Be aware that your transition to Medicare may have some challenges--these are not the fault of HR but just crap from the system in general. First, your Medicare Part A enrollment will be retroactive to your 65th birthday, which means you have to un-contribute any HSA payroll contributions you made and pay the tax on the excess contribution (you cannot have an HSA once you are Medicare-eligible, period). Then, the COBRA will 'assume' you have Medicare part A and B before its coverage kicks in, so sign up for B right away--and then be ready to pay a huge premium based on your 2014 tax return. You can appeal the premium means-basis but if you use your 2016 termination with its huge lump sum payouts, you might be in worse shape for at least a year. I am not sure why people consider Medicare an "entitlement." You pay stiff premiums and it leaves a lot uncovered. SERMA will eventually be available to the ERP'ers but not yet, and at this premium rate, you could blow through it in a hurry. I am assuming once I am free and clear of any income I go back to the regular Medicare premium (it still ain't free, folks) and then can go shopping for Medicare Advantage plans.
3 replies (most recent on top)
OP here. Clarification: you can still have your HSA (what you've contributed pre-65) but can't make any more contributions.
@ees. I've just gone out to buy a whole new file cabinet (ok, only 2-drawer--but still....) for all the ERP and SS/Medicare associated paperwork. And don't get me started on the life insurance transition. And the Fidelity transition paperwork arrived today too, woo woo! I guess all of this had to happen eventually anyway, but the ERP accelerated it. I am not interested in the trolls and haters at this site but want to post info that might be useful for fellow ex-Intel employees.
Wow. Thank you for posting this helpful info. Glad I wasn't of Medicare age, the whole retirement (ERP) is enough to deal with as it is. I'm not picking at Intel.... it's just the change from working to retired (even though I wanted this for years) is still taking some getting used to. I'd hate for the Medicare hassle on top of it.
Again, thank you for posting your findings.