Women in Retirement: Know Your Benefits in Retirement

Planning for retirement is definitely a busy and exciting time filled with decisions. There are so many things to do and decisions to make but there is one thing that you need to make sure you know and benefits (such as life, health, dental and other insurance). Good news is that, for most people, there are resources that you can continue to contact even after you retire.
Before you go talk to anyone (and I suggest that you do so in person if possible), you need to make a list of questions or a checklist to save yourself time and to make sure that you get as much accurate information as possible. Everyone’s situation is different and the list below is very general in nature. It is a best practice to tailor the list of questions to your own situation so you are sure that you are getting an accurate picture of benefits once you retire.

• Will any of the benefits that I have as an employee transfer into retirement?
• What benefits will I have once I retire?
• Will premiums the premiums I pay change? If so, how?
• If I move to another city or state, will my benefits change? If so, how?
• Will my health insurance change once I reach 65 and become eligible for Medicare? If so, how?
• If I continue with my health insurance, will I need to choose a new primary care physician?
• When is open enrollment (when I can change enrollment)? Am I limited to the amount of changes that I can make during open enrollment when I retire?
• How can I get up-to-date information on my benefits after I retire?
• Once I retire, will I get new insurance cards?
• Will my life insurance continue? If so, will the benefits be reduced as I get older?

Before you leave the office, be sure to get the phone numbers and websites of each of the benefit providers for the benefits that you can still enjoy in retirement. These are vital for you to have and keep when you travel or when you have a question. Get as much up-to-date literature on all of your benefits as well and keep them in a safe place where they are easy to retrieve.
The resources that you can tap into in many larger companies include the Human Resources, Personnel, Benefits and sometimes even the Accounting Department. One of the primary functions of people who work in these departments is to make sure that you are well-versed in your benefits while you are employed and in retirement. Take advantage of their knowledge and take the time to make yourself knowledgeable about benefits before you retire to be prepared as you enter this new phase of your life.