Retiree Insurance

FunHRBanker

[font size="1" color="#FF0000"]LAST EDITED ON 03-28-07 AT 01:18PM (CST)[/font][br][br]Do any of you offer retiree insurance benefits? We currently pay $125/mo. for retired employees for medical insurance (if their spouse is on the plan, they pay the full amount) and 50% of the retiree life insurance premium. We do offer dental, but the retiree pays the full premium. Even the supplemental plan with a $750 deductible ($1500 for family) runs about $750/month for a couple even with our contributions. Granted, it is a very rich plan, which people tend to forget, and includes excellent prescription drug coverage. What type of things do you offer?

Dutch2

Guess we are more in line with the image of the "Blood Sucking Bankers" as we dropped all retiree benefits several years back. When our Board realized how much this coveage increased our overall benefit cost, our retiree benefits went by the way side.

FunHRBanker

I think many business are going this route. I see where the ex-employees are coming from, but they don't see where we as the employer are coming from. More and more aren't taking our supplement and finding other, less expensive coverage.

davids

As a public employer in Oregon, we are required by statutue to allow retirees to remain on our employee health insurance. However, we are not required to contribute towards retiree premiums.

We do, however, take the value of 25% of the employees' sick leave balances at retirement and contribute that money towards premiums. For many employees, depending on the salary at retirement, this can result in anywhere from 3 to 24 months of fully paid coverage.

This plan has the added benefit of providing incentive for employees to not use their sick leave frivolously.

drehil

We offer retiree insurance both Health and Life. We pay 75% of the premiums on Health and full premiums on Life. We have only had 7 employees retire, ever!! So the cost is not a factor right now, but who knows in the future.