BEWARE of the UPS retiree health plan for part timers!!!

Discussion in 'UPS Retirement Topics' started by tardus, Jun 7, 2012.

  1. tardus

    tardus New Member

    I have to give everyone a heads up on the deplorable UPS health insurance for part-timer retirees. I have finally given up on the UPS retiree heath plan, which has vastly inferior benefits to the plan I had while employed by UPS, and switched to a private plan through the Assurant company. According to UPS, the retiree plan is exempt from the heath insurance reform laws because these laws only affect plans that have two or more employees. According to UPS, because everyone in this plan is retired, there are no employees in the plan (just a whole heck of a lot of former employees). This matters because the health reform laws do not allow a insurance plan with two or more employees to have an annual maximum limit on benefit coverage. Unlike the plan for current employees, the UPS retiree health plan caps at $150,000 annual benefit (in spite of the fact that the Aetna benefit center that administers the plan assured me that there was no annual cap). If you are in a serious accident, you could max out on the $150,000 annual limit on health coverage real fast and it could wipe out all of your savings. The UPS retiree plan does not even pay for routine annual physicals, and I was told that the premiums would be raised to $400/month in July for this pitiful plan. (Can you imagine paying $4,800/year for fire insurance to insure a $150,000 house?) The long and the short of it is that, if you are like me, a part-time employee who counted on the UPS insurance benefit in retirement, you are going to be seriously disappointed! BEWARE and read the fine print of your UPS retiree health plan policy!!
     
  2. brownmonster

    brownmonster Man of Great Wisdom

    Is this the same UPS that in 1997 said we will take over H&W and Pension. Trust us.
     
  3. happyboy

    happyboy Member

    It would be smart not to count on UPS for anything! we should all have a plan B and maybe a plan C.
     
  4. tardus

    tardus New Member

    The unfortunate thing is that I stayed at UPS until age 55 in order to be eligible for the part-time retiree health care benefit. That's why I would like for everyone to be forewarned that the UPS retiree health care plan for part-timers is a pitiful plan. You cannot even buy a plan this pitiful on the open market today, because the new federal regulations on health care plans mandate that annual limits on benefits be phased out. I am certain that UPS is charging much more for this plan that it costs them. And get this, my plan contained a notice that under the Early Retiree Reinsurance Program "the Federal government reimburses the plan sponsor [UPS] for some of the costs of health care benefits ... Under the Early Retiree Reinsurance Program, UPS will use the Early Retiree Reinsurance Program reimbursements to reduce or offset increases in its own costs for maintaining your health benefits coverage..." In other words, UPS is even getting Federal dollars to subsidize this plan, which is costing UPS less that it receives in premiums! What a scam!
     
  5. klein

    klein Für Meno :)

    The US healthcare system is screwed up anyways.
    UPS is now paying about $2000 per month for the average UPS driver with family.
    That will increase to $4000 by 2020, and double that to $8000 before the year 2030 hits, and $16.000 by 2035. (PER MONTH) !!!!
    Unless something is done to stop this madness !
     
  6. moreluck

    moreluck golden ticket member

    Are you saying that's where it's headed under the present Obamcare??
     
  7. klein

    klein Für Meno :)

    No, you just got handed another 10% increase by your private insurance companies, - have you forgotten that ?
    Every year your insurance companies raise rates up to 10%.

    Live with it !
    That's what you like !

    Seems your governments can control the costs of Police officers, Fire fighters and teachers - the way you love it !
    But, when it come to healthcare costs - no damn way !
    Leave it up to the private sector to decide the costs !
     
  8. moreluck

    moreluck golden ticket member

    When I used to pay for my own ins. I was the one who kept telling you it went up drastically every 6 months since I got it in 2000. I lived it and now you're trying to tell me it goes up.......a little late to the party, huh?
     
  9. klein

    klein Für Meno :)

    And you still kept votin g against healthcare reform - so blame yourself !
    Now your voting for less medicare and higher premiums, just so those earning over $1 Million a year can enjoy lower tax rates than the middle class.

    Good going girl !