Changes You Can Make After Retirement

1. Benefit Changes You Can Make After Retirement

2. Your Presenter: Tammy Flanagan Senior Benefits Director National Institute of Transition Planning Inc. Tammy@nitpinc.com

3. Five Big Changes

4. Barriers to making • Changes: • No internet access • Wait time on telephone can take hours • USPS can take weeks

5. Address

6. 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

7. Insurance

8. Medicare Tax Equity and Fiscal Responsibility Act 1982 Part A—Hospitalization Part B—Doctors services, outpatient care Part C—Medicare Advantage Plans Part D—Prescription drug coverage

9. Finding Medicare Doctors Medicare Physician Compare Physician Compare

10. ½ of Lifetime Healthcare Dollars Spent in the Golden Years!

11. Fee-For-Service FEHBP Plans

12. Health Maintenance Organizations

13. FEHBP & Medicare narfe Magazine: May 2014

14. 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

15. Add or Increase Long-Term Care Insurance

16. Cost of Care in Virginia

17. Age 60 at time of purchase $118.35 $148.97 $249.60 $307.96

18. Age 70 at time of purchase $171.50 $214.25 $330.92 $407.64

19. FLTCIP 2.0 Full Underwriting Application Can you afford the premiums? What if the premiums increase? Will you qualify medically?

20. FEDVIP: www.benefeds.com Dental Plans Vision Plans

21. Taxes

22. 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!

23. Taxes

24. Taxes

25. Taxes

26. Taxes

27. 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.

28. Marital Changes

29. Thrift Savings Plan

30. Request for Partial Withdrawal TSP-77

31. Request for Full Withdrawal TSP-70

32. Example of Full Withdrawal May change amount

33. Questions?