[quote=flyer]It’s true that health insurance costs are only predicted to get higher over time as demand increases. It’s estimated that the average couple will need to budget around $240K for healthcare costs alone during retirement (65+) even when they are on Medicare–due to rising premiums and supplemental insurance needs–not to mention the huge costs for healthcare they could incur from age 55-65 should they be unemployed, etc.
Although I’m not yet retired, our pilot’s union negotiated hard for pensions and health insurance for retirees in my age group. Younger pilots are facing an entirely different scenario, so retirement planning on all fronts is definitely a must if you want to enjoy that period of your life.[/quote]Yes, flyer, hurray for your strong pilot’s union (at the time you “retired” or took deferred retirement). Our unions negotiated hard (and rec’d) monthly health insurance reimbursements (HIRs) for us (for those who retired in my “tier”). They range from about $200 to $400 month, depending on years of service. Our Ret Assn pays $393.50 month to a Medicare recipient to assist with their part B and D coverage (or a MC Advantage Plan). HOWEVER, our union did NOT negotiate good prices for the 3 healthplans our retirement assn offers us, forcing the vast majority of us to obtain coverage elsewhere. A UHS Nationwide PPO similar to the one you have would cost me ~$2200 month, and the premium goes up every year! That is ridiculous and I doubt even a handful of retirees in the system have even signed up for it. Those who “retired” after 3/31/02 are not eligible for HIRs. For a few years, the newer tier of retirees were paid a fraction of our HIRs as an “allowance” to use for health premiums (I think around $75 to $115 mo) which were never guaranteed. I believe these allowances have now been discontinued. I could get a Kaiser plan for just under $800 month from my assn but I don’t want it.
flyer, you are fortunate to have gotten the health benefits you did upon “retirement.” Otherwise, you probably wouldn’t have been able to “retire” when you did (or at least “retire” with the same level of security you have today).
