Anyone retired using the above rule? Curious about the process and what it gets you.
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I checked into Rule of 60 this week. For health insurance only (no dental/vision/etc.), the calculator model shows the annual out of pocket for a middle tier plan is about $35K per year, or $2900 per month for a family (meaning spouse plus 2 kids). The cheapest plan is $31K and the highest is $38K per year.
Many retirees will use the Medicare add-on medical and d–g plans. The retirees pay the premium cost, but it seems these plans get free use of the HR infrastructure – HR negotiates the plans in the first place to be similar to employee plans, and offers regular services if there are any issues.
I had looked into this before I left the bank (I was about 3 years from reaching it) and vaguely recall that if you met the rule of 60, the main perk was access to the bank’s group health insurance. I think you have to pay for the full cost of coverage on your own (the bank won’t contribute any money), and it’s very, very expensive, but you will have access to stay on the medical plan which — for some — is huge. I’m sure you can contact HR for specifics and to verify this is still accurate.
Reteerment age iz 52
I've looked in to it before.... you call HR and they will set up an appt with a retirement specialist - if you haven't already called. It is different with all the mergers and grandfathered plans... some better than others, i.e. if you had a pension fund. Otherwise, for me, I realized I had to work longer! :(
Someone please correct me if I'm wrong, but you keep certain employee benefits such as banking, charity matching, and the ability to enroll in medical plans but with no subsidy. There are't going to be many retirees on this site I imagine.
It gets you into retirement.
Call HR on Monday.