then quietly eroding ( partial match due to “emergency”, once a year match, pensions frozen , retirees medical cancellation)
I just hired a lawyer to fight Cigna (aka Honeywell) because they won’t pay for the oncotype dx test called for by current protocol on hr positive, her2 negative cancer. Delay, delay delay (are you dead yet?) delay delay delay, oh sorry your sample is too old
There was a time when Honeywell picked up 80% of the tab.
But then Allied bought us. The next year they picked up only 50%. It has been down hill ever since.
Typo … someone please find the “catch”