Retiree medical insurance

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There are likely cheaper options but make sure you are comparing plan benefits/limitations and not just the monthly premium. Current retiree here with spouse about to turn age 65. Medicare advantage plan is $135 per month with JNJ. Still have to pay for Medicare part B and, if desired, still have to pay for dental and vision. BUT, when comparing other cheaper plans I found that the JNJ Medicare Advantage, which is secondary to Medicare, has the same benefits in-network and out-of-network. Spouse can go to just about any provider as long as they accept Medicare. There are cheaper plans but the benefits are fewer, at least where we live, in my opinion. There is no blanket right answer as everyone's situation/budget/medical needs/local plan availability and cost will differ.
 


anonymous said:
There are likely cheaper options but make sure you are comparing plan benefits/limitations and not just the monthly premium. Current retiree here with spouse about to turn age 65. Medicare advantage plan is $135 per month with JNJ. Still have to pay for Medicare part B and, if desired, still have to pay for dental and vision. BUT, when comparing other cheaper plans I found that the JNJ Medicare Advantage, which is secondary to Medicare, has the same benefits in-network and out-of-network. Spouse can go to just about any provider as long as they accept Medicare. There are cheaper plans but the benefits are fewer, at least where we live, in my opinion. There is no blanket right answer as everyone's situation/budget/medical needs/local plan availability and cost will differ.
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GEE….THANKS A.G.
 




Been modeling the insurance numbers for a couple years. Even called the benefits dept about the figures. 15yrs here and my cost to cover spouse and I around $1500 a month. Was told several times during my dialog ‘today’s dollars’. Meaning the quote is for this year, cost will go up each year.
If you’re younger and need longevity, more than a few years, leave. Go make more money in a better culture. The price of the retiree health care plan isn’t worth sticking around. If you’re close to 55/10 hang tight, earn the benefit. Nice to have a contingency plan/option should you need it…
 


anonymous said:
Been modeling the insurance numbers for a couple years. Even called the benefits dept about the figures. 15yrs here and my cost to cover spouse and I around $1500 a month. Was told several times during my dialog ‘today’s dollars’. Meaning the quote is for this year, cost will go up each year.
If you’re younger and need longevity, more than a few years, leave. Go make more money in a better culture. The price of the retiree health care plan isn’t worth sticking around. If you’re close to 55/10 hang tight, earn the benefit. Nice to have a contingency plan/option should you need it…
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I keep hearing this advice, to stick around if you are close to 55 and get the benefit.

But, I agree with OP. Go take a look at the marketplace and do a quick quote on the government website. $1500 sounds like too much. I’m seeing plans
Around $800 for my wife and I and I’m 53. Yes, they are high deductible (15k) but they are solid united healthcare plans and I’m totally fine with a high deductible plan for that price.

I think more employees should really be investigating this on their own because many stick around for this benefit. I’m not certain it’s even good!
 




Retiree medical is not the perk that it once was. The cost is approximately 80/20 instead of the employee 20/80 cost sharing. Dental, Vision, and supplementary Medicare may make it more palatable in later years. One key line item is that if you are in the high deductible plan, you can still contribute to the HSA tax free up until age 65.
 


anonymous said:
I keep hearing this advice, to stick around if you are close to 55 and get the benefit.

But, I agree with OP. Go take a look at the marketplace and do a quick quote on the government website. $1500 sounds like too much. I’m seeing plans
Around $800 for my wife and I and I’m 53. Yes, they are high deductible (15k) but they are solid united healthcare plans and I’m totally fine with a high deductible plan for that price.

I think more employees should really be investigating this on their own because many stick around for this benefit. I’m not certain it’s even good!
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It’s not, just checking the box that J&J has a retirement medical plan. Joe Wolk still cutting all benefits over time. Remember the good old pension we (hired before 2016) are about to lose on December 31, 2025?
 


anonymous said:
I keep hearing this advice, to stick around if you are close to 55 and get the benefit.

But, I agree with OP. Go take a look at the marketplace and do a quick quote on the government website. $1500 sounds like too much. I’m seeing plans
Around $800 for my wife and I and I’m 53. Yes, they are high deductible (15k) but they are solid united healthcare plans and I’m totally fine with a high deductible plan for that price.

I think more employees should really be investigating this on their own because many stick around for this benefit. I’m not certain it’s even good!
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Years of service makes a big difference in the discount, why there is so much variation on this thread.
 













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