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:
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.
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 Retirement Decision Guide 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.
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.
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.
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.
To learn more about how your BMC medical coverage intersects with Medicare and Social Security, view this presentation or listen to this webinar recording.
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.
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.
If you are Medicare eligible and continue working for BMC, you can either continue or end your medical and prescription drug coverage.
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.
Review the BMC U.S. Termination Guidelines for important information on what to expect when your employment with BMC ends.
Review the BMC U.S. Termination Guidelines for important information on what to expect when your employment with BMC ends.
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.