GSK oncology rep here. I qualify for retirement benefits from GSK and wondering if I would lose retirement benefit qualification if I joined Novartis through the oncoloogy acquisition. Can someone tell me what years of service and age it takes to get retiree medical and dental benefits at Novartis? And what the retiree medical and dental benefits are?
It's a combination of years service and age. not exactly sure of the number, but people I know that are 25ish years and 50ish years old are 'close'.
Employees age 45 with at least 5 years of service are eligible for access to post employment medical and dental. AT this age you pay 100% of the cost. Each year until retirement age of 62 reduces the % you pay.
This is close....but I was part of the last reduction and I had 25 years service and am 60. I will get the maximum medical/dental benefit. it will basically amount to a monthly cost to me of about 5% of the total insurance monthly premium. Every year up to 20 years of service after the age of 40 you acrue credits off the retiree monthly cost. My benefit cost is $150. per month for the current medical/dental that active employees receive. It reamisn this cost until age 65 when you must file fir medicare. Then Novartis becoems your secondary or supplemental coverage. It is an oustanding plan........currently. Who knows what it may be in future years. If you have a good many years of service, and are over the age of 55, you will be able to have a fantastic benefit in retirment which will not cut into your financial portion of retiree savings. It is probably the single most important facet to retirement now days.
