New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Consolidated Edison Employees: Navigating the Essentials of Medicare Advantage Plans for Your Retirement Health Needs

Healthcare Provider Update: Healthcare Provider for Consolidated Edison: Consolidated Edison (Con Edison) primarily utilizes Empire BlueCross BlueShield as its healthcare provider for employee health insurance plans. This offers a range of services including medical, pharmaceutical, and behavioral health benefits for its employees and their families. Potential Healthcare Cost Increases for Consolidated Edison in 2026: As the healthcare landscape changes, Consolidated Edison faces potential challenges with rising health insurance premiums expected in 2026. Experts predict that without the continuation of enhanced federal subsidies, individuals enrolled in ACA marketplace plans may see premium increases exceeding 75%. This surge is driven by escalating medical costs, including hospital and drug prices, which are increasing faster than overall inflation. With major insurers seeking double-digit rate hikes and a significant number of enrollees expected to face higher out-of-pocket costs, Consolidated Edison employees may need to prepare for heightened financial pressures related to their healthcare coverage in the upcoming year. Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Consolidated Edison employees who are ready to sign up for Medicare. Medicare Advantage plans are offered by private insurers in conjunction with the Medicare program and can provide you with additional health insurance coverage.

What’s in them?
In addition to signing up for Medicare Part A (hospital stays) and Part B (medical coverage), Medicare Advantage plans offer their subscribers extra features. This frequently, but not always, includes the Medicare Part D prescription drug plan. In some cases, Medicare Advantage plans offer coverage for areas not normally offered within regular Medicare plans. This can include dental, hearing, and vision insurance.

What are the rules?
Medicare pays for a fixed amount of your health care to Consolidated Edison offering your Medicare Advantage (MA) plan. Beyond that, each MA plan requires different out-of-pocket fees. Those fees can vary from plan to plan. Depending on your plan, you may have different rules you need to follow when seeking a medical referral to get treatment from a specialist or if you are seeking non-urgent care (even from health care providers within the plan). It’s also important to remember that rules, requirements, and features may change from year to year. It will be important to make sure that those changes line up with any treatment that you need.

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What about my prescriptions?
While most MA plans offer Part D coverage for prescription drugs, some don’t. One example would be Medicare Medical Savings Account plans. In cases where the plan can’t or chooses not to offer prescription drug coverage, you may have the ability to join a separate Medicare Prescription Drug Plan, depending on the type of plan you enroll in. You will likely have a number of questions and concerns as you examine your options for Medicare Advantage plans. Discuss these with a trusted financial professional who can help you make choices that may best fit your lifestyle.

1. Medicare.gov, 2022

What is the 401(k) plan offered by Consolidated Edison?

The 401(k) plan offered by Consolidated Edison is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees enroll in the Consolidated Edison 401(k) plan?

Employees can enroll in the Consolidated Edison 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Consolidated Edison offer a matching contribution to the 401(k) plan?

Yes, Consolidated Edison offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

What is the maximum contribution limit for the Consolidated Edison 401(k) plan?

The maximum contribution limit for the Consolidated Edison 401(k) plan is in line with IRS guidelines, which are updated annually. Employees should check the current limits for the year.

Can employees take loans against their 401(k) savings at Consolidated Edison?

Yes, Consolidated Edison allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.

What investment options are available in the Consolidated Edison 401(k) plan?

The Consolidated Edison 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.

Is there a vesting schedule for the employer match in the Consolidated Edison 401(k) plan?

Yes, there is a vesting schedule for the employer match in the Consolidated Edison 401(k) plan, which determines how much of the employer contributions employees are entitled to based on their years of service.

How can employees check their 401(k) balance with Consolidated Edison?

Employees can check their 401(k) balance with Consolidated Edison by logging into the retirement plan portal or by contacting the plan administrator.

What happens to the 401(k) savings if an employee leaves Consolidated Edison?

If an employee leaves Consolidated Edison, they have several options for their 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Consolidated Edison plan if eligible.

Are there any fees associated with the Consolidated Edison 401(k) plan?

Yes, there may be fees associated with the Consolidated Edison 401(k) plan, which can include administrative fees and investment-related fees. Employees should review the plan documents for detailed information.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Consolidated Edison offers a traditional pension plan under the Final Average Pay and CECONY Career Average formulas, which include a Cost-of-Living Adjustment (COLA) to help protect retirement income against inflation. Employees who retired under these formulas receive an automatic COLA, but this does not apply to those under the cash balance formula or hired after June 26, 2005, in certain unions. The pension plan details, including service years and age qualifications, are outlined in the company’s retirement plan documents. Consolidated Edison’s 401(k) plan is managed by Vanguard, offering various investment options. The plan includes employer contributions and is available to all eligible employees. For detailed specifics, refer to the company's 2023 retirement plan documents

Restructuring Layoffs and Company Changes: Consolidated Edison has been actively managing its workforce and financial strategies in response to the evolving energy market. In early 2024, the company announced various structural adjustments, including potential layoffs, to streamline operations and adapt to clean energy initiatives. These actions are critical to address due to the current economic conditions, political pressures to shift towards sustainable energy, and the necessity of maintaining investor confidence amidst market fluctuations. Addressing these workforce adjustments is essential in the current investment climate.

Stock Options: Con Edison provides its employees with stock options, allowing them to purchase shares at a predetermined price. This option becomes valuable if the company's stock price increases over time. The acronym commonly used for these options within the company is ESO (Employee Stock Options). Restricted Stock Units (RSUs): RSUs are awarded to employees as a form of compensation. These units represent a promise to deliver company shares to employees upon meeting certain conditions, such as continued employment over a specific period. The RSUs granted by Con Edison typically vest over a few years, ensuring long-term employee commitment. The RSUs are denoted internally with the acronym RSU.

Healthcare Plans: Con Edison offers comprehensive health benefits through providers like Cigna and CVS Health. For 2024, the Cigna Open Access Plus Copay Plan is a prominent option for retirees under 65 and those who are Medicare-eligible. This plan includes coverage for hospital stays, outpatient services, routine preventive care, and emergency room visits. The benefits also extend to vision care, with coverage for routine eye exams and glasses every 24 months. Cost Management: To manage increasing healthcare costs, especially under Medicare, Con Edison has emphasized the importance of selecting appropriate coverage during open enrollment periods. The company has adjusted its offerings over the years, such as discontinuing the Aetna Non-Medicare plan after 2023 and limiting new enrollments in certain HMOs. Healthcare-Related Acronyms: Specific terms used by Con Edison include "HMO" (Health Maintenance Organization), "PPO" (Preferred Provider Organization), and "FSA" (Flexible Spending Account), which are essential for understanding the various health plan options and associated benefits.

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For more information you can reach the plan administrator for Consolidated Edison at 4 Irving Place New York, NY 10003; or by calling them at (212) 460-4600.

https://www.retirees.coned.com/en/benefits/cost-of-living-adjustment https://www.thelayoff.com/t/ulNi6Yn https://conedison.gcs-web.com/proxy-0 https://pitchbook.com/profiles/company/41385-52 https://www.theretirementgroup.com/featured-article/5448106/how-consolidated-edison-employees-can-manage-healthcare-cost-increases https://www.emparion.com/ https://www6.lifeatworkportal.com/slogin/edison/pdf/GY5_H12_H20_2024_Benefits_Enrollment_Guide_Flex.pdf