Heard from a buddy, that they're now working on slashing the rate at which Cisco matches 401k and (more importantly) greatly changing health plans offered in US towards lower coverage and lower Cisco payments.
Of course it'll be still at least few months before it takes effect. 401k changes would start in new fiscal or in Q2, and healthcare probably next calendar year.
Where is this info about covering only 90% once the out of pocket max. is reached? We have the United Healthcare HPSP. 4.5k family deductible 7.5k family out of pocket.
Once total out of pocket is reached, everything - and I mean everything - is covered 100%
They cover nothing until you meet your deductible. Then they only cover 90% between meeting your deductible and your total out-of-pocket max. Then, once you've met the total out-of-pocket max they'll cover 100%.
Where is this info about covering only 90% once the out of pocket max. is reached? We have the United Healthcare HPSP. 4.5k family deductible 7.5k family out of pocket.
Once total out of pocket is reached, everything - and I mean everything - is covered 100%
One other thing - it's pharmacy and medical combined. So once the out of pocket is met everything (meds and medical services,hospitalization, doc visits etc.) is covered.
"And the Health Incentive program still pays a max of $1200 ($800 employee + $400 spouse/DP) under the UHC/Cigna HSA/PPO plans. "
This ends Mar'17. Health Incentive program is "being absorbed to pay future increases in Health Care Costs"
$1600 Incentive only applied if you and your spouse were Cisco employees. $1200 was the max if your spouse did not work for Cisco.
I can't talk to the 401(k) match being slashed, but it appears that the HealthCare benefits didn't change much. Just received a flash drive from Cisco HR with electronic copies of all the 2017 health care documents.
Cisco is still paying $750 in seed money to your HSA if you have family coverage. And the Health Incentive program still pays a max of $1200 ($800 employee + $400 spouse/DP) under the UHC/Cigna HSA/PPO plans. Although there is a note that says "The available incentive is $1,600 for EE + SP/DP and EE + Family tier under the UHC and Cigna medical plans and $600 for the fully insured HMO plans if the spouse covered under the plan is also a Cisco employee." Yet the table above it as a row "Annual Incentive Maximums" which says under UHC/Cigna plan members "Employee Maximum = $800 Enrolled Spouse/Domestic Partner Maximum = $400". So, which is it? $1200 or $1600. It did say that the Health Incentive "year" ends March 31st, 2017. I thought it ran 10/1 to 9/30, so that's a change and make's you wonder if there will be a Redbrick/Health Incentive program for FY18.
Thank goodness Fran rolled out the People Deal.
.....Not!
The health plan benefits were trimmed for this calendar year. e.g. For the HPSP plan once you reached the out of pocket maximum, everything after that was covered at 100%. Now it is only covered at 90%. Yes, they can make changes to the plan mid-year. Several years ago the co-pay on prescriptions was changed mid-year without any advabce notice. The LR package was already reduced last year to 3 months for people who had less than 10 years with the company. For people with 10. - 19 years experience, the got 1 extra week for each year. For years 20 and above, it was 2 extra weeks for years 20 and above. All I have to say is f*** Cisco and I advise everybody to get the hell out of their and get a job somewhere else.
The facts are:
health incentives are being phased out in the next few weeks (get those dollars if you haven't yet)
deductibles and coinsurance were in raise over the last few years, especially for PPO.
Cisco's payment towards high deductible plan was lowered either this year or a year before - don't remember now
So rather clearly there is a pattern of company trying to reign the cost of healthcare relate expenses. How much of that is because of Cisco's situation and how much is driven by Obamacare - I can't tell. But I don't think there is any reason to expect this processes to stop - so yes, I wouldn't be surprised if we see significant changes in health plans. Especially that upcoming legislation changes may be a good pretext.
The 401k thing is interesting though. Cisco already ranks poorly with matching comparing to other SV companies. If they would lower the match or introduced vesting periods, it would turn whole thing into a joke. IMHO if we see this, company must be in real troubles.
Being here for some time now, I can say taht few years back, Cisco was paying slightly below what others payed at that time but at least offered one of the best benefit packages. Today, it's paying much below market and offers average benefits comparing to the peers.
ELT increased bonuses for cutting bonuses.
It's not official, but heard from higher-ups that most likely the end year bonus will be cut at least by half, if it's going to be paid at all. Depends on how Q3 and Q4 go, but given the goals set, it's unlikely they'll be met.
@dkz - I think they meant calendar year and yes, plans and benefits did get sh!ttyer.
You already heard from CEC that the mid year bonus is cut into half (25%).
For those of use without access to CEC any longer, does that mean that the year-end will also be cut in half? Sounds like Cisco knows it won't make it's goals this fiscal year.
I remember my first year as an employee after many years as a red badge watching blue badges getting annual bonuses that Cisco didn't pay a bonus that year. At least they didn't cut jobs. Now the ELT is cutting jobs & bonuses so they get their bonuses.
Already started. The health incentives were trimmed significantly and deductibles went up, the beginning of this fiscal year.
I have to call BS on this. Healthcare packages are set for a year. Once open enrollment ends, and you made your selection, the company is bound to honor that for a year. That's the way health care works. Health care companies offer coverage plans for a year and the policy, coverage & rates are locked for a year.
Or did you mean calendar year? I don't recall any real significant changes when Cisco mailed me the benefits enrollment package because I was enrolled in COBRA at the time, so again, I call BS that it's already changing.
As to 401(k), I think those are annual plans too, but the company probably reserves the right to make changes at any time.
I don't doubt the reduction in LR packages or that benefits will get worse over time as the company continues to cut costs.
What is the health plan deductible these days ? Used to be atriums $250 per month for HPSP with $750 yearly contributions from Cisco
They are going up everywhere along with co-pays. This is not exclusive to Cisco I work for a new company now and with the turn of the year they went up dramatically. Thank you affordable care act not exclusive to Cisco cost cutting.
Already started. The health incentives were trimmed significantly and deductibles went up, the beginning of this fiscal year.
LR package reduction confirmed
Is that LR package reduction confirmed or rumored? If for real... would be a bad sign and would trigger another wave of voluntary departures. Maybe that is the plan......
Embarrassing on so many levels.
You already heard from CEC that the mid year bonus is cut into half (25%). More LR is coming and this time the package is reduced from 5 months to 3 months (remember that it was 6 months or 1 year if you choose to early retire). Cisco is spiraling down thanks to the rampant nepotism!