![]() Sample percentages as set forth in “Company Contributions to Health Benefits: Supplement to Summary Plan Description” effective Janu( see full description here).Ĭan Choosing an Alternate Retirement Date Have an Impact on My Healthcare Benefits?įor some of your Chevron retirement benefits, the retirement date you choose can have a critical impact on your financial standing. The point system takes the following factors into account: How Much of My Retirement Healthcare Premiums Are Covered by Chevron?Ĭhevron uses a point system to determine its contributions to retirees’ medical coverage. Therefore, we highly recommend that clients with HRA’s and HSA’s use the HRA funding for reimbursement before using any HSA funds. Another key difference between HRAs and HSAs is that HRA’s earn no additional interest on the funds in the account and there is a time limitation for using the HRA funds. These funds have a specific deadline for use and are not as flexible as funds in a Health Savings Account (which can be converted to an IRA after age 65 and used for general financial planning). Your OneExchange services are funded through reimbursements to a Health Retirement Account (HRA). ![]() Under this OneExchange program, you can choose from a few different coverages and many insurance companies based on your needs and preferences. It can also allow you to add Part D (prescription) coverage, and provide other enhanced benefits. ![]() However, OneExchange can replace the coverage under Medicare Part A (hospital, surgical, skilled nursing, home health) and Part B (outpatient care, diagnostic, medical supplies, ambulance services). Your primary healthcare coverage will be through Medicare. Health Coverage Options for Chevron Retirees After 65Īfter reaching Medicare eligibility at age 65, Chevron retirees and their dependents are eligible for a healthcare private exchange, OneExchange. Under this coverage, you and your spouse/domestic partner have coverage options including:Ĭoverage rates are dependent on your age and time spent serving the company. Prior to turning 65, you may continue to participate in Chevron’s group medical coverage. Health Coverage Options for Chevron Retirees Younger Than 65 And, depending on your tenure with Chevron, the company provides varying degrees of premium cost coverage. Moreover, securing the right healthcare coverage is important because maintaining your health and well-being is integral to your enjoyment of your retirement.Ĭhevron provides retirees with opportunities to secure ongoing healthcare coverage through the company. It’s important to take seriously any expense that threatens to consume more than a quarter of a million dollars from your hard-earned retirement fund. ![]() ![]() No matter how well you’ve planned and saved for retirement, $280,000 is a lot of money. If you’ve been an employee at Chevron, you have options. The average 65-year-old couple will need $280,000 to cover healthcare-related expenses in their retirement. ![]()
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