Cost of Retiree Health Ins. Central States

Discussion in 'UPS Retirement Topics' started by Vette51, Mar 12, 2012.

  1. Vette51

    Vette51 New Member

    I have a question an get different answers from anyone i call or ask. I know very few retiree's so i am asking here for those who have experience or knowledge..central states an ups-teamsters fulltime pension plan.....For instance at 57 years old with 39 years of combined years, 16 part time an 23 fulltime i would like to retiree an do something else part-time or just relax and fish. I looked at retiree ins an came up with 388 x 2 if married. is this correct ? not sure i can retire until 44 years if thats the case.
     
    Last edited: Mar 12, 2012
  2. rod

    rod retired and happy

    As far as I know each local in Central States was in charge of their own destiny when it came to health ins. Some retirees in CS pay way more than others because their particular Local didn't make the best investments in health care. I was lucky to belong to a local that looked out for the troops so I pay $150 a month which covers both my wife and me. When I first retired it was $50 a month. That is just for Health and 9 dollar co-pay on prescriptions. No dental or eye provided. I know other retirees who pay waaaaaaaaaaaay more than that. Health insurance (or lack of) is what keeps 99% of people working longer than they want to. Sucks! With 39 years in I'm surprised you haven't checked into this before and are so shocked now.
     
  3. hembone

    hembone New Member

    I retired Feb. 2011 in the UPS/IBT Plan and insurance is $400.00 a month for my wife and I. This doesn't include vision and dental.
    Hope this helps.
     
  4. InsideUPS

    InsideUPS Active Member

    Although I mentioned this in another thread, each Local Union has their own co-pay for retiree health insurance. A good BA will "shop" insurance rates for his/her members in order to get the lowest rates. Because of the high potential for insurance "kick backs"..I strongly urge the members to become involved and ask questions of their Local. Ask questions such as "Have you bid our insurance plan to other providers lately?......etc.. ask your fellow members to do the same. You should get the name of the companies that the Local sent bids to. FWIW....our Local co-pay for retiree health coverage is currently $250 (single as well as married).
     
  5. Inthegame

    Inthegame Well-Known Member

    Contact the plan administrator for a copy of your SPD (Summary Plan Description) and ask for the retiree rates. You should have been receiving this information yearly. A big reason retiree subsidized rates have increased is the large number of 57 year olds that want to go fishing rather than work until they're 60. Not criticizing you, just pointing out pressures on these funds. Remember most of these plans originally were set up to "help" retirees out for a couple years before Medicare, not provide the many years the early out pensions allow.
     
  6. Inthegame

    Inthegame Well-Known Member

    Unless that "good BA" is empowered by the bylaws of their respective local to be the Principal Officer, they'll have little to do with securing or shopping for rates. That's a reckless statement regarding insurance kick-backs which would be both illegal to offer or accept. Members should get involved and ask questions, however the local doesn't send bids out but rather receives bids usually every few years as insurance contracts last for a multi year term.
     
  7. downtime8763

    downtime8763 Member

    Retired March1st 2011 with 36yrs and 360 days, 4 part time 32+ full time.My insurance is $200 a mo each for my wife and myself.This includes eye,dental,prescription $10 copay. I'm in the UPS/IBT and signed up for the new company insurance when it was offered a few yrs ago as it is the same as ft except for copay and the $400 a mo.I contacted UPS in Atlanta to get paper work as the personal lady in Cincinnati DIDN'T have time.It took me 3 mo. to get it all basically on my own,but you learn a lot and personal in Atlanta are great.Just make sure you keep on it and leave a paper/phone trail and good luck!!!
     
  8. raceanoncr

    raceanoncr Well-Known Member

    ^^^^

    Same here. In UPS pension...signed up about a year before in their insurance plan...now pay $200 apiece for me and spouse...same coverage as when working...dental, vision, the works.