MEDICARE and SOCIAL SECURITY: IMPLICATIONS RELATED to YOUR SURS PENSIONS Health Insurance And Social Security Pension.

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Presentation transcript:

MEDICARE and SOCIAL SECURITY: IMPLICATIONS RELATED to YOUR SURS PENSIONS Health Insurance And Social Security Pension

MEDICARE HEALTH INSURANCE Part A – Hospital Coverage Are you eligible for free Part A coverage? Eligible through own ss earnings or spouse/former spouse If eligible for free Part A need to purchase Part B – Physicians Do not need to purchase Part D – prescription drug coverage

ELIGIBILITY FOR MEDICARE Age 65 SS disability benefit for 24 months End Stage Renal Disease (ESRD) Medicare tax

CMS PLAN DESIGN Eligible for free Part A CMS assumes Part B Increased benefits: Hospital deductible $50 Pays Part B deductible and co-insurance

DELAYING PART B If covered by an employer group plan at age 65 and beyond can delay Part B coverage till retirement Free Part A is automatic Start Medicare B without penalty at retirement

SOCIAL SECURITY RETIREMENT Windfall Elimination Period (WEP) Visit: Governmental Pension Offset (GPO) Visit:

GPO Reduces a spousal security benefit Frequently reduces spousal benefit to $0 As a value, 2/3 of your SURS benefit reduces your spousal benefit SURS pension does not reduce

DUAL ENTITLEMENT PROVISION Under Social Security law 100% of your Social Security benefit is used to reduce your spousal benefit GPO vs. Dual Entitlement 2/3 vs. 100% “Law of unintended consequences”

WEP Under certain circumstances your SS benefit is subject to a reduced formula due to a SURS pension. SURS pension does not reduce With less than 30 years of substantial earnings subject to reduced SS payments. Does not reduce to $0

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