Loss of flight medical Frontier, JB, Spirit
04-22-2023 | 11:45 AM
#31
Gets Weekends Off
Joined: Dec 2017
Posts: 2,014
Likes: 1
From: Retired NJA & AA
I don't know if anyone cares about fractional flying, just in case I'll post below what NetJets has:
At NetJets we have company provided coverage for 3 years. 60% no cap first 6 months, then $5K/month cap for 2.5 years. Taxable. You do keep all your benefits including 401k and excellent medical coverage that is free.
The pilot's union at NetJets has an optional plan via Symetra Insurance Company and administered by Harvey Watt. At the time I gave up my medical the max amount was $7000/month non-taxable as long as you paid the premiums with after-tax dollars. I believe the max amount now is $8000/month. I paid around $300/month in premiums which go away once you inform Harvey Watt you've lost your medical. This plan kicks in after the 3 years of NetJets coverage runs out. Depends on your age for how long it will run. Younger pilots will draw it until full Social Security retirement age I think. In my case I went out at age 60, drew company benefits until 63, then the plan kicked in and will pay me until age 68. After age 60 the years of coverage start going down. When you reach full Social Security retirement age you have to start drawing that which is then deducted from the amount you were receiving from Symetra. You're also limited in how much you can earn before they start reducing your benefit. In my case I was making around $200K/yr so can only earn $40K/yr before they start taking so much it's not worth making over $40K. I found that out when I was looking at a Sim Instructor job with AA in CLT.
The main difference with this plan is benefits don't stop at age 65 since there's no mandatory retirement age. Now starting next January NetJets got a bill thru Congress that allows them to implement an age 70 retirement. However the way the Symetra plan was structured you couldn't draw benefits for very long after age 70 anyway. Perhaps a only a year or two.
At NetJets we have company provided coverage for 3 years. 60% no cap first 6 months, then $5K/month cap for 2.5 years. Taxable. You do keep all your benefits including 401k and excellent medical coverage that is free.
The pilot's union at NetJets has an optional plan via Symetra Insurance Company and administered by Harvey Watt. At the time I gave up my medical the max amount was $7000/month non-taxable as long as you paid the premiums with after-tax dollars. I believe the max amount now is $8000/month. I paid around $300/month in premiums which go away once you inform Harvey Watt you've lost your medical. This plan kicks in after the 3 years of NetJets coverage runs out. Depends on your age for how long it will run. Younger pilots will draw it until full Social Security retirement age I think. In my case I went out at age 60, drew company benefits until 63, then the plan kicked in and will pay me until age 68. After age 60 the years of coverage start going down. When you reach full Social Security retirement age you have to start drawing that which is then deducted from the amount you were receiving from Symetra. You're also limited in how much you can earn before they start reducing your benefit. In my case I was making around $200K/yr so can only earn $40K/yr before they start taking so much it's not worth making over $40K. I found that out when I was looking at a Sim Instructor job with AA in CLT.
The main difference with this plan is benefits don't stop at age 65 since there's no mandatory retirement age. Now starting next January NetJets got a bill thru Congress that allows them to implement an age 70 retirement. However the way the Symetra plan was structured you couldn't draw benefits for very long after age 70 anyway. Perhaps a only a year or two.
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