Thread regarding Chevron Corp. layoffs

Find an agent near you to help you with this stuff. It will be much easier in the long run.

@3hkn, affordable healthcare choices are not many when you are under 65 years of age, but if your income is low enough, you will qualify for ACA subsidies. You can research that information on www.healthcare.gov. You do not necessarily have to be taking the Chevron annuity, you could also have taken the lump sum and only drawing low monthly distributions. If you are not able to be included on your spouse's employer subsidized medical plan, I think your best bet is looking into "Obamacare" Healthcare Marketplace. Premiums are lowered by the government subsidy, so the lower your taxable household income, the better for you. Have enough money in the bank as a buffer for emergency expenses before the tax year starts in January. If you applied for a ACA medical plan based on a fixed income, and later tap into your 401k for additional funds, you'd need to set aside some extra money to settle up with the IRS when you do your taxes. Don't worry too much, as there's no penalty. You will just need to pay back the overage in the subsidy that Uncle Sam initially gave you for your ACA plan.

@HnANFec-3hrm, What are your suggestions for insurance while you wait til 65 and if you are taking the annuity? Because of that income, you will likely fall into an ACA subsidy category which makes the retiree insurance look attractive or at least comparable. Any suggestions?

If you are not yet 65 years old, the Chevron Medical Plan is still quite expensive, even if the retiree has earned a 100% Chevron Medical Contribution. For it to be more affordable, the retiree should wait until they turn 65 or older, when Medicare kicks in.

Another option not mentioned here, if you lost your Chevron job, depending on your years of company service , you may already be eligible and sign up for Chevron retiree health plan coverage. This is after using up the 6-month period of COBRA subsidized continuation coverage (wherein Chevron still contributes toward the cost of such continued COBRA coverage).

If your 2016 household income was/will be above $97,000 , which will probably apply to most Chevron folks, you won't qualify for savings on a Marketplace insurance plan. You can buy insurance through the Marketplace at full price, or buy from other sources.

NOTE:

If you’re offered coverage through your spouse’s job, you aren’t eligible for premium tax credits or other savings on a Marketplace plan – even if you don’t accept the offer.

The only exception is if your spouse’s plan doesn’t meet certain standards for affordability or coverage. Most plans meet these standards, even if they charge high premiums for spouse and dependent coverage.