Retiree Medical Coverage Question

Joined: 29 Nov 2003 Posts: 155

According to the "Retire Benefits Overview" for 2008

"You're eligible for retiree medical through Retiree Health Access if you meet ALL of these criteria when you retire:......."

Who-What is "Retiree Health Access" and where do I find out what the coverages and rates are for this?

All it says is "Paying for Coverage"
"For information on the cost of coverage and payment options, contact Retiree Health Access" But no hints as to how.

Never heard of them. Will be 55 next year and need to plan out my options.

Joined: 28 Apr 2005 Posts: 1942

This may be the plan they are referring to:

http://www.retireehealthaccess.com/initiatives/retiree_health.asp

I couldn't find any information about rates.

Joined: 17 Nov 2003 Posts: 1051

Retrieved this from the NARSE site. In the current issue of AARP it discusses the PFFS plan, and it looks like they suck. Of course what does one expect from a company that sucks Evil or Very Mad

Did not see mention of pre-medicare retirees.

Joined: 29 Nov 2003 Posts: 155

If you continue with AARP for 2008 you will lose the Sears subsidy. AARP will not be part of the RHA platform for 2008 and the Sears subsidy will only apply to plans that are part of the 2008 RHA platform-Aetna.

Any one know what the "SEARS SUBSIDY" involves? Someone must have gotten a copy of this by now.

Joined: 06 Jul 2003 Posts: 705

I thought it was ZERO!

Joined: 17 Nov 2003 Posts: 1051

Joined: 17 Nov 2003 Posts: 1051

Read it and weep Mad

http://www.medicalnewstoday.com/articles/31144.php

Joined: 19 Oct 2003 Posts: 2782

Just another S-Hole sucks and screws it associates, ONE more reason I left and told them to kiss my ass.

Thank God my wife works for the state and I am "Grandfathered" under her insurance and my insurance at retirement is carried through the STATE....They have already made some changes for new state employees but since she started in 1991 I'm covered and locked in! Oh......And she's UNION! Razz

Joined: 15 Oct 2007 Posts: 4

I can answer the question about the rates...I retired @ 59 1/2 w/ 34 years...my wife and I are now paying $1400.00 per month for the Sears plan....It hurts...but not as much as if I'd stayed I believe. Good Luck to you "Future retirees"

Joined: 06 Jul 2003 Posts: 705

Paying for COBRA Coverage {from Hewitt site-must sign in

Sears Holdings

Plan Information

Overview

Health, Insurance...

Benefits Overview > Health and Group Benefits > When Coverage Ends > COBRA

If you or your covered dependents elect COBRA coverage, you or they are required to pay monthly premiums for that coverage.

The Sears Holdings Health and Group Benefits Center must receive the first premium payment within 45 days of the date COBRA coverage is elected. Otherwise, your coverage won't take effect, and any health plan claims that you've submitted will be denied.

Your first monthly premium payment is likely to be higher than subsequent payments because it's for more than one month of coverage, retroactive to the date you lost coverage.

After that, payments are due on the 1st of each month. A 30-day grace

period applies. For example, the June payment is due June 1 but will be accepted if it's postmarked by June 30.

You or your dependents are responsible for paying the full cost of the elected coverage (the total that you and the company were paying for your coverage), plus a 2% administration fee, as allowed by law.

If you or one of your dependents is disabled while covered under COBRA, you pay:

*
102% of the COBRA premium for the first 18 months of coverage
*
102% of the premium for month 19 and beyond

Costs vary, depending on the coverage elected and the number of dependents covered. When you or your dependents become eligible for COBRA, you'll be notified what the monthly premium will be. The cost for coverage may change at the beginning of a new plan year.

Note: Your eligibility for coverage is not updated with your insurance carrier until after payment for your current balance is received by the Sears Holdings Health and Group Benefits Center.

http://www.retail-worker.com/forum/viewtopic.php?sid=9f3dc582d90d4d1a0aa030da84bcd780&p=69647#69647

Quote:
What is the cost of retiree medical? How does it compare to COBRA?
The cost for COBRA continuation benefits and retiree medical benefits in 2007 is shown below. The
costs generally increase each year. The costs and plan designs for 2008 have not yet been finalized.
Once they are finalized, they will be posted on www.88sears.com (approximately November).
2007 Monthly Retire Contribution Amounts
Retiree Only Retiree +
Spouse
Retiree +
Family
COBRA Medical Options*
Select PPO $355 $780 $1,001
Basic PPO $302 $664 $ 852
High Deductible Health Plan $279 $614 $ 786
HMOs (same as available to active associates) Rates vary by plan.
Pre-65 Retiree Medical Options** Retiree Only Retiree + 1 Retiree + 2
Select PPO $650 $1,297 $1,614
Basic PPO $542 $1,085 $1,356
High Deductible Health Plan $550 $1,087 $1,352
Post-65 Retiree Medical Options*
Prescription Drug Plan
Medicare Advantage HMO plans*
Medicare Supplement plans
Rates vary by plan and state.
* COBRA benefits are available for the first 18 months after termination of employment.
** A small number of HMO options are available in limited areas.
47. What percentage of Pension Plan assets are invested in the stock market?
Approximately 50% of the Plan assets of the Sears Pension Plan and Kmart Pension Plan are invested
in the equity markets. The remaining percent is primarily invested in fixed income securities such as
corporate bonds.

How can 102% of cost or COBRA be $295 less than PPO?[/i][/b]

Joined: 06 Jul 2003 Posts: 705

New link on 102% cost.

http://www.88sears.com/benefits/retirement.htm

Can one go COBRA and then retiree covrge till 65???

"Coverage is available for you or you and your covered dependents.

If eligible, shortly after your retirement, you will receive a packet of information and enrollment instructions. You may elect coverage or elect to suspend coverage, but you must do so within 60 days or you will have waived your COBRA rights and your eligibility for retiree medical will be forfeited. For more information on COBRA, refer to the section below entitled “COBRA Continuation Coverage”.

If you elect coverage within 60 days, coverage generally begins on the day after your coverage as an active associate ends, provided your premiums are received in a timely manner.

You may elect to suspend your retiree medical coverage within the 60-day election period, or at any time after you elect coverage. Once you suspend your retiree medical coverage, you may begin or resume retiree medical coverage only if you:

* were continuously covered by another medical plan;
* are no longer eligible for your other coverage (other than for non-payment); and
* contact the Sears Holdings Retiree Service Center within 60 days of losing eligibility for your other coverage."

Joined: 06 Jul 2003 Posts: 705

Does this mean yes in 2008 and no in 2007?

# For 2007, if you are a Sears associate, and you want to elect retiree medical coverage, then you should waive your right to continue medical benefits under COBRA. You can elect to continue dental and/or your health care spending account under COBRA.
# For 2008, if you are eligible for retiree medical, you may elect COBRA during the first 18 months. You will be considered suspended from retiree medical until your COBRA benefits terminate.

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