Teamcare for retirees...250k yearly limit

[form1000]

I'm getting ready to hang it up and just getting my exit plans in order. I'm eligible for now Teamcare in retirement. On the surface Teamcare looks great, except mine has a 250k a year limit. That's obviously not enough if dealing with a serious illness or long hospital stay. Has anyone found a secondary policy to go with Teamcare?

 

[BrownFlush]

Do a 100K yearly limit.

 

[form1000]

Dang! I was hoping someone had found a secondary policy. Is everyone just using Teamcare ?

 

[oldngray]

Dang! I was hoping someone had found a secondary policy. Is everyone just using Teamcare ?

Nope. Most probably do but depends on the local. I don't have Teamcare but my UPS/Aetna plan is pretty similar. Most retiree plans do have yearly and lifetime limits but the amounts vary. The no limit changes from Obamacare don't apply to retiree plans. I never looked at a secondary plan. I think I will be OK until I am switched to Medicare.

 

[form1000]

I've spoke with a local insurance broker about secondary insurance. There is none available because health insurance plans are banned from having annual limits. The teamsters some how got the retirement plan grandfathered in. I understand they did this to make premiums more affordable, but the annual limits could end up being a financial disaster for something major. This broker said he could have a secondary policy underwritten by a insurance company if there was enough people interested in it. So my question is there anyone else wanting extended protection? The more people the lower the premium would be. I would like some feed back. Thanks

 

[rod]

I've spoke with a local insurance broker about secondary insurance. There is none available because health insurance plans are banned from having annual limits. The teamsters some how got the retirement plan grandfathered in. I understand they did this to make premiums more affordable, but the annual limits could end up being a financial disaster for something major. This broker said he could have a secondary policy underwritten by a insurance company if there was enough people interested in it. So my question is there anyone else wanting extended protection? The more people the lower the premium would be. I would like some feed back. Thanks

It won't happen. UPS people are some of the tightest people on Earth. I once tried to collect 2 bucks apiece from the guys to buy a nice radio to listen to while we ( yes we--drivers sorted back then) in the mornings. Couldn't even do that.

 

[Jones]

Look into long term care insurance.

 

[form1000]

I believe long term care would be for nursing homes.

 

[Jones]

I believe long term care would be for nursing homes.

Also covers lengthy hospital stays, home health care, basically a lot of the things that would lead to going over your 250k/year cap.

 

[form1000]

We have a retired driver who recently had to have a cancerous brain tumor taken out. He spent time in ICU after surgery. He's home now but already has had a second procedure done with a couple more nights in the hospital. He's got a long fight ahead of him. It really stinks that he most likely has used all if not more than his yearly max. A person with a critical illness should not worry medical bills.

 

[Wally]

Local 177 and Western doesn't have that low of a limit. We're around $1 million.

Weak locals should improve on Teamcare as they did.

 

[form1000]

Problem here is most retirees don't realize there is a yearly cap.

 

[rod]

Look into long term care insurance.

Just don't be surprised at the high cost.

 

[quad decade guy]

We have a retired driver who recently had to have a cancerous brain tumor taken out. He spent time in ICU after surgery. He's home now but already has had a second procedure done with a couple more nights in the hospital. He's got a long fight ahead of him. It really stinks that he most likely has used all if not more than his yearly max. A person with a critical illness should not worry medical bills.

Ok. Who should? I've been told by folks on BC that he should have planned for all this.....have millions saved up for just this scenario. Yes, you can make that $2 a week thrift plan go a long ways....

 

[Wally]

Ok. Who should? I've been told by folks on BC that he should have planned for all this.....have millions saved up for just this scenario. Yes, you can make that $2 a week thrift plan go a long ways....

No, the Teamsters should get their administrative heads out of their and fix the problem. The cap need to be raised.

How can the 177 and Western fix that problem but not Teamcare?

 

[DELACROIX]

No, the Teamsters should get their administrative heads out of their * and fix the problem. The cap need to be raised.

How can the 177 and Western fix that problem but not Teamcare?

Teamcare nationwide gets roughly 500 dollars a week for each active full time Union member, 350 dollars a week for each part time Union member. As of now they have are running a surplus, they could improve benefits or raise it's cap for retirees to that 1 million cap, they simply do not want to and are not required to by law. They want you to apply for Medicare if your medical costs exceed the 250,000 annual limit, that is why particularly in the Central and Southern they are forcing most of us to retire after age 65, the company wins because Central States will be forced to pay any vesting time prior to 2008. Also at age 65 you are automatically placed on Medicare if you are decide to retire, Teamcare wins.

The failure of any negotiated improvements over apparent shortcomings involved with our retiree's medical care clearly indicates that both parties really place retiree's at the bottom of list of their concerns. If monies were somehow negotiated into a separate plan only for retiree's they could have a better chance of improvements,. or even supplemental coverages even if they do select or are forced into the medicare plan.

I believe that most of the Western Conference are under the Teamcare Health and Welfare coverage, why the Central and Southern retirees have a 250,000 annual cap and the Western retirees have a 1,000,000 annual cap is anybodies guess? Maybe politics has to do with it....

 

[Wally]

Teamcare nationwide gets roughly 500 dollars a week for each active full time Union member, 350 dollars a week for each part time Union member. As of now they have are running a surplus, they could improve benefits or raise it's cap for retirees to that 1 million cap, they simply do not want to and are not required to by law. They want you to apply for Medicare if your medical costs exceed the 250,000 annual limit, that is why particularly in the Central and Southern they are forcing most of us to retire after age 65, the company wins because Central States will be forced to pay any vesting time prior to 2008. Also at age 65 you are automatically placed on Medicare if you are decide to retire, Teamcare wins.

The failure of any negotiated improvements over apparent shortcomings involved with our retiree's medical care clearly indicates that both parties really place retiree's at the bottom of list of their concerns. If monies were somehow negotiated into a separate plan only for retiree's they could have a better chance of improvements,. or even supplemental coverages even if they do select or are forced into the medicare plan.

I believe that most of the Western Conference are under the Teamcare Health and Welfare coverage, why the Central and Southern retirees have a 250,000 annual cap and the Western retirees have a 1,000,000 annual cap is anybodies guess? Maybe politics has to do with it....

When we switched over plans, that cap was a major issue here in the 177. It was one of the reasons we voted no and got more funding for the higher cap.

 

[Jones]

There shouldn't be any cap at all. The whole point of paying for insurance is that if you get sick the insurance covers the costs.