BMS Healthcare costs for retirees

I retired with BMS after being displaced. There was a "glitch" in the system and I had no coverage February 2010. Now, after getting everything straight, I get a letter today telling me that my Aetna Choice POS II premium has been wrong since September 2010. Rather than it being $547 per month it is now $910.00 a month. Has this happened to anyone else? What is the deal? I am assuming that BMS subsidizes about 55% of the premium which would mean the total for me would be $1800/month.

 

I don't doubt it for a second. They are true pieces of shit.

 

Isn't dealing with HRconnect/Morneau Sobeco fun? First, BMS retiree healthcare is capped at 1994 levels! Do you think costs have increased since 1994? Ha! They are paying no where near 55% of the costs. I've been retired for less than a year and have yet to get a correct invoice from these clowns. If retired executives had to deal with this mess you can bet it would be a better system. The cost of Aetna was so high, I could not chose it for 2010 or 2011. Wanted to chose an HMO but it wasn't offered for 2011. Forced to chose UnitedHealthcare which is out of network for all docs/hospitals within 60 miles of my home.
My only advice is to get everything in writing - from your end and their end so you have a leg to stand on if you wish to pursue this.

 

It's all about earnings per share, retirees are seen as leeches on the corporate earnings, and hence executive bonuses.

Guess who will get what they want?

 

Well, I have almost 30 years service, and contacted the company about what my retiree premiums would be for my myself, wife, and daughter if I retired now. It turns out that for me to keep my United network plus coverage, my premium would be $1850/month! And I have the "rule of 83", which is supposed to give me close to the maximum company subsidy! The max subsidy occurs at the "rule of 85". I asked the lady how much the company was actually paying towards the premium, but got no answer. How much could it cost to just buy it in the open market?

Since they have raised the retiree premiums so high now, I don't see how anybody can voluntarily retire before 65, unless they are lucky enough to have a spouse with a better plan they can be put on. Kind of irritating, since I probably could make it work if they had not raised the premiums in 2007. Before they raised the premiums, the cost for an employee, spouse, and additional dependent was about $270/month, and many other pharma companies still offer retiree premiums in this ball park.

 

Mine would be $1580 month for self & spouse. You can buy cheaper coverage with same benefits for less on your own. BMS could care less about retirees.

 

After getting the quote for UnitedHealthcare and Aetna (quote for myself only) thought I'd shop around and try to buy my own. Good luck with that! If you have absolutely no health problems, maybe. I applied to two companies and was declined by both of them. Have hypertension and high cholesterol - both completely controlled by meds. They are only interested in covering young healthy people.

 

I have 32 years with BMS. When I started with BMS, the big selling point was that if you stayed with the company until you retired, you would have free health for the rest of your life. What a joke that turned out to be. I can't afford to retire now because of the high cost of health care.

 

Yes, and they even had seminars and regularly bragged about why we should stay with BMS because of how great the pension was.

 

I remember being told that I should stay with BMS...I would retire with a great pension that would grow during the last years on the job and that I would get health care when I retired. I stayed with the company knowing that while I could make more dollars elsewhere I would lose in the long run. I planned to retire early and enjoy the fruits of my labor. So much for my plan....health care will run around $900 a month and continue to go up and the pension...well...it isn't enough so I will be around until Medicare kicks in at 65. I feel abused. I worked hard and brought in good money for BMS. I kept my part of the deal but they changed the rules toward the end of the game and have hung me out to dry. If I had the same kind of integrity as my employer I would stay in bed everyday ... but i don't.

 

Don't fool yourself, the execs of BMS run it for max profit, employee benefits take away from the bottom line and impact their bonus and stock incentives. They simply do not give a fuck about you, your future, family or loyalty. It's all about them, hopefully everyone sees that over the last few years.

 

Yes, and I guess all the broken promises would be a bit more tolerable if any of the crap they have pulled actually moved the stock price, so our 401k could at least make up some of what we are losing in the pension.

 

If I wrote a book about BMS it would be a Shakespearan tragedy. The sad thing is for those of us who hung around believing in BMS. The company has shown through it's actions what it truly is and it's not nice. It makes you have second thoughts about the media's attacks against the drug companies. Perhaps they were right. If this is how they treat thier own how do you think they treat the patients? What lies did we believe to sell inferior overpriced drugs?

 

Uhh, maybe you could make an argument for overpriced, but inferior? I still say Pravachol was the best of the early statins, Avapro was the best of the early ARBs, Glucophage was unique, Cefzil was a great antibiotic, Buspar was a unique agent and had its place. BMY's problem has always been not knowing how to market and price products, and their unwillingness or inability to get favorable formulary status.

 

I had to deal with this company to keep my job, which involved a lawyer. BMS is RUTHLESS when dealing with employees, anyone who thinks otherwise is deceived. They only play and understand hardball. Employee promises mean nothing.

 

What you clueless schmucks have to realize is that retiree health plans a rarity in any industry. Your $1850 gets you into the BMS risk pool and is about right for the true premium cost. Now here is the rub, if you, your spouse, covered kids have any preconditions you have a difficult time getting an underwriter to grant you coverage and if you do it will be for catastrophic coverage only. I know, I'm in those shoes now and I would gladly pay $1850/mth to see my family covered.

 

Well, interesting that just today I ran into an acquaintance who is with Novartis, and we were discussing this. He has been with them for 26 years and is 52 years old now. He states that if he retires when he reaches 62, his retiree health insurance is completely paid for. Put that in your pipe and smoke it.

 

How current is his information? It really doesn't matter ---- he'll be targeted for lay off long before age 62.

 

BMS doesn't really care what other pharma cos do in this job environment. The execs know that there will continue to be reductions in force going forward, so there will be plenty of people willing to take your job. They also look at everyone below them as totally expendable, because they believe it is their brilliance that drives BMS, you are TOTALLY expendable - don't fool yourself.

 

BMS Retirees and employees,
I hate to tell you but most companies have now gotten rid of pensions and paying anything for healthcare for retirees. It's just how the world is changing. Don't depend on your company to provide for you. I work for a great company tha pays mme well, but I know there is no pension and no healthcare benefits when I leave or retire. I need to save to prepare for retiement. And 'm not banking on Social Security because that won"t last long either.
Unfortunately the world is changing fast. Love your family and take care of your self and family frst.