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Verizon Retiree Health

If you are beginning the process of planning for your retirement, there are steps to take now to ensure your healthcare coverage continues after you retire. The most important step is to learn about the types and costs of retiree coverage available. Once you have set your retirement date, call the Verizon Benefits Center to learn more.

In this article, we will examine what you can expect regarding your Verizon healthcare coverage and your coverage options after you retire from Verizon.

Verizon Retiree Healthcare Coverage Benefits

Your Verizon coverage benefits include Medical (the prescription plan), Dental, and Vision. When any Verizon-covered benefits are ending, and Cobra benefits are offered, you will receive a letter from the plan notifying you of any changes.

When you first retire, you can keep the Vision Plan through Cobra for up to 18 months. The cost is minimal, around $8 per individual on a family plan or $4 for a single individual. When Cobra expires after 18 months, the retiree will no longer have vision coverage.

Vision Plan After Cobra

Value Advantage (VA) Program
Call the program to prepay at a lower rate. With the Value Advantage program, you receive a discount on glasses/vision services. You will receive a voucher to bring to your doctor.

Retiree Healthcare Benefits for Your Spouse and Dependent Children

When you retire, your spouse and dependent children will retain the same Medical and prescription coverage they had when you were employed.

Dependent children are covered up to age 26 and are dropped from coverage the first month after turning 26. For coverage up to age 25, your child must be a full-time student studying for an undergraduate or graduate degree. If your dependent is no longer a full-time student, they lose dental coverage. To retain your childs insurance coverage, you must provide Verizon with a transcript. If your child is not a full-time student, they will lose coverage at 19.

Premium Increases for pre-Medicare Retirees in 2023
If you are under 65 years of age, and not covered by Medicare, you may be subject to premium increases. The size of the increase depends upon your current healthcare coverage.

Premium increases that retirees are experiencing this year include the following.

Blue Cross Blue Shield Anthem Plan
Premiums for this plan are unchanged for 2023 as per the negotiated contract. Ninety percent of Verizon employees are currently covered by the Blue Cross Blue Shield Anthem Plan.

The plan has an anytime enrollment option with a 30+1 contingency. There is a 30-day waiting period before the plan becomes active on the first day of the month after the 30-day waiting period. The plan price is fixed until 2027 at:

  • $44.19/month for individual retirees
  • $75.76 for retirees and one or more individuals (spouse and dependent children)

Managed Care Network Plan
The maximum out-of-pocket deductible is $1,550 per year. This includes a 90/10 deductible for in- network visits. 90 + 10 coverage means the plan covers 90% of your health care costs, with 10% coverage being the retirees responsibility up to the maximum of $1,550 annually.

NEPPO Plan
This plan’s coverage is identical to the Managed Care Network Plan. However, the deductible is higher, and the out-of-pocket limit is also higher.

HMO/ETO Plan
The monthly premium for this plan has nearly doubled this year. However, dental coverage remains the same.

Medicare Advantage Plan
Premiums for the Medicare Advantage Plan remain the same for 2023. You will only pay out-of-pocket for Medicare Part B. Retirees and their spouses each get reimbursed $29.90 monthly. Reimbursement comes as either a monthly check or direct deposit. A living spouse/dependent can only pick up this plan if they are on it before the retiree dies. If you choose to change your plan, you can only stay in the plan you switch to. You cannot switch back.

Spousal and Dependent Coverage Upon the Death of the Retiree

The company will only pay for medical coverage for 12 months upon the retirees death. As the 12-month deadline approaches, Verizon will send a letter to the spouse/dependent to notify them that their coverage is ending, and it is time to start paying for coverage under the spousal benefit. Premiums for coverage are $1,000 per month for pre-Medicare plans and $211 monthly for the Medicare Advantage Plan.

Dental coverage terminates at the end of the month the retiree passes away. The living spouse or dependent then has the option to enroll in Cobra to keep coverage for up to 3 years at $33 per month.

Medicare: When and How to Apply

If you receive Social Security benefits, you will automatically be enrolled in Medicare three months before your 65th birthday. If you have not yet started receiving Social Security, contact the Social Security office to sign up for Medicare Parts A&B.

  • Medicare Part A is free and includes hospital visits.
  • Medicare Part B is available for a $164.90 per month premium.

The Medicare Advantage Plan is offered through United Healthcare. The plan covers 80% of all medical expenses. Verizon covers the next 10% and the retiree must cover the remaining 10% once the out-of- pocket maximum is reached.

At Hapanowicz & Associates, we recognize that you and your family’s healthcare benefits are an essential component of your retirement plan. If you are considering retirement and are unsure of your healthcare benefits post-retirement, contact the Verizon Benefits Center when you have set your retirement date. They can fill you in on your post-retirement options and the costs for you, your spouse, and any dependent children. Take advantage of and leverage H&A’s guidance to assist you in a successful outcome on your calls to the Benefits Center.

NOTE: As of this writing, these rates are accurate. Of course, rates may change from time to time. If you have any questions or concerns, please reach out to us.

Neither Hapanowicz & Associates, Hapanowicz & Associates Wealth Management nor LPL Financial are affiliated nor endorsed by Verizon Communications Inc., Verizon Wireless, or any other subsidiary of Verizon. Neither Hapanowicz & Associates, Hapanowicz & Associates Wealth Management nor LPL Financial are affiliated with any of the other entities referenced on this website. This should not be construed as an endorsement of a particular firm by any CWA-Local including 13000/13500 as well as any IBEW-Local. 

Sources: Verizon Savings Plan for Management Employees; Mid-Atlantic Plan SPD; SPD for the Survivor Benefits Program for Mid-Atlantic Associates. All sources as of 3.3.21.

This material is for general information only and is not intended to provide specific Tax or Financial advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. 

At Hapanowicz & Associates, we recognize that you and your family’s healthcare benefits are an essential component of your retirement plan. If you are considering retirement and are unsure of your healthcare benefits post-retirement, contact the Verizon Benefits Center when you have set your retirement date. They can fill you in on your post-retirement options and the costs for you, your spouse, and any dependent children. Take advantage of and leverage H&A’s guidance to assist you in a successful outcome on your calls to the Benefits Center.

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Talk with an advisor.

Engage with a qualified partner for financial guidance built on loyalty, empathy, and integrity.