Merck Retirees will have to go to a private exchange for medical and pharmacy coverage

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Doesn't Merck retirees receive Medigap coverage once the are on Medicare? I just helped my parents navigate a Medigap exchange because GE did the same thing last year. Of course, Merck would follow Neutron Jack's lead. It's Obamacare for Medigap.

I didn't think Merck offered a full non-retired insurance policy to those on Medicare. I thought it was a Medigap plan.

Is that not the case?
 




anonymous said:
In an effort to save money for big executive bonuses; Merck & Co. just announced that when you are retired and 65 years of age you will have to buy your coverage through a private Medicare exchange and also get your pharmacy coverage through the private Medicare exchange. Merck & Co. throwing all retirees to the dogs. Be well! Um this is not a B.S. story.
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GE did this to their retirees last year. They used a company called OneExchange. It's like Obamacare for seniors, as I already posted.
 




anonymous said:
Isn't what MRK offers as a supplement to Medicare pretty much window-dressing, anyway? It's only 80/20 coverage. That's what Medicare is---80/20. Annual out-of-pocket is $2500, so unless someone is very sick, the only real benefit is the Part D/Rx component---for about $90/month.
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They don't offer Medigap insurance which picks up the cost of what Medicare doesn't pay?
 








anonymous said:
What the heck are you talking about? The 80/20 BSBC/Aetna coverage from MRK overlaps the 80/20 Medicare coverage. There is no additional benefit by having the MRK coverage. The only practical thing it does is provide access to Rx coverage for about $85/month. 80/20 is 80/20 any way you count it.
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Doesn't the Merck policy pick up what Medicare doesn't pay? You don't need dueling insurance plans, you need Medigap coverage. And this will come in all shapes and sizes. At least GE gave each retiree on their old plan $1000 for their troubles.
 




anonymous said:
how much is the annual company contribution to a healthcare account that all of you are leaving out of the conversation and how does it work?
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They don't answer those questions in the letter. In the case of GE each retiree best about $900 placed into the account to buy their Medicare. Does not sound like much considering the monthly cost for Merck retiree health insurance. People who are still working at Merck have no idea how much they will have to cough up mostly for their Merck retiree health insurance pre- Medicare......
 




anonymous said:
Doesn't Merck retirees receive Medigap coverage once the are on Medicare? I just helped my parents navigate a Medigap exchange because GE did the same thing last year. Of course, Merck would follow Neutron Jack's lead. It's Obamacare for Medigap.

I didn't think Merck offered a full non-retired insurance policy to those on Medicare. I thought it was a Medigap plan.

Is that not the case?
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Neutron Jack Welch at GE? He's been retired for about a decade, so it's not likely he was involved in any retiree health plan changes. His successor was/is Jeffrey Immelt, so blame him instead.
 




anonymous said:
Doesn't the Merck policy pick up what Medicare doesn't pay? You don't need dueling insurance plans, you need Medigap coverage. And this will come in all shapes and sizes. At least GE gave each retiree on their old plan $1000 for their troubles.
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No. The Post-65 Merck retiree health plan overlaps Medicare. It doesn't supplement Medicare until you've paid $2500 out-of-pocket in a coverage year. It's an 80/20 plan, which is the same as Medicare. So, unless you're real sick (and your totals exceed >$12K in health care costs), there is no supplement. The total cost/month for the Merck "plan" is about $85 which includes Rx coverage.

A good Medicare Supplement Plan costs at least $150/month and can cover what Medicare doesn't pay. Supplement Plans do not include Rx coverage. That's a separate purchase.

There's also Medicare Advantage, which covers what Medicare doesn't, and includes an Rx plan, but many Advantage plans are state-wide or regional. If you get sick when traveling, you pay out-of-network rates.
 




It does not matter because their is an election coming and the democrats hate the pharmaceutical industry. It will all change and as more baby boomers retire and swell the system it will just increase in cost. So whatever it is today will continually be more.
 








anonymous said:
It does not matter because their is an election coming and the democrats hate the pharmaceutical industry. It will all change and as more baby boomers retire and swell the system it will just increase in cost. So whatever it is today will continually be more.
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Oh, how uninformed you are. Ever heard of Hillary and Bill Clinton? They never met a fat cat whose millions they wouldn't accept for a political favor---Pharma included. THERE is an election coming and THEIR allegiance is to green bucks, period. Goodness, how stupid is the Merck sales force today?

But what do you well-paid slackers care about Americans who work for little and don't have Rx plans and minor co-pays? Answer: You don't give a crap, period.
 




anonymous said:
Oh, how uninformed you are. Ever heard of Hillary and Bill Clinton? They never met a fat cat whose millions they wouldn't accept for a political favor---Pharma included. THERE is an election coming and THEIR allegiance is to green bucks, period. Goodness, how stupid is the Merck sales force today?

But what do you well-paid slackers care about Americans who work for little and don't have Rx plans and minor co-pays? Answer: You don't give a crap, period.
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Tell us oh wise one. How are you caring for the Americans that work for little and don't have a Rx plan?
 




anonymous said:
Tell us oh wise one. How are you caring for the Americans that work for little and don't have a Rx plan?
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Don't change the subject. To blame Democrats for the decimation of MRK retiree health coverage is ludicrous. A President Hillary Clinton will do no harm to Big Pharma.
She's tight with Wall Street (bankers, drug makers, fossil fuel industry, insurance companies, Wal-Mart and all the rest who pad her feather bed).

You can rest easy with Clinton, but not with MRK management.
They will cut you off and move on without skipping a beat.
 




anonymous said:
Neutron Jack Welch at GE? He's been retired for about a decade, so it's not likely he was involved in any retiree health plan changes. His successor was/is Jeffrey Immelt, so blame him instead.
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I was trying to say that Ken studied Welsh's business model, and I am sure Welch still has involvement at GE.
 




anonymous said:
No. The Post-65 Merck retiree health plan overlaps Medicare. It doesn't supplement Medicare until you've paid $2500 out-of-pocket in a coverage year. It's an 80/20 plan, which is the same as Medicare. So, unless you're real sick (and your totals exceed >$12K in health care costs), there is no supplement. The total cost/month for the Merck "plan" is about $85 which includes Rx coverage.

A good Medicare Supplement Plan costs at least $150/month and can cover what Medicare doesn't pay. Supplement Plans do not include Rx coverage. That's a separate purchase.

There's also Medicare Advantage, which covers what Medicare doesn't, and includes an Rx plan, but many Advantage plans are state-wide or regional. If you get sick when traveling, you pay out-of-network rates.
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I am sorry to be so dense, but Merck offered a full insurance plan to Medicare-eligible retirees? Isn't Medigap cheaper, only because they know they will pick up the remainder of what Medicare does not? Since we were let go, I have no idea what insurance will look like for us. The only real model I have are my older relatives, who all have Medigap policies.

With GE, before the exchange, drug and insurance were covered in their Medigap plan. They paid about $135 each/monthly. There were Rx co-pays, which was their single biggest expense. My aunts and uncles had Medigap too, but not Rx included.

After the exchange, my parents premiums doubled and they had to buy separate Rx coverage. GE kicked in $1000 each, which covered the drug plan.

There were a host of Medigap plans to choose from, but I helped them match what they already had, even though the price doubled. The are in their mid to upper 80's, so they are having a load of different health problems. Really, the only thing that would drain them is if either one had long term care issues.
 




The health care plan for the teachers in Seneca Falls New York was also converted to a private exchange. THEY SUED THE LOCAL BOARD OF EDUCATION AND WERE ABLE TO GET THEIR BENEFITS RESTORE. Should the Merck retirees ban together and SUE Merck to get our medical benefits restored?
 




Merck is so broke they can't pay attention. I had wondered when they would stick it to us as they just did. They are circling the drain as we speak with the likes of upper mgt. as they have. They have been borrowing money to pay dividends and that is not a good sign. No telling what or how they will stick it in us in the future. All you people who are not on the medicare coverage get ready to get the shaft just as they put it to the retirees.
Be well and all that stuff.
 




anonymous said:
Don't change the subject. To blame Democrats for the decimation of MRK retiree health coverage is ludicrous. A President Hillary Clinton will do no harm to Big Pharma.
She's tight with Wall Street (bankers, drug makers, fossil fuel industry, insurance companies, Wal-Mart and all the rest who pad her feather bed).

You can rest easy with Clinton, but not with MRK management.
They will cut you off and move on without skipping a beat.
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This retiree plan change is just the beginning. Once the "Cadillac" health plan factor hits in 2018, even active employees will be turned out to the exchanges. Buckle up.
 




anonymous said:
This retiree plan change is just the beginning. Once the "Cadillac" health plan factor hits in 2018, even active employees will be turned out to the exchanges. Buckle up.
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If Obamacare can be repealed, premiums will go down when people have the opportunity to choose their own level of coverage that fits their needs. Lets hope the Dems are thrown out of office.
 




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