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Journey to Retirement


If you’re considering retirement from BMC, you’ve got a lot on your mind. Retirement is a life decision that involves many important considerations. And it's essential to understand the impact on your benefits and your options to continue coverage a little longer.

Whether you are 10 years from retirement or have a closer timeframe – you’ve come to the right place. This information will help you unravel the financial mysteries of life after work and discover changes you can make for a financially secure future. Read on to:

  • Learn about the impact on your benefits when you retire and your options to continue coverage a little longer.
  • Get the highlights about programs and benefits that will be available to you when you retire, such as Social Security and Medicare, so that you can keep them in mind as you plan for the future.
  • Check out a list of resources with contact details so that you can access additional information.

Be sure to read this information carefully and share it with your spouse/domestic partner or others who may be involved in helping you make the choices that work best for you.

Stop 1: Thinking of Retiring?

Many people considering retirement say their goal is to have a comfortable life and do what they want, while not running out of money later in life. Because retirement may be a long way off, it can be hard to believe how much you should be saving now to get where you want…

Many people considering retirement say their goal is to have a comfortable life and do what they want, while not running out of money later in life. Because retirement may be a long way off, it can be hard to believe how much you should be saving now to get where you want to be then. Fidelity, BMC’s 401(k) Plan administrator, offers several calculators and tools that can help you determine where you are now and recommend steps you can take to work toward your retirement goals.

Whether or not you’re ready for some active retirement income planning today, completing Fidelity’s “Getting Ready to Retire” Checklist is well worth your while. Maintaining a checklist can reduce the stress of “what to do next” and help you feel more confident with the financial decisions you’re making for your future. Use this checklist to help keep you on track.

Think About Health Coverage After Retirement

Consider the cost of health coverage after retirement when you are saving and planning for retirement. The cost of health coverage after retirement is significantly higher than the price of health coverage while actively employed.

The ABCs (and Ds) of Medicare

If you’re getting close to age 65, you’ve probably heard about Medicare and how it helps cover healthcare costs for people 65 and better who qualify. It’s a federal health insurance program funded primarily from three sources: general revenues, payroll taxes, and beneficiary premiums.

In short, it’s a way for you to have healthcare coverage as you get older and leave the workforce to start a new chapter in your life.

Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care.

Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.

Medicare Part C (Medicare Advantage) includes all benefits and services covered under Part A and Part B. Some plans include Medicare prescription drug coverage (Medicare Part D) and other extra benefits and services.

Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs.

For additional information about Medicare, visit Medicare.gov or call 1-800-633-4227 to speak with a Medicare representative.

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Stop 2: Your Benefits at Retirement

When you are considering retirement from BMC, you'll need to make some critical decisions about your benefit plans, like deciding what to do with your BMC 401(k) account balance and whether to continue your BMC health plans and…

When you are considering retirement from BMC, you'll need to make some critical decisions about your benefit plans, like deciding what to do with your BMC 401(k) account balance and whether to continue your BMC health plans and life insurance coverage. The “Retiring from BMC” Checklist provides an overview of the impact retirement has on your current benefits, steps to take, and what to expect when you retire from BMC.

To learn more about how your BMC medical coverage intersects with Medicare and Social Security, view this presentation or listen to this webinar recording, "Medicare, Social Security, and HSAs."

Your 401(k) Savings Plan

As a retiree, you will no longer be able to make payroll contributions to your BMC 401(k) Savings Plan account. However, you have several options, including leaving your money in the Plan and using your account in much the same way you did as an active employee. Review the BMC U.S. Termination Guidelines for important information on what to expect when your employment with BMC ends.

You will continue to have access to your BMC 401(k) account through the Fidelity NetBenefits website and mybmcrewards.com.

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Stop 3: Working Beyond Age 65

If you are considering still working when you reach age 65 – or you are already age 65 and still working at BMC – and you are Medicare eligible, you will have a lot to consider. Here's essential information you need to know…

If you are considering still working when you reach age 65 – or you are already age 65 and still working at BMC – and you are Medicare eligible, you will have a lot to consider. Here's essential information you need to know.

Medical and Prescription Drug Coverage

If you are Medicare eligible and continue working for BMC, you can either continue or end your medical and prescription drug coverage.

If You Continue Your Current BMC Medical Coverage

  • Your BMC medical coverage will be your primary coverage as long as you are a covered active employee. This means your BMC medical coverage will pay covered claims first.
  • Your BMC coverage is considered “creditable coverage.” This means you can delay your enrollment in Medicare Part B or Part D coverage and not incur a penalty for late enrollment.
  • Visit medicare.gov to learn more about these penalties and other important information if you delay your Medicare enrollment.

If You Enroll in Medicare and End Your BMC Medical Coverage

  • Enroll in Medicare at least 90 days before your Medicare eligibility date to allow for processing delays.
  • Enrolling in Medicare is considered a qualifying life event. Call Your Benefits Resources (YBR) at 1-877-262-4849 to speak with a representative about your qualifying life event within 31 days of the date your Medicare coverage becomes effective.
  • Your BMC medical coverage will end on the last day of the month in which you retire. BMC does not offer retiree medical/prescription drug coverage.
  • Since you will be Medicare eligible at the time you retire, any COBRA coverage you elect will be secondary to Medicare.
  • You can elect COBRA coverage for your dependents, even if you choose not to select COBRA coverage for yourself since you are enrolled in Medicare.
  • Becoming covered by Medicare at any time after enrolling in COBRA will generally cause your COBRA coverage to end. Coverage for your dependents, however, may continue.

Health Savings Account Rules and Medicare

If you choose to delay Medicare enrollment because you are still working and want to continue contributing to your HSA, you must also wait to collect Social Security benefits. This is because individuals who are receiving Social Security benefits when they become eligible for Medicare are automatically enrolled in Medicare Part A. You cannot decline Part A while collecting Social Security benefits. If you wish to continue contributing funds to your HSA, you should delay Social Security benefits and decline Part A. If you plan to delay your application for Social Security benefits past age 65, be aware that your Medicare coverage start date begins up to 6 months before the date you become entitled to Social Security. To avoid penalties, you will need to stop contributing to your Health Savings Account up to 7 months before receiving Social Security benefits.

Use the Health Savings Account and Medicare Interactive Tool to learn more.

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Stop 4: Know Your Resources

Review the BMC U.S. Termination Guidelines for important information on what to expect when your employment with BMC ends. The “Retiring from BMC” Checklist provides an overview of the impact retirement has on your current benefits…

Review the BMC U.S. Termination Guidelines for important information on what to expect when your employment with BMC ends. The “Retiring from BMC” Checklist provides an overview of the impact retirement has on your current benefits.

Vendor contact information

Retirement Readiness

  • Make a plan for preparing financially for retirement. See Fidelity’s “Getting Ready to Retire” checklist and Retirement Calculators & Tools.
  • Are you ready for retirement? Take the AARP retirement quiz.
  • FINRA offers this calculator which can help you estimate how much to save each year to accumulate enough money for your projected retirement.

Medicare

Social Security

  • Visit the Social Security Administration website or call 1-800-772-1213
  • Get help planning your Social Security Claiming Age from the Consumer Financial Protection Bureau
  • What is the best age to start your Social Security benefits?
  • Read how work affects your Social Security Benefits.
  • To learn more, view a presentation or listen to the webinar recording, "Medicare, Social Security, and HSAs,” presented each year during BMC’s benefits enrollment period.
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Disclaimer:

The content on this site includes links to tools and information that are not the property of BMC Software, and BMC Software is not responsible for their accuracy, completeness or continued availability. Some of the material contained in this site is based on official plan documents. It is not, nor is it intended to be, the legal plan document or a contract between the company and any employee or contractor. Every effort has been made to ensure the accuracy of this material. In the unlikely event that there is a discrepancy between the site and the official plan documents, the official plan documents will control. BMC Software reserves the right to amend or terminate the plan(s) or program(s) at any time. If you believe the benefits do not describe those available to you, contact the Benefits Center at 877-BMC-4849.

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Resources

Find FAQs, rates, benefit provider websites and more.

Plan Contact Information
Enrollment Presentation
Benefits Webinar
Summary of Advocacy Services
HSA Trustee Transfer Form
Request to Close HSA Form
2012 Rates
Medco Preventive Drug List
How to Change Your HSA Contribution
Register for Aetna Navigator

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Blue365 Discount Program

Icon-pdf2017 Information

Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

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Resources

Find FAQs, rates, benefit provider websites and more.

FAQs About Medication Management
2013 Rates
2013 Rates with Wellness Discount
Plan Contact Information
Summary of Advocacy Services
Register for Aetna Navigator
Age 65 Reminder Email
How to Request STD and/or FMLA

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Blue365 Discount Program

Icon-pdf2017 Information

Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Replay the Employee WebEx on 2013 Enrollment
ESPP Webinar
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Resources

Find FAQs, rates, benefit provider websites and more.

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Blue365 Discount Program

Icon-pdf2014 Information

2014 Rates
2014 Plan Contact Information
Affordable Care Act FAQs
Annual Enrollment FAQs
FAQs About Medication Management

Icon-pdf2017 Information

Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfBlue Cross Blue Shield Information

Transition of Care Summary
PPO Plan Changes Summary
Benefits Value Advisors
Blue365 Discount Program
Duty Calls Parenting App
Find Doctors App
Nurseline
Blue Access Mobile

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Dependent Verification
Wellness Program Overview

Icon-pdfOther Services

MetLife BMC Dental Plan
Magellan EAP Highlights
Teladoc Services Highlights
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
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Resources

Find FAQs, rates, benefit provider websites and more.

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Blue365 Discount Program
2016 Step it Up Team Tip Sheet.pdf

Icon-pdf2015 Information

2015 Rates
2015 Plan Contact Information
2015 Annual Limits

Icon-pdf2017 Information

Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Duty Calls Parenting App
Find Doctors App
Nurseline

Icon-pdfOther Resources/Services

Medicare, Social Security and Health Savings Accounts
FAQs About Medication Management
MetLife BMC Dental Plan
Magellan EAP Highlights
Teladoc Services Highlights
Dependent Verification
Wellness Program Overview
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Medicare, Social Security and Health Savings Accounts
HSA & Medicare
Mythsmashers
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Resources

Find FAQs, rates, benefit provider websites and more.

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Blue365 Discount Program

Icon-pdf2016 Information

BMC 2016 Step Therapy Drug List
BMC 2016 Prior Authorization Drug Lists
Express Scripts Maintenance Medication List

Icon-pdf2017 Information

2016 Rates
2016 Annual Limits
2016 Plan Contacts
Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Medicare, Social Security and Health Savings Accounts
Watch a recorded employee meeting
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Resources

Find FAQs, rates, benefit provider websites and more.

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2017 Plan Contacts
Blue365 Discount Program

Icon-pdf2017 Information

2017 Rates
2017 Annual Limits
Retirement
2017 Step it Up Team Tip Sheet.pdf

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
FAQs About Medication Management
Magellan Employee Assistance Program
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Medicare, Social Security and Health Savings Accounts
Watch a recorded employee meeting
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Resources

Find FAQs, rates, benefit provider websites and more.

Icon-pdf

Blue365 Discount Program
2018 Annual Limits

Icon-pdf2017 Information

Retirement

Icon-pdf2018 Information

2018 Rates

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
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Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Medicare, Social Security and HSAs Presentation
Annual Enrollment Recorded Meeting
Medicare, Social Security and HSAs Recorded Meeting
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Resources

Find FAQs, rates, benefit provider websites and more.

Icon-pdf

Blue365 Discount Program
2019 Rates
2019 Annual Limits

Icon-pdf2017 Information

Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
×

Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Annual Enrollment Recorded Meeting
Medicare, Social Security and HSAs Recorded Meeting
Medicare, Social Security and HSAs Presentation
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Resources

Find FAQs, rates, benefit provider websites and more.

Icon-pdf

Blue365 Discount Program
2020 Rates
2020 Annual Limits
Annual Enrollment Presentation
Medicare, Social Security and HSAs Presentation

Icon-pdf2017 Information

Retirement

Icon-pdfBCBSTX Resources

Blue Access Mobile
Benefits Value Advisors
Nurseline

Icon-pdfOther Resources/Services

Dependent Verification
Wellness Program Overview
×

Benefit Presentations

View recorded WebEx presentations on benefits topics.

Annual Enrollment Presentation
Annual Enrollment Recorded Meeting
Medicare, Social Security and HSAs Presentation
Medicare, Social Security and HSAs Recorded Meeting
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