Retiree Insurance

I retired at 62 - I stayed with BMS because of the pension and health insurance program for retirees. When attending meetings we were told over and over again to stay with BMS...they offered a fantastic pension and great benefits (and at one time they did the latter). When I got into my 50's they froze the pension program and as a consequence I now receive MUCH less than I anticipated. I took the pension so I wouldn't have to be concerned with market volatility. (I was able to stuff my 401K with a very healthy amount but I have a child with a handicap that that money is earmarked for). It's enough to live on comfortably, but it should be what was promised to me. I felt it was a guaranteed benefit that was taken - part of the package I signed on for. Anyway - the cost for my health insurance is $445 per month. I am soon to go on Medicare and they tell me that the cost will then increase - not by much, but an increase is an increase. They DO NOT want you to stay on their healthcare plan. The latter is abundantly apparent. To say BMS is not a retirement friendly company is a gross understatement of fact. Wish I had switched companies all those years ago when they were telling me to stay.

 

The short answer is - NO. The BMS answer is - NO WAY!

 

Has anyone tried to take them to court for not keeping their promises about low cost health care in retirement? They certainly went beyond average with their Horizon Programs.

 

Another year another increase! Anyone going to alternative?

 

I couldn't agree with you more ! Better off getting a plan from the private sector.....much cheaper and more comprehensive. Glad I decided to get away from the bullsh@#and retire early! One of the best moves I've made in life!

 

Which insurer is the best?

 

389 this year to 429 in 2016 inc. meds. sticking with bms

 

What retirement benefits do Union company employees get?

 

Is no one concerned that union employees get splendid retiree health insurance while many do not? Please confirm or deny this!!!!

 

Does anyone read this blog anymore?