Wednesday, August 07, 2013

Layoffs | A tip about retiree medical coverage

In an e-mail, a reader asked me to post the following for the benefit of older folks recently laid off. I've changed a few details at their request to help keep them anonymous.

Hi, Jim.

When I got laid off years ago, Gannett did not inform me that I was entitled to join the retiree medical plan. (I found out by accident and it was a months-long billing ordeal to get it switched over from COBRA.)

They will tell you only how much it would cost you if you ask. I think age and possibly years of service need to reach a certain point to qualify for it, as opposed to the cost for COBRA.

COBRA, however, runs out after 18 months; the retiree plan covers your medical until age 65. It doesn't cover dental or vision, though, so they would need COBRA for the 18 months that they can get it.

I live in the East, but I presume it applies to everyone in Gannett. I also was never able to get any literature about the plan -- to this day.

The only hint that Gannett offered was after I had signed up for COBRA, when a little asterisked note appeared on the bottom of the Web page about my health benefits that I had "opted out" of the retiree plan.

Related: the U.S. Labor Department's FAQ on COBRA.

6 comments:

  1. This comment has been removed by a blog administrator.

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  3. How can you know about something that you have never heard about?

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  4. retiree medical is VERY expensive! i'm paying over $1200 Per month for me and spouse. only a few more months to hit 65 and then only have to pay for spouse with i think will be about $900 per month.
    coverage is same as employee plan.

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  5. When my Ad Operations department job was eliminated in October 2010, I WAS TOLD by my newspaper sites' HR manager that I qualified for the Gannett Retiree health insurance.

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  6. I've looked into the retiree plan as opposed to COBRA and the cost for the retiree plan is DOUBLE COBRA! How is this?

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