Retirement BMS health benefits

How good are the health benefits

 

There are essentially none. The cost is so high, you can probably do better on your own.

 

Well, there isn't much benefit. Another relatively recent BMS retiree and myself did some comparison shopping on the company offered health care portion at the time we "bailed". The United Health Care plan that we had as employees could be carried over, and was, into retirement- as long as WE pay the $700+/mo. for self and spouse (dental not included, except under the 18 mo. COBRA @ about $90.00/mo. for self & spouse). Supposedly, we can't be dropped from the plan -as long as you pay-up each month, so that sort of makes it worthwhile to go with it into retirement. To get the same UHC plan outside of BMS was about the same cost. Retirees do however continue to get the benefit of getting any BMS BRAND med at no cost to us, same as when employed. That could be a biggie -God forbid- in the event of very expensive medical therapies that could include a BMS med.

So there you have it. You get the above plus your choice of lump sum OR monthly annuity and THAT'S IT.
All is good as long we plan for it. But don't expect some great benefit package when you retire. Try and get your "score" of 85. That's years of service PLUS your age to get your maximum "benefit". I think that's still in the BMS plan, or it was when I left.

Don't get discouraged, you just gotta plan folks. Good luck.

 

The above is mostly correct.... With Rule of 85 your BMS Retirement Healthcare is essentially $400/person with Rx. The major difference is that your deductible per person is $600 before 80/20 kicks in. IF you chose ObamaCare locally...you will pay @$600 per person with a $2,500+ deductible per person. As a BMY Retiree, you have the right to go on and off the BMY plan at will....so if a few bucks matter, go with a high deductible ACA plan and if needed come back to the BMS Retiree plan if major illness. Also note that a Dental plan is now offered to to retirees. Of course at age 65, the BMS plan doesn't make much sense as there is no reduction in monthly premium and you will pay the MediCare $104 ontop of the $400... and only save by not needing a Part D. Too bad BMS doesn't offer their retirees a lower priced MediCare Supplemental Plan like other companies do.... Bottomline.... If you aren't above Rule of 80, look else where for your affordable HealthCare.