Thread regarding Honeywell International Inc. layoffs

Actually, YOU'RE incorrect...2016 Federal poverty levels by family size:

1 person - $11889

2 person - $16020

3 person - $20160

4 person - $24300

If your employer does NOT provide health insurance, you can make up to 4x poverty level and still get substantial help with payments.

For 2016, A single person could make up to $47520 and still get a subsidy.

Not sure why you didn't get a subsidy other than the website is awful trying to put the numbers in, to predict what you'll make next year. It took me 3 attempts to put the numbers in where the website would calculate the final amount correctly. The website kept trying to extend my severance for the entire year, when I only got it for 6 months. I was rejected 2 times until I figured out what values went where...3rd time was successful at getting website to agree I was eligible. In reality, at the end of the year, with deductions, the actual value was much lower and got a refund.

No that’s incorrect. You have to make less than 40k per yr To get ACA subsidy. I was laid off last yr and missed it by 1k. ACA single plan was 1100 per month. Only Abrazo Hosp accept these plans. Very few Drs are contracted with ACA anymore. They dropped the plans. I found Blue Cross Mulitiplan 80/20 with prescription coverage for $375 pet month with 5k deduc max out of pocket 7k. My broker said this is the best plan in AZ. Pls shop

I bailed at age 62. I was lucky to get on my wife's insurance for 3 years until I was eligible for Medicare. Don't skimp on getting that annual physical. Yeah, this company is a real sh^t show. I had 29 years in. The last five were brutal.

Bologna and DairyAss have 1 mission and that is to SCREW the American workers. Jobs are being dumped to India faster than you can imagine. Everyone needs to leave this crap hole and find a real American Company to work for.

For those reading this who are still at HON, plan for this. If you are able, contribute the max amount to your HSA (including catch up contributions) and pay your out of pocket medical expenses out of your paycheck. Stash the cash in the HSA until you leave the company, then you can pay for Cobra premiums out of that account for 18 months. After several years of stashing, I have enough in the HSA to just about get me to Medicare when I walk out of HON. Saving that money gives you more options - to either leave early or protect you if you are let go.

For info:

Honeywell health insurance will carry forward for the duration of your severance, through the end of the month of your last paycheck (even if last paycheck was on the 1st of the month, you have health insurance to the end of that month). When you apply to ACA, you will apply for the NEXT month following the month that you received your last paycheck.

At the end of the year you will get an IRS form listing when you had health insurance through Honeywell, and how much it cost. You will get a similar form from ACA listing the months/cost for the rest of the year. Keep them as you will need them for your 2018 taxes.

Manage your income through the use of your Roth to keep your "earned income" to a very low point. Low MAGI is important in ACA for getting the best subsidy (Modified Adjusted Gross Income). Check on-line to find your magic $$ amount to stay below 4x poverty level for your family size.

I arranged for a layoff Jan/17. Got severance through July/17. I own rental houses and managed my income as described above. My accountant just finished my taxes: My taxable income was "0" and ACA costs were near "0".

It is insanity and ruinous to our country's future to continue like this, but I played by the rules and reaped the rewards. You can, too.

If you have the money, put in the max amount you can into an IRA, and fund your HSA to the max allowable for this year (layoff in March + 5 months severance for instance = 8/12 of your annual amount that you can put in...if you choose an ACA plan that accepts HSA you can put in for the entire 12 months). Both IRA and HSA come off of your gross income towards your MAGI.

It feels bad now, but you've been booted from a horrible company. Take your severance and make the most of your life...this coming from a 30+ year veteran who said "ENOUGH!!" last year. Early retirement is wonderful

zfk - lets keep politics out of it and be real...ACA was collapsing and ruining the economy before the current admin. Also, you can thank Honeywell crappy benefits for that as well...that's when they started being ridiculous was when ACA was passed without republicans getting to truly vote on it and brilliant democratic comments like "we need to pass it to see whats in it"

Oh and for the "The job market is better than it's been for years"...thank the GOP....aslo thank them for more money in your paycheck due to their tax plan reform.

But lets leave politics out of it.

lol

Sorry to hear about it. Everyone still working there is at risk except if you're a high-up-the-chain-a$$-kisser.

Yes, look into ACA plans and you never know you could qualify for the tax credits to help you pay for it.

Just think if it wasn't for ACA you'd be thrown to the dogs until eligible for Medicare. And the GOP wanted to just repeal it without an actual replacement plan. So it's being dismantled piece-by-piece and underfunded until it collapses. Great strategy...not.

The job market is better than it's been for years, so look sooner rather than later. You may have to consider out-of-town contract jobs but it's still better than running through your money. At least bridge you until 65.

Good luck!

Definitely apply for "Obamacare"........don't know what state you are in, but we're in Az. Yes, if you're income is below 64K, you'll qualify for subsidies via the Affordable Care Act. You can apply outside of the Open Enrollment period, since you have had job loss, this qualifies as "Special Enrollment". Good ol' Honeysmell.............that place continues to get worse by the minute.

@zpp I am not the op but I face a similar situation. Your reply is very helpful

Look at government health insurance plans. For example, in CA, look at Covered California website, you get tax advanced subsidies for insurance premium. You must have a minimum level of income. Incomes can be severance, unemployment benefits, IRA distributions, pensions. Add them up to meet the minimum. Keep it as low as possible to maximize the premium subsidy. If you cannot meet the income minimum then apply for Medical. Medical is FREE.

Sorry you got caught up in this, but all is not lost.

You will be on regular HON healthcare for your severance period (probably 6 mo's for you 30 years). You will then be eligible for Cobra for another 18 months. After that you can get one of the ACA plans until you are eligible for Medicare. If you can keep your adjusted income below ~$65K (married filing jointly) you will be eligible for tax credits which essentially pay your premiums for a Bronze high deductible plan. With a HON Pension and other investments this is doable as long as you manage your income bearing investment carefully. Your HSA payments for a Bronze plan reduce your adjusted gross income giving you a little more headroom.

This is how we are managing healthcare under present set of laws. Who knows what the future will bring.