What does having your 90 points actually get you?
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The only real benefit is for those at PSG 26+ who have stock options and performance shares - they get to leave with them and they vest forward as if the employee was still working…….otherwise, if you have more than 75 points and less than 90 there is a formula to prorate what you can take with you and have vest in the future.
Your 90 points will earn you only $97 towards your Medicare Advantage plan only if you get it through Via Benefits, Chevron’s post 65 healthcare insurance third party administrator. Of course, once you’re 65 and elect a Medicare Advantage Plan, your monthly premium is zero for most plans and a very small amount for others. So in reality, sweating your @ss all those years on the job just to garner 90 points is hardly worth anything at all. The laugh was on you, dear employees.
I know at least a couple guys who were able to creatively add a lot of points by ginning up documentation that showed they worked for Getty or Unocal before Chevron. The company no longer has any records to refute the claim so it is easy to add five points.
@dtuo, Obamacare is for the impoverished, and is lousy coverage with massive deductibles (hence why it's "free"). Nobody who has ever worked for Chevron for 10 years or more should ever have to stoop so low.
Does anyone know a way to earn more than two points per year? I need a boost.
Obamacare is the way to go if you have no or low income like just some dividends. Can even be free.
I pay $930/mo for two including dental and I had 80 points. It is the same insurer and plan I was on at work.
Do you to have the 75 points to get the partial CIP payment? Specifically for 2022 if it makes a difference and is this posted anywhere in policy?
As a retiree, the only benefit I saw was instead of Obamacare’s Covered California healthcare at $1400 a month, my Chevron retiree healthcare is $1000 month for two of us. Then again, it was $450 a month for four of us when I was working.
90 points isn’t worth much. There isn’t lifetime medical and while you might get your full pension payment, taking less is probably ok too! Run the numbers and read the ESIP savings plan!
@3quk, there's no additional benefit over 90 points.
I wonder who retired with the most points. I knew a guy with 45 years. He was about 70 so I reckon he had 115 points. What would that get you?
Not much, really; I left with 79 points, pre 65. The medical cost was about $1500/mo. It's a placebo for folks not to leave the company; after 65 it gives around $50. Truly I regret grinding so much for this chump change. Should’ve left when I was younger and had other options.
Were not all gone Zoomer...
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Points are now meaningless. Now that all the lifetime-employment boomers are gone, Chevron has no expectation whatsoever that you'll be around long enough to amass enough points to do anything.
I was thinking of appling for a Chevron job when I'm 89 so I don't have to work too long to get my 90 points.
Let me summarize. The 90 points don't really mean squat in the grand scheme of things.
Your 90 points will get you your full 100% Chevron retiree medical contribution for life, so long as you choose a Medicare Advantage insurance plan through Via Benefits. How much is the 100% contribution amount? Well only $97 this year. That’s all, while this year the Medicare Part B premium taken out of your Social Security benefit is $167/month. Better than nothing, but not a king’s ransom.
It lets you keep your bonus for all quarters completed and keep all the stock options (etc) that were granted but have not yet vested. That, and a small bit toward your future health ins premiums (but as other indicate that amount is rather small beans these days).
My 79 points got me $72 monthly toward Medicare insurance. I found out making a “decent salary” results in Medicare surcharging monthly regardless of insurance selected! Also, insurance costs less than I paid as an employee or as a below-Medicare age retiree.
It gets you a few pennies per month insurance. It's not worth the wait unless you are within a year or so. It may affect your pension as well, depending on which plan you are on. Read the plan to find out. 75 points is a much more important milestone for stock grants.
Penny candy
Not as much as it once did. In the old days, it got you Chevron paid-for medical insurance. Now it gets you $98 a month, about 40% of what you'll lay out for decent Medicare supplement, prescription, dental, and vision insurance.
A window seat