Thread regarding Baker Hughes Inc. layoffs

Good thread

Thanks everyone for the replies, which confirmed my views. There is really something that doesn't balance in those retiree plan premiums but the first order of business is to draw down those RMA funds (free money!) which will cover 2 1/2 years of "catastrophic".

P.S. COBRA is good for 18 months.

CONRA is only good for 15 months. Better double check your info. RMA lasts me for 29 months

Careful! Cobra only lasts two years! If your Retiree Medical balance is enough to cover more than 2 years, you probably want to avoid Cobra. In my case, choices were similar except for 2 year Cobra limit. Maybe you should double-check your info.

Take the RMA. catastrophic option. The basic is almost $3000 per month and the catastrophic is $1300. They pay the premiums, so the money you save ($1700 per month) goes toward the deductible (which you may or may not use). Don't leave any unused money with them. That goes for pension and 401K too. Take it all out now and roll it into a IRA.

If eligible, always use up R.M.A. first before paying for insurance. Lowest outlay for insurance unless you are sicky.

I wonder how BHI thinks it is reasonable to charge 3 times the premium if the money (funny money at that since BHI is self-insured) comes out of the RMA than if the unemployed pays real money out of their pocket?? Am I missing something or is this really that messed up?

How would BHI know if you got a job? Do you have to sign something that says you will inform them if you do?

I am still investigating cover myself, but I did discover that it is wise to use the medical account of you have stored credit. If you get a job with another employer the fund is effectively cancelled, likewise if you start your own medical cover. It's basically a case of use it or lose it. If you do activate it you can't stop part way and restart again, it's a one shot deal. For me there was no downside so I activated it and will let it run down for the next few months until I figure out what to do about cover. I heard that blue shield offer reasonable cover ..but more investigation is needed. Good luck going forward.