Health insurance lump sum contribution

Discussion in 'FedEx Discussions' started by clutternutter, Oct 26, 2018.

  1. clutternutter

    clutternutter New Member

    Both Fred's Myth (just got that btw!) and Oldfart mentioned a retirement lump sum insurance "bridge" contribution. I have been a courier for 20 years and this is the first I have seen or heard of this. A fellow courier at my station confirmed it. Is this in writing somewhere and is there a formula to figure out how much it would be? Thanks in advance!
     
  2. Fred's Myth

    Fred's Myth Nonhyphenated American

    Based on age and years of service (there's a required minimum) as well as your age at retirement. It replaces the monthly subsidy, and can only be used for premiums. Contact Personnel for $ amount, it's a sliding scale.
     
  3. Oldfart

    Oldfart Well-Known Member

    The chart and all the info is on the Retirement.fedex.com website. Look at the Retiree Insurance page. I am thinking you must have 10 years but I could be wrong. This money is for you and your spouse so the amounts on the chart can be doubled if you are married. I am looking at the chart now.

    55 or less is 39,000
    56 37,000
    57 35,000
    60 27,000
    65 11,000

    You lose between 2k and 3k for each year that I didn't list.
    Sounds like a good amount of money but with retiree insurance costing between 2k and 2300 a month, it will only last 24 to 28 months.

    It can only be used for premiums but it can't be used to pay premiums if a person gets insurance at another job or jumps on their spouses insurance IF those premiums are PRETAX, which most are these days.
     
  4. clutternutter

    clutternutter New Member

    Thanks guys! Just to be clear, does eligible spouse include non FedEx employees as well? If appears to say that, but while eligible retiree is strictly defined, eligible spouse not so much. Seems pretty generous from a tightfisted company.
     
  5. Oldfart

    Oldfart Well-Known Member

    You need to read the guidelines. I know it is non Fedex spouses. There are some different insurance rules when both people work at Fedex.