Supplemental Benefits in Retirement

Updated : Oct 26, 2019 in Articles

Supplemental Benefits in Retirement


In this video by the Wisconsin Department
of Employee Trust Funds, or ETF, we’ll discuss supplemental benefits available in retirement. If you work for a local employer, such as
a city, village or school district, please talk with your benefits specialist. Also, University of Wisconsin retirees may
have some additional supplemental benefit options and should talk with their benefits
specialist. If you have already reviewed our other short
videos about continuing health benefits in retirement, you’re familiar with Maria,
who is preparing for retirement after 25 years of state government service. Maria is looking for more information about
how her supplemental benefits, including dental, vision, her health care flexible spending
account and her employer-based life insurance will transition into retirement. Let’s start by talking about dental. Maria’s uniform dental benefit will automatically
continue into retirement as long as she continues her health insurance. She is also able to continue her supplemental
dental and vision coverage by completing a continuation form. Maria should contact her employer benefits
specialist for these forms. Her monthly premiums may change for certain
supplemental benefits, so she should review these rates online. She can find rates as well as administrator
contact information in the It’s Your Choice section of etf.wi.gov. As far as her health care FSA, Maria has two
options to consider when she retires: 1. She can stop her monthly contributions and
submit expenses she incurred through the end of the month of her last paycheck. 2. Maria can elect COBRA continuation. This option allows her to continue incurring
expenses through the end of the calendar year. After filling out the continuation form with
her employer benefits specialist, Maria can either pay her remaining contributions in
full with her last paycheck, or pay contributions monthly to ETF. Maria’s State Group Life Insurance will
automatically continue because she is choosing to receive annuity payments immediately. If she were delaying her annuity payments,
she would need to contact her employer benefits specialist for an application to continue
coverage. Not everyone is eligible to continue their
life insurance coverage into retirement. You can find more information about life insurance
at etf.wi.gov. Before Maria retires, she can see her employer
benefits specialist for information about supplemental benefits. After she retires, she can contact ETF. To learn more about other supplemental benefits,
see the resource sheet below. Then check out the health benefits videos
in our retirement and Medicare series to learn more. And don’t forget to stay connected with us
for important and timely benefits information.

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