Benefit Changes You Can Make After Retirement - PowerPoint Presentation

Slide1

Benefit Changes You Can Make After Retirement

Slide2

Tammy Flanagan

Senior Benefits Director

National Institute of Transition Planning Inc.

Your Presenter:

Tammy@nitpinc.com

Slide3

Five Big Changes

Slide4

Barriers to making

Changes:

No internet access

Wait time on telephone can take hours

USPS can take weeks

Slide5

Address

Slide6

Slide7

OPM 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

Slide8

Insurance

Slide9

Medicare

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

Slide10

Finding Medicare Doctors

Physician Compare

Medicare Physician Compare

Slide11

½ of Lifetime Healthcare Dollars Spent in the Golden Years!

Slide12

Fee-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

Slide13

Health 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

Slide14

FEHBP & Medicare

narfe

Magazine: May 2014

Slide15

One Minute Video

Slide16

Can 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

Slide17

Add or Increase Long-Term Care Insurance

Slide18

Cost 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

Slide19

Age 60 at time of purchase

$118.35

$148.97

$249.60

$307.96

Slide20

Age 70 at time of purchase

$171.50

$214.25

$330.92

$407.64

Slide21

FLTCIP 2.0 Full Underwriting Application

Can you afford the premiums?

What if the premiums increase?

Will you qualify medically?

Slide22

FEDVIP: 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

Slide23

Taxes

Slide24

Social 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!

Slide25

Taxes

Slide26

Taxes

Slide27

Taxes

Slide28

Taxes

Slide29

Marital 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

.

Slide30

Slide31

Marital Changes

Slide32

Thrift Savings Plan

Slide33

Request for Partial Withdrawal TSP-77

33

Slide34

Request for Full Withdrawal TSP-70

34

Slide35

Example of Full Withdrawal

May change amount

Slide36

One Minute Video

Slide37

Questions?