Transcript Document
Benefit Changes You Can Make After Retirement Your Presenter: Tammy Flanagan Senior Benefits Director National Institute of Transition Planning Inc. [email protected] Five Big Changes Address Insurance Taxes Marital Status Ac TSP Withdrawal and Account Allocations Barriers to making Changes: • No internet access • Wait time on telephone can take hours • USPS can take weeks Address Retirement Services Online at OPM: www.servicesonline.opm.gov or call The Big Three 1-888-767-6738 Plan Participation, then Account Management at www.tsp.gov or call TSP 1-877-968-3778 Log into My Social Security Account at www.ssa.gov or call SSA 1-800-772-1213 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 Insurance • Open Season • Medicare • Reduce • Cancel FEHBP FEGLI • Enroll • You and/or Spouse • Dental • Vision LTC FEDVIP Medicare 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 9 Finding Medicare Doctors Medicare Physician Compare Physician Compare ½ of Lifetime Healthcare Dollars Spent in the Golden Years! 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 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 $243.84 UnitedHealthcare $132.34 $599.58 $294.45 CareFirst Blue Choice $161.55 $232.66 $376.15 $536.12 Innovation $130.50 $305.75 FEHBP & Medicare narfe Magazine: May 2014 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 Add or Increase Long-Term Care Insurance Annuitants Qualified Relatives Federal and USPS Current Spouse Military Retirees Surviving Spouse Deferred Annuitants Cost of Care in Virginia Average Annual Cost of Nursing Home Alexandria Annandale Chesapeake 2 years home health, 1 year assisted living 2 years nursing home $101,835.00 $109,135.00 $72,270.00 $303,000 $352,000 $241,000 Fredericksburg Newport News Norfolk $94,900.00 $72,270.00 $74,460.00 $297,000 $240,000 $237,000 Richmond $81,395.00 $261,000 Roanoke Virginia Beach $76,650.00 $71,905.00 $246,000 $249,000 Age 60 at time of purchase $118.35 $148.97 $249.60 $307.96 Age 70 at time of purchase $171.50 $214.25 $330.92 $407.64 FLTCIP 2.0 Full Underwriting Application • Can you afford the premiums? • What if the premiums increase? • Will you qualify medically? FEDVIP: www.benefeds.com Dental Plans Aetna Dental, PPO Delta Dental, PPO FEP BlueDental, PPO GEHA, PPO MetLife, PPO United Concordia, PPO Dominion Dental, HMO Emblem Health, PPO Humana, EPO Triple-S Salud, PPO Vision Plans Aetna Vision, PPO FEP BlueVision, PPO UnitedHealthcare Vision, PPO Vision Service Plan (VSP), PPO Taxes Retirement Services Online at OPM: www.servicesonline.opm.ogv or call The Big Three 1-888-767-6738 Plan Participation, then Loans and Withdrawals at www.tsp.gov or call TSP 1-877-968-3778 Benefits Planner: Withholding income Tax From your Social Security Benefits http://www.ssa.gov/planners/taxwithold.html or call SSA 1-800-772-1213 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! Taxes Taxes Taxes Taxes 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. Marital Changes Marry Add survivor benefits Within 2 years of marriage Pay back to when last benefit stopped (or retirement) Divorce Election made at retirement is void Divorce decree determines division of retirement and survivor benefits Widow Elect to stop reduction for survivor benefit U.S. Office of Personnel Management Retirement Operations Center Post Office Box 45 Boyers, PA 16017 Thrift Savings Plan Monthly Payments Transfer to IRA Annuity TSP Request for Partial Withdrawal TSP-77 33 Request for Full Withdrawal TSP-70 34 Example of Full Withdrawal $300,000 TSP $100,000 keep in L Income Fund / withdraw $2,000 monthly payment Transfer $1,000 to IRA Transfer $1,000 to bank $200,000 transfer to IRA May change amount Questions?