You've got questions. We've got answers.
Understanding your GEICO benefits during retirement can be a daunting task. That's why we've put together this FAQ list. If you still don't find the information you seek, please don't hesitate to contact us.
Why doesn't GEICO offer medical or dental insurance to retirees (their spouses and dependents) past age 65?
GEICO provides you with medical and dental insurance up to the age when Medicare becomes your primary insurance provider. We do this to keep costs contained, while ensuring our retirees are still protected.
As you know, GEICO is the low-cost insurance provider. Every dollar we save on our operating costs can be passed through to our customers in lower insurance premiums.
Why can't I reenroll in the retiree medical or dental plan after I've canceled coverage? Why can't I enroll after I initially waived these benefits?
Generally, individuals cancel or do not buy health insurance when they are healthy. But some try to purchase a policy when their own health or a loved one's health is in question. This can result in drastically increased medical expenses and thereby can increase the premiums for all plan participants.
We want to ensure our medical and dental plans do not become cost-prohibitive for you and your family. Therefore, we offer a one-time medical and dental plan enrollment opportunity when you retire. These policies are in place to help keep our premiums reasonable and affordable.
How is the retiree medical plan premium determined?
GEICO's retiree medical plan premium is based on overall claims during the previous years. This means that premiums are priced to cover expenses. Associates and retirees both have the same premiums, but retiree premiums are not subsidized because medical expenses tend to increase with age. To help control overall expenses, GEICO does not subsidize the premiums for the retiree medical and dental plans. Again, this is to contain costs so insurance premiums can remain affordable for everyone.
Does the Pension Plan provide cost-of-living adjustments to my pension benefit to keep up with inflation?
The Pension Plan does not provide cost-of-living adjustments for a number of reasons. There are costs associated with providing cost-of-living adjustments, including operating and administrative costs that are deducted directly from the Pension Trust, the Pension Trust is subject to market fluctuations, and active eligible associates in the Pension Plan continue to increase their accrued benefits with each additional year of service and merit increase.
GEICO retirement benefits provide a variety of investment opportunities that allow participants to plan and save for retirement while taking potential income from Social Security (which does provide cost of living increases) into consideration. The goal is to provide participants the opportunity to establish a solid financial foundation for the well-deserved retirement years that follow their GEICO tenure.
Will I still receive Generations by mail?
Yes. We will still mail the Generations directory to you, unless you elect not to receive a printed copy.
Can I volunteer for GEICO events or projects?
Yes! We're currently planning a volunteer group for retirees who want to participate in GEICO events, projects or mentoring programs. More information will be made available as these programs are formally developed.
Who can I contact if I have questions about my pension or other benefits?
You can visit the contact information page to find the name, phone number, and email address of an associate who can help answer your benefits questions.
How current is the information on this Web site?
The GEICO retiree network was launched in December of 2008. The information posted here is current and will be updated as information changes.
In the upcoming months, we hope to expand this resource to include retiree spotlight stories, an online retiree directory for authorized users and more! Please check back with us as we continue to improve our connection with you.
How can I post an announcement on the retiree Web site?
If you have information you'd like to share via our retiree site, please send an e-mail to Jeff Von Reichenbach (firstname.lastname@example.org). If you don't have access to e-mail, then mail your announcement to:
GEICO Benefits Department
Attn: Retiree Website
5260 Western Avenue, 1CE-HR
Chevy Chase, MD 20815
Be sure to include your name and contact information in case we have any questions. We reserve the right to approve or reject any submissions.