Attention City Retirees:

 

If you have just retired or are thinking of retiring soon, contact Benefit Specialist Chris Marrow for instructions on your next step. He can guide you through the complicated transition from employee to retiree. Please notify him as soon as your City Human Resources Administrator gives you his contact information. Timing is very important for a smooth transfer of benefits and insurance.

Request a consultation.

 

 

Download Retiree Checklists Here

9 Out of 10 Married Retirees Choose a
Survivor Option from their Pension or 401k



 Retirees are selecting the largest life insurance policy of their life also known as a Pension Survivor Option. The premium is the reduced pension income they receive. Learn how to avoid this costly mistake and still protect your spouse. 

 

Request a Pension Maximization Plan to be prepared for you here.



 

Sample Pension Max scenarios.



 

 

          Medicare changes for 2024:





New prescription drug & health plan choices are offered every year.

You could save money, get better coverage, or both.

With the health care law, there are new benefits like lower prescription costs,wellness check-ups, and more preventive care services.

 

What you need to know before you cancel your City’s Group plan

 

What Is the Part D Late Enrollment Penalty?

The late enrollment penalty is an amount added to your Part D premium. You may owe a late enrollment penalty if, at any time after your initial enrollment period is over, there is a period of 63 or more days in a row when you don't have Part D or other creditable prescription drug coverage.

 

3 Ways to Avoid the Late Enrollment Penalty

  1. Join a Medicare drug plan when you're first eligible. You won't have to pay a penalty, even if you've never had prescription drug coverage before.
  2. Don't go 63 days or more in a row without a Medicare drug plan or other creditable coverage. Creditable prescription drug coveragecould include drug coverage from a current or former employer or union, TRICARE, Indian Health Service, the Department of Veterans Affairs, or health insurance coverage. Your plan must tell you each year if your drug coverage is creditable coverage. You may get this information in a letter or in a newsletter from the plan. Keep this information, because you may need it if you join a Medicare drug plan later.    
  3. Tell your plan about any drug coverage you had if they ask about it. When you join a Medicare drug plan, the plan will send you a letter if it believes you went at least 63 days in a row without other creditable prescription drug coverage. The letter will include a form asking about any drug coverage you had.  Complete the form and return it to your drug plan by the deadline in the letter. If you don't tell the plan about your creditable drug coverage, you may have to pay a penalty.

 

Contact one of our Medicare specialists for assistance.