Participant or Spouse Turning 65
The good news about retirement is that advances in science, technology, and living standards have led to longer life expectancies. You can expect longer retirement years than previous generations, which means more time with family and friends and more time to achieve your lifelong aspirations.
Remember to include your family in your retirement planning. They need to know your wishes, especially in regard to topics such as long-term care. Your family can be a great resource for further information and, more importantly, of support.
Good planning will help you avoid the pitfalls that many retirees face, giving you peace of mind as well as a greater probability of a comfortable retirement.
Plan Checklist
Items regarding the Health Plans apply only to participants in the Southern California IBEW-NECA Health Plans. However, if you participate in another electrician health plan, it is likely that similar considerations will apply.
- You are required to enroll in Medicare Parts A and B to receive benefits under the Retiree Health Plan.
- If you are actively working and eligible for health coverage you will continue to be covered under the Active Health Plan.
- If the participant is an eligible retired employee 65 years of age, the participant & eligible spouse must select the same medical plan of benefits offered under the Retiree Health Plan.
- Under the Retiree Health Plan, if one spouse is eligible for Medicare and the other is not, then the non-Medicare participant will be covered under the retiree medical plan and the Medicare eligible participant will be covered under the RHP medical option plan.
- Participation in RHP is not automatic. You must apply & elect coverage.
Also Consider...
Planning Notes:
Most people who go through the process of planning for end-of-life issues find the experience valuable. We know that lifespans are continuing to increase, but regardless of your present state of health, the beginning of the later stages of life is the time to make plans for what you know to be inevitable. In addition to the list of standard items below, you may wish to look into prearranging (and even prepaying) for your funeral. This will be one less burden for your survivors to deal with. Another important chore is to make sure that all of your vital documents are organized intelligibly, with lists of their locations. Here is a link to a documents organizer to get you started.
Long-term care can become a significant issue in the later stages of life. You should determine whether obtaining insurance for this contingency is appropriate for you. Don't delay in the hopes that prices will come down -- the cost of this insurance only goes up as you age.
Please review the following list and consult the appropriate professionals to help you complete your planning as appropriate for your own circumstances.