Tammy Flanagan Senior Benefits Director National Institute of Transition Planning Inc Your Presenter Tammynitpinccom Five Big Changes Barriers to making Changes No internet access Wait time on telephone can take hours ID: 812937
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Slide1
Benefit Changes You Can Make After Retirement
Slide2Tammy Flanagan
Senior Benefits Director
National Institute of Transition Planning Inc.
Your Presenter:
Tammy@nitpinc.com
Slide3Five Big Changes
Slide4Barriers to making
Changes:
No internet access
Wait time on telephone can take hours
USPS can take weeks
Slide5Address
Slide6Slide7OPM Retirement Services Online Moving Checklist
Retirement Services Online
Receive important notices
Change health plan if it doesn’t service your area
Check state income tax from your retirement annuity
Change bank? Change direct deposit
Slide8Insurance
Slide9Medicare
9
Part A—Hospitalization
Part B—Doctors services, outpatient care
Part C—Medicare Advantage Plans
Part D—Prescription drug coverage
Tax Equity and Fiscal Responsibility Act 1982
Slide10Finding Medicare Doctors
Physician Compare
Medicare Physician Compare
Slide11½ of Lifetime Healthcare Dollars Spent in the Golden Years!
Slide12Fee-For-Service FEHBP Plans
Self Only
Self and Family
GEHA Standard
$106.26
$241.65
SAMBA
$131.71
$300.81
APWU
$140.12
$316.83
NALC
$166.70
$337.35
BC/BS Standard
$197.23
$462.17
MHBP
Standard
$200.74
$489.21
GEHA High
$204.21
$488.00
Slide13Health Maintenance Organizations
Self Only
Self and Family
Aetna
Direct
$113.78
$256.98
Kaiser High
Kaiser Standard
$168.85
$98.33
$423.15
$226.14
M.D. IPA
UnitedHealthcare
$243.84
$132.34
$599.58
$294.45
CareFirst
Blue Choice
$161.55
$232.66
$376.15
$536.12
Innovation
$130.50
$305.75
Slide14FEHBP & Medicare
narfe
Magazine: May 2014
Slide15One Minute Video
Slide16Can I make changes to my life insurance after retirement?
Cancellation is permanent
you will never be able to reinstate your FEGLI coverage once you cancel.
To change your beneficiary, fill out the designation form.
A new designation form will replace all previous designations.
http://www.opm.gov/forms/pdf_fill/sf2823.pdf
Slide17Add or Increase Long-Term Care Insurance
Slide18Cost of Care in Virginia
Average Annual Cost of Nursing Home
2 years home health, 1 year assisted living
2 years nursing home
Alexandria
$101,835.00
$303,000
Annandale
$109,135.00
$352,000
Chesapeake
$72,270.00
$241,000
Fredericksburg
$94,900.00
$297,000
Newport News
$72,270.00
$240,000
Norfolk
$74,460.00
$237,000
Richmond
$81,395.00
$261,000
Roanoke
$76,650.00
$246,000
Virginia Beach
$71,905.00
$249,000
Slide19Age 60 at time of purchase
$118.35
$148.97
$249.60
$307.96
Slide20Age 70 at time of purchase
$171.50
$214.25
$330.92
$407.64
Slide21FLTCIP 2.0 Full Underwriting Application
Can you afford the premiums?
What if the premiums increase?
Will you qualify medically?
Slide22FEDVIP: www.benefeds.com
Dental Plans
Aetna Dental, PPO
Delta Dental, PPO
FEP
BlueDental
, PPO
GEHA, PPO
MetLife, PPO
United Concordia, PPO
Vision Plans
Aetna Vision, PPO
FEP BlueVision, PPO
UnitedHealthcare Vision, PPO
Vision Service Plan (VSP), PPO
Dominion Dental, HMO
Emblem Health, PPO
Humana, EPO
Triple-S
Salud
, PPO
Taxes
Slide24Social Security is exempt from
state income tax:
Alabama
Arizona
Arkansas
California
Delaware
District of Columbia
Georgia
Hawaii
Idaho
Illinois
Indiana
Kentucky
Louisiana
Maine
Massachusetts
Maryland
Michigan
Mississippi
New Jersey
New York
North Carolina
Ohio
Oklahoma
Pennsylvania
South Carolina
Virginia
No State Income Tax:
Alaska
Florida
New Hampshire
Nevada
South Dakota
Tennessee
Texas
Washington
Wyoming
Taxed same as
federal level:
Minnesota
Nebraska
North Dakota
Rhode Island
Vermont
West Virginia
As for the rest…
It depends!
Slide25Taxes
Slide26Taxes
Slide27Taxes
Slide28Taxes
Slide29Marital Status
If you get married, get divorced, or become widowed as a retiree, you may need to change your
:
Survivor benefit election for your retirement benefit.Health insurance coverage.Beneficiary designation forms for
FEGLI
,
CSRS
or
FERS
, and
TSP
.
Social Security benefits payable
to your new spouse
or
from your new spouse
.
Slide30Slide31Marital Changes
Slide32Thrift Savings Plan
Slide33Request for Partial Withdrawal TSP-77
33
Slide34Request for Full Withdrawal TSP-70
34
Slide35Example of Full Withdrawal
May change amount
Slide36One Minute Video
Slide37Questions?