Retiree Insurance

Discussion in 'Bristol-Myers Squibb' started by Anonymous, Aug 15, 2011 at 9:34 AM.

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  1. Anonymous

    Anonymous Guest

    About 3 years from retiring. Know benefits are not what they used to be for retirees. Just wondering about what it will cost per month and is it the same coverage for retirees as when you are working
     

  2. Anonymous

    Anonymous Guest

    probably better off getting your own insurance, check it out
     
  3. Anonymous

    Anonymous Guest

    I retired 6 months ago

    cobra dental for 18 months 45 per month
    BMS regular 80/20 insurance including meds 441 per month

    for one person

    People gripe a lot but the retirement process was easy...I was surprised

    PS I loved pharma ( and I Think BMS IS STILL THE BEST COMPANY IN THE INDUSTRY TODAY )... BUT BEING A REP with anybody in pharma is now a terrible meaningless despicable job

    I retired early and THANK THE LORD ABOVE I am so happy to be away from the meaningless pressure

    Docs don't need reps anymore- sorry for the rant
     
  4. Catbird

    Catbird Guest

    For a couple the price for two people is $1240/month for this year for the policy you have as a rep. $748 a month for the policy with a $495 deductible that pays 80%. Goes up about 20% each year. Does not go down when you get on Medicare
     
  5. Anonymous

    Anonymous Guest

    On severance now, but am told that after that, for me, wife, and child, it will run $2048/month to keep on the Network plan.

    Are you serious that the premiums do not go down after you are on Medicare? Wouldn't the company coverage be secondary?
     
  6. Catbird

    Catbird Guest

    I am on Medicare this year My wife is not. Last year I paid around $640. This year I pay $748 plus $115 to Medicare. So yes
     
  7. Anonymous

    Anonymous Guest

    Retired in 2002 at age 56. Just turned 65 and started on Medicare. The Comprehensive BMS medical plan was costing me $696/month. Medicare drops you down to the Standard plan and I now pay $330 this includes RX. Medicare is $115/month.
     
  8. Anonymous

    Anonymous Guest

    Most answers posted here just give you the amount the poster is paying and not the variables driving that amount calculation for that poster. The amount is based on a number derived by adding years of service and age and the higher the number the lower the retiree health cost.

    Costs do rise (or fall but unlikely) each year as some have alluded but based on the increasing cost of health care in the market place, not generally by anything BMS does to the plan participants. At least this has been the case but always subject to change.
     
  9. Anonymous

    Anonymous Guest

    I thought one of the advantages of retiring from a company is the health insurance.
     
  10. Anonymous

    Anonymous Guest

    BMS used to subsidize retiree premiums, but after they changed the plan in 2007, the company does not really subsidize retiree health insurance. Prior to 2007, retirees paid about $90/month for the retiree and a spouse. Afterwards, that same couple paid about $700, and it keeps climbing every year. Many big pharma companies still heavily subsidize long time employees' premiums, but not BMS.

    It does not matter how many years of service and age you have. You are going to pay big money for retiree premiums. I have the "rule of 84", and to stay in the Network Plus plan, it will be over $2000/month for me, wife, and child. The maximum subsidy is at 85, so I am not far off from that.
     
  11. Anonymous

    Anonymous Guest

    Ha,ha,ha,ha,ha,Ha,ha,ha,ha,ha ---- Not BMS
     
  12. Anonymous

    Anonymous Guest

    What will you pay per month at the rule of 85? How old is your kid????????
     
  13. Anonymous

    Anonymous Guest

    Not sure exactly, but it is a graduated subsidy, so I doubt there is much difference between 84 and 85.
     
  14. Anonymous

    Anonymous Guest

    I am 60 and thinking of retiring...I called and inquired about the cost of keeping my current health plan - 845 dollars per month. The latter quote is just for myself. I have been with the company for over 30 years.
     
  15. Anonymous

    Anonymous Guest

    Exactly, with a spouse it will bee close to 50% more, about $1300 / month.
     
  16. Anonymous

    Anonymous Guest

    What a sad retiree program BMS has. They used to talk about staying because of all they offered to retirees. All a bunch of bull shit. Naturally, it's the BMS way
     
  17. Anonymous

    Anonymous Guest

    Freezing the pention
    skyrocketing premiums for insurance

    BMS is changing many others have

    Merck, J&J, SA all still have active pentions

    I retired because of the pention 10 years early.

    My heart goes out to the 10 15 20 year rep.....the job is terrible now and meaningless and you will never have a viable pention, but you are rediculously overpayed for doing nothing part time...where else can you go?....you are stuck in the breach
     
  18. Anonymous

    Anonymous Guest

    In the mid 90's BMS froze their contribution that they were willing to pay for retirees medical insurance. I hope those of you who "by the grace of God" make it to retirement have max'ed out your 401K. You will need every dime.

    Any company that acquires BMS would have to match their retirement plan to the BMS plan-which ever is better. Imagine the cost involved if/when this is done. Plus, the sales force game plan is set up in such a way that you will NEVER make it to retirement unless you have a certain amount of years in service. But, Obama is there to help!
     
  19. Anonymous

    Anonymous Guest

    Omg u guys have it awful. I had 3 friends who left ask last year got to 75 points. About 98 per mo for one
     
  20. Anonymous

    Anonymous Guest

    There is absolutely no reason to stay at BMS, IF you are good. You can make better money and work with competent people elsewhere. With the pension changes, etc, only those who can't work anywhere else will stay.