Help here needed to understand, don’t know much about medical payouts, tax, what it can be used for.
With 30 years, there is what I thought was about $32,000 you used to accumulate at $1500/year. Is that SMERMA cash? Does that have to be spent on medical? What about after 65?
Also, they are handing out a bonus here now - $20k, + additional for dependents. Is the same? Same as HSA cash?
This can be spent on anything including housing after 65 with normal holding right?
Any way to find out how much you have.
Never found a calculator for that
All this information is available from HR. The earlier poster is correct. That SERMA account can be used only for premiums, which you will likely have to pay later. In the meanwhile, it will grow at some slow rate cause they do invest it in some type of conservative investments.
https://intelretiree.com/healthcare/us-official-retiree-serma-program/
Intel retiree with first hand knowledge. Can't be cashed out. Only can be used to pay healthcare premiums, including dental. Even at after 65 you will still need healthcare and have premiums to pay because Medicare doesn't cover all medical or dental costs. You've probably seen television ads selling Medicare Advantage Plans.
Would highly recommend you contact HR to get your questions answered in writing vs asking this anonymous board