Chase Bank Cancels Retiree Health Plan

[azmedsupagent]

Just talked with a guy looking for help because Chase is kicking all medicare eligible retirees of the Health plan and sending everyone over to One Exchange.I just got off the phone with them and was able to extract a little information. Apparently the retirees must purchase at least a "medical" plan with one exchange in order to get the subsidy.

 

[somarco]

Is PDP considered medical?

 

[policy doctor]

This is premature right now, but don't you wonder for how many years those subsidies will last?

Somehow, I think they will have a shelf life too.

 

[socal401]

I actually spoke to someone in AZ as well that is losing their Chase coverage. They are paying a lot in premium now so a supplement will be cheaper anyway.

What is the subsidy you are referring to?

 

[policy doctor]

The contribution that employer/corporation pays towards retiree plan we call a subsidy.

 

[somarco]

This is premature right now, but don't you wonder for how many years those subsidies will last?

Somehow, I think they will have a shelf life too.

They will last a lot longer than Obamacare subsidies.

Retiree health insurance is expensive. Converting from a traditional plan to an HRA saves them a lot of money.

 

[WCMason]

They will last a lot longer than Obamacare subsidies. Retiree health insurance is expensive. Converting from a traditional plan to an HRA saves them a lot of money.

Exactly. And even though the retirees get into understandable stress about the unknown they're going into, the fact is in most cases they're going to get better coverage with a supplement than with the retiree plan they have had; an exception to that might be those whose drug coverage would be better with the retiree plan absent the coverage gap than with the part D plan that has one.

It is unfortunate that in many cases the employer is turning to an exchange rather than to the open market, but these are not people we would've gotten the opportunity to help anyway if the retiree coverage hadn't change for these people.