I have a quick question on the RULE OF 60.
Do we have anyone on this page who was through the process?
Please provide any additional details you may have on this
For my spouse and me, it's around $1.3k/month on COBRA. That will rise to $1.7-2k/month if and when we select a BAC retiree plan.
Is the retirement rate about $1,300 month for insurance?
So how long after severance runs out did you get your insurance at the same rate as what was deducted from your paycheck??
I was same as TJLT person. The amount you pay after severance runs out and after you stop receiving your checks, is the same
Exact amount that would normally come out of your paycheck for healthcare when you were employed. You simply wrote a check each
Month and your current coverage remained the same. After that bridge period is up then cobra can kick in which is crazy high and I did not go that route.
TJLT1LV - You write "had to pay extra but that was the same amount that I was paying already." Can you explain? I assume any health care benefits after retirement are like Cobra - very expensive.
Thanks.
Call the global HR service center and ask them to send you a copy of the 130+ page "Retiree Health and Insurance Summary Plan Description" document. The rules are pretty complex.
in my case they added a few years of service in order to make me have years (plus age = 60_. This bridged me until my anniversary date.
My severance did run out yet I was still able to get the same health coverage, including family and some extra time. I had to pay extra but that was the same amount that I was paying already.