TForce | upsf health insurance
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imported_Silverhawk1
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DJ the $1000 you are talking about is a maximum out of pocket expense which is in the option 2 coverage. Our current maximum out of pocket expense is $1500 which would be the option 3 coverage. you are correct the option 2 is better coverage but it comes with a bigger price tag as well.deejay said:
Voting in the union doesn't necessarily mean that healthcare will be "FREE". when you vote for union representation. the union negotiates those benefits into your contract. Union contracts are slowly putting in employee co-pays into there contracts now because of the escalating cost of healthcare. A lot of companies cant afford to do it for "FREE" anymore.
BusterNite
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This does not sound like any of the health plans upsf has.deejay said:
Silverhawk1 said:
Silverhawk1,
With the astronimcal rise in health care costs, I doubt if any of us will have free medical in the near future. However, with a union negotiated plan, the employer contributes to the health, welfare, and pension based on your weekly hours worked up to 40 hours. While I may have a $10 copay at doctor's offices, I still pay nothing for dental or vision coverage, and I don't have weekly deductions taken from my pay in order to participate in the healthcare plans.
Realistically, our healthcare is not free, it just easier to say that. We pay for it, its just part of our pay package. Included in our wages. We get paid an hourly wage, that pays into our health and wealthfare fund. As well as we get paid hourly into our pension. Both are around $5.50hr give or take a couple cents. Obviously, thats on top of our reg. pay.
imported_Silverhawk1
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Getting "MORE" for "LESS"
I am getting the similar coverage as we have currently. Blue Cross Blue Shield. Dental, Vision,Long term disability.The coverage for the medical has improved. Dental coverage looks similar, the vision has improved. "PLUS" I have added more life insurance to me and the wife and kids, and I have added AD&D for me which I don't have currently. I have added legal as well. I am getting all of this at half of the cost that I am currently paying. $30 back in my back pocket each week. I am thinking about taking that money and upping my 401k another couple of a percent which will increase my UPS stock match as well.... isn't life grand.
Hey SkeeterSkeeter said:
I am getting the similar coverage as we have currently. Blue Cross Blue Shield. Dental, Vision,Long term disability.The coverage for the medical has improved. Dental coverage looks similar, the vision has improved. "PLUS" I have added more life insurance to me and the wife and kids, and I have added AD&D for me which I don't have currently. I have added legal as well. I am getting all of this at half of the cost that I am currently paying. $30 back in my back pocket each week. I am thinking about taking that money and upping my 401k another couple of a percent which will increase my UPS stock match as well.... isn't life grand.
your right, you should max out your 401k, unless the match is done in company stock and not cash. That is not what a 401k was designed for. The match should be in cash so you can invest in diversified funds not one particular stock (ups). I can see it now, they match all with company stock and when you go to retire when you are 67 ( if you don't go union) the package division will go on strike, the stock will tank, and there goes your 401k. Does the company enron, northrop sound familiar. just my opinion.
i understand about union contracts. The 1000 dollar DEDUCTIBLE is not something my dad has now. He will have to pay the first 1000 dollars per person on services performed. Then coverage is 100%. Maybe yours is different where you are at. Also if I were you I would save that extra money in case you need prescriptions. Now they are only going to pay a percentage of the cost of drugs. 75 or 80 Do you know some drugs cost upwards of 50 a pill. I am sure there are some even more than that. So realistically you could go get a prescriptino and could cost you 200 for a bottle of medicine. well enough from me.Silverhawk1 said:
d.j.
imported_Silverhawk1
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I believe that you are aloud to sell your stock and move the proceeds (cash) to the fund of your choice. which would be the same...deejay said:
You can draw from your 401k when you are age 59 1/2 without paying a penalty.
I drew out of my 401 when I truned 60.
Man do they wack you with taxes.
20% required for federal off the top of what you draw out,than you can either pay your state taxes when you take the draw with the federal,or you can wait till you file at tax time and make payments on the state tax with the help of your tax preparer.
Yup I always say its a free country we live in as long as you pay you fair share of taxes.
May the Lord direct your path it works for me.
Man do they wack you with taxes.
20% required for federal off the top of what you draw out,than you can either pay your state taxes when you take the draw with the federal,or you can wait till you file at tax time and make payments on the state tax with the help of your tax preparer.
Yup I always say its a free country we live in as long as you pay you fair share of taxes.
May the Lord direct your path it works for me.
imported_Silverhawk1
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Yep and if you do it before you are 59 1/2 then you can tack on another 15% penalty which you have to pay at tax time. You can NOT pay the penalty with 401k funds.Apostolic said:
steve5 said:
It's best to max out your before tax contrubutions first. then if you want to add more, you can add after tax. One good benefit of after tax contributions is if you need to take out money there are no penalties and only taxes if you made a profit and take more than your contribution total.