After getting laid off at 54 years old I continued with Chevron’s retiree health plan which I thought was pretty decent (maximum benefits due to age/yrs). Now the wife is close to 65 when Medicare kicks in (I’ll be a couple of years later). I’ve been doing research on it but would love some feedback from actual folks that have gone through this. Can anyone explain the steps to take in the process and whether the Chevron plan makes any sense. How is it working for you. Is it cost effective. What plan do you recommend. Any downsides. Any red flags, timing issues? Just looking for some user feedback before committing one way or another. Thanks
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That’s right @5ozp. However do remember the IRMAA penalty on Medicare Part B premiums only affects W2 wage earnings, not taxable retirement savings distributions. The way I see it, working past age 65, when Medicare kicks in, shouldn’t be something most Chevron retirees would be concerned with. At least not in a job that pays over the IRMAA wage limitation.
@qcmo, not who you responded to, but I get the point being made. I get my information from real life experience. It's true, living in the bubble of detached from reality higher earners from places like Chevron, Exxon, Tech industries, etc. can distort your view of the real world around you. Source - Real life. Get out & about much lately, gramps?
Yes, @qkem, it read again. I said most of us will retire financially well or content enough, with emphasis on “content enough”. That’s only my view, of course. I wouldn’t pay that much attention to what others say or things you read in the mainstream news.
@pmra who's "most of us"? You got a mouse in your pocket? I doubt seriously that the retirement conditions of even the lowest earning CVX employees represent any significant or meaningful segment of America.
@pjkw, Truth be told, most of us will retire financially well or content enough to live without worry. Only a handful of people will end up living out their lives in bitterness and resentment, blaming everyone and everything else for their misfortune. Welcome to the world, those of you who learned too late in life. You, and only you, are responsible for yourself— Not the government, not mommy or daddy, and not your community. Those who don’t use their smarts and learnings in life are relegated to the bottom rung.
Man. when I am so-called "happily retired" I sure hope I don't end up here wallowing in my misery of who played the system, who got played, or whatever then get triggered when someone points it out. I will be enjoying my retired life. Just sayin.
Yes indeed, it's nice to be able to "play the system", especially when we all know and live each day knowing the “System” plays us.
It's nice to be able to "play the system", i.e. let other people pay for your health insurance with their tax dollars while those hard-working individuals, some raising families have to foot the bill for the pathetic loser parasites. Good job managing to get other people to pay for your benefits, although thievery is the oldest profession in the world, so nothing novel about that. Life is good! Long live the parasite class!
@5rhr, I was laid off from Chevron when I was 58 after nearly 29 years of service. I have always been in excellent health, so I chose to not waste the enrollment milestone of getting into a Chevron medical plan until I turned 65, which was a year ago. I pay zero premiums in my United Healthcare Medicare Advantage plan. I enrolled through Via Benefits and I get my monthly $97 earned Chevron HRA benefit reimbursed directly to my bank account. I took advantage of paying very little for Obamacare healthcare insurance in alternating years between age 59 and 65. I played the system, as anyone can do if they have a decent bankroll while they are in the ACÁ. In the off-year when uninsured, I would take retirement savings distributions, pay my taxes within the 12% taxable margin and invest most of the money to offset inflation. I was not aware of IRMAA and the impact of taxable earnings on Medicare Part B premiums prior to taking social security at 62. Fortunately, I do not pay any more for Part B than the regular monthly premium. My financial situation is pretty solid and currently I don’t need to live off my retirement savings, but do continue to draw it down every year as much as possible without maxing over the 12% federal tax bracket. I anticipate liquidating my entire 401k and IRA balances within 10 to 12 years and keeping the after tax money invested conservatively for the remaining years I have to live. I advise everyone who recently left the company with decent size nest eggs and those looking to retire in the next few years to pay great attention to planning your financial retirement.
Just be prepared for the IRMAA wealth tax that hits with Medicare. If you make over 97,000 in retirement, you can pay up to 7 or 8 hundred plus for Medicare coverage. They measure based on your AGI 2 years prior to your commencement date.
I have gotten an incredible amount of humor and entertainment from observing the level of ignorance and stupidity running rampant on this site. I love it here, I am going nowhere!
I have actually gotten some very useful advice on this web site. If you don't like it, move along.
I agree 100% with 1ssj,: " If you need help with retiree health plans, Medicare, the ACA, anything important, the layoff.com bottom feeder community is the place. Just ask the people who are laid off or are worried about it and hang out on this site. They are generally the cream of the crop, the high achievers, and they are experts on all things. Otherwise, why would they be,,,..... uh.... wait.. never mind." Couldn't have said it better myself!
@5rhr, yes, that’s the harsh reality if you want coverage similar to the Chevron insurance. I have to chuckle at those pushing the ‘Medicare for all’ nonsense. Like Obamacare, and the old adage, you get what you pay for.
Beware of IRMAA - it can triple your part B costs. The Income Related Monthly Adjustment Amount, better known as IRMAA, is a surcharge that is added to the current year’s Medicare Part B (hospital coverage) and Part D (prescription dr-g coverage) premiums for those who have earned “too much” income in a given year.
@gap: Disappointing to hear that you post-65 total health care expenses remain 75% of what they were pre-65. I was expecting the saving from getting medicare would be greater than that, but i guess I should not be that surprised.
From what I found, gold ACA plans (e.g., I could select a United Health plan like I had before taking early retirement) are cheaper than Chevron’s pre-65 plan even with Chevron’s subsidies. I am not all that happy with Anthem Blue Cross, but I stay with Chevron’s pre-65 plan because there is someone in my family with preexisting conditions and I am not willing to risk health insurance in potential shifting political winds. Yes, like some brag I could arrange my assets to minimize current realized salary and get ACA subsidies, but I have always prided myself in paying my own way rather than looking for handouts. Two more years and I hit 65, which I expect will lower my health care bill some.
Well of course the pre 65 plan with Chevron is more expensive than current employees pay. But what are your options? It still offers comprehensive insurance somewhat discounted from other plans (actual discount debatable, but for me they claim almost 50%). And with higher premiums the high deductible plan makes most sense for catastrophic health insurance. I think it’s a good deal until Medicare kicks in. Obamacare is super expensive if you want good insurance and have modest pension income and you lose the opposite to renroll in CVX pension benefits, which I assume includes CVX Medicare contribution. Many employers now seem to be pushing high deductible plans with the lower premiums. Risk reward analysis would seem to support these plans over the long term.
I personally feel the Chevron retirement plan is horrible. 3 times higher than when I was working. It’s so bad that I decided to go with a high deductible plan to lower the premium. My wife and I haven’t seen a doctor in almost three years. Waiting until Medicare kicks in.
@2gbp, not the one you are replying to but I would more likely trust a former coworker that I personally know who has been through it rather than a complete stranger on a website geared towards layoffs and is full of trolls. I just come here for the humor. Most of the stuff posted here is questionable at best.
@1ssj your comment is inane. As the OP I was seeking real experiences from people with a link to Chevron to supplement my own generic research. It’s apparent on this site that many posters are retirees or ex Chevron that may have experience with Chevrons post 65 medical insurance. Sharing personal experiences can help others in researching alternatives or give them a heads up to look into things they hadn’t considered. It’s just another input point. So if you retire by choice are you going to seek other opinions on Medicare options or just be a know it all a-s hat. My post was not to seek advice but to seek experiences. Tell me another place you can get actual experiences from actual Chevron folks on actual issues related to Medicare options. I’ll wait….
@1ssj has lived such a virtuous life, achieving a position to be able not only to judge others but to disparage them. Must be quite something to be so obviously perfect in every way.
If you need help with retiree health plans, Medicare, the ACA, anything important, the layoff.com is the place. Just ask the people who are laid off or are worried about it and hang out on this site. They are generally the cream of the crop, the high achievers, and they are experts on all things. Otherwise, why would they be,,,....... uh.... wait.. never mind.
The information you need to provide to receive quotes is your zip code and date of birth. Period. You are NOT required to give your Medicare number!!!!! Doing so is considered “implied consent” and the agent (VB or others outside of VB) can sign you up to a provider online with no confirmation sent. Happened to my MIL during open enrollment. Some agent went online and signed her up to AARP UHC each of the three open enrollment months. We found out after it took effect following year. Filed for fraud and it got fixed but it took four months. That’s when we were told never give it out and you don’t need to when getting quotes. Also that made me gunshot so I signed myself up on VB without an agent. You can do that.
There is no choice, at 65 she will be in Medicare - period - and so will you when you hit that age. The only choice is the supplemental plan to cover costs not included in Medicare. You go through Via to choose a plan and there are multiple options from various insurers or a provider like Kaiser if you are in their service area. Spend time to learn about the options. Chevron will give you $98 a month, not much but it’s free money which you could forgo but why not take it.
Been through this. Both me and my wife were pre-65 when I retired. If you can afford it, Chevron pre-65 coverage is the best you can get until 65, stick with it. Rules and recommendations: 1) Apply for your Medicare card as soon as you can, 3 months before your 65th birthday. Everything with the government moves slowly, so don't wait until the last minute. 2) If you've got the points, Chevron's retiree med insurance subsidy is not great (max $98/mo), but it's free money, except you must choose your Medicare plans through Via Benefits to get the subsidy. No problem, VB Medicare plans cost the same as you'd get on the open market. 3) Make your insurance picks with VB at least a month before turning 65 so all the paperwork is handled seamlessly. 4) VB does not pay you the subsidy, you must file for reimbursement. Set up auto repayment and the money is direct deposited into your bank account after the bills are paid, you don't have to do anything. Works very well. VB is reliable. 5) I have Medicare Supplement, Prescription plan, and separate dental and vision plans. That arrangement is the closest you can get to Chevron medical insurance. Total cost (including Medicare cost and subsidy) is roughly 70% of what you pay for Chevron pre-65 coverage. 6) Medicare Advantage plans only make sense if you plan on staying healthy the rest of your life. Low or no premiums, but limited choice in doctors, you have to get approval for any specialty care, and they hit you with co-pays on everything. Insurance companies love pushing Advantage because they make huge profits on it.
I highly recommend looking at MedicareSchool.com. Very informative and objective, their goal is to inform you, not sell you insurance. Spend a couple hours (yes, it takes time) to study their short videos on all the choices and options. It takes a while to navigate Medicare enrollment, but if you make informed decisions, you never have to change them.
I left as part of Alpha at 64 years old ... so I had some time on pre Medicare and the CVX medical benefit was fine; no surprises. Unless something has changed in the last 7 years, CVX pays about $100/month when you hit 65 and get into Medicare, which can go towards a senior advantage plan. I am not sure what happens if your spouse hits 65 before the employee does. The one thing that HR never mentioned is the impact of IRMAA (Income Related Monthly Adjustment Amount) on Medicare. Those charges from Medicare for Parts B & D can be several hundred dollars a month total for both of you after age 65, if your MAGI (Modified Adjusted Gross Income) is over $200K a year.