Separation Medical Benefits (Not Retiree Medical Benefits)

Has anyone taken advantage of or familiar with JNJ's separation medical plan?

It is a plan for employees with 10 years of service and are separated by the company between ages 50-54. My understanding is it is pretty good and doesn't have as many benefits as full retiree medical (which is available to employees with 10 years of service and who leave at age 55 or older).

I was told that when you become medicare eligible separation medical benefits go away. I have 20+ years with JNJ but the environment is volatile and want to know if I'm let go what my healthcare options will be because if I'm let go before age 55 I'm not going back to the corporate world, I'll become a self employed consultant.

Thank you for any insight.

 

No such thing. You're on your own

 

It was only updated for that age range last month.

 

If you are offered separation medical, it costs significantly more that what you pay right now, but much less than if you have to buy on the open market. Also, the premiums are paid monthly with after-tax dollars (right now your premiums are pre-tax). COBRA only last 18 months, but separation medical will bridge you to Medicare, so long as you pay the premiums

 

and it is offered thru Aetna, and it is NOT a high-deductible health plan (hence no HSA)