Turning Age 65


 

‚ÄčIf you or your spouse are turning 65, it is a good time to consider how your benefits could be impacted.

Medical Coverage

If you are enrolled in the Farm Credit Foundations Medical Plan as an active employee, you and your spouse's Farm Credit medical coverage remains primary (pays first) for you and your dependents whether or not you and/or your spouse are enrolled in Medicare.


Letter of Creditable Coverage From Farm Credit Foundations

You will receive a Letter of Creditable Coverage the year you and/or your over age 65 spouse are enrolled in active prescription drug coverage through Farm Credit. If you choose not to enroll in Medicare while you are an active employee, this letter certifies that you are enrolled in an active plan and, therefore, not subject to Medicare premium penalties at the time you retire.


Save the Letter of Creditable Coverage you receive for when you do sign up for Medicare.

 

Health Savings Account (HSA)

If you continue to work past age 65 and remain covered under the Farm Credit Foundations Medical Plan, you do not need to enroll in Medicare. Your Farm Credit medical coverage is considered "creditable coverage." As long as you are enrolled in the Farm Credit Foundations Medical Plan, you can continue to make contributions to your HSA.

When you retire and enroll in Medicare, Medicare will provide up to 6 months of retroactive coverage for Medicare Part A (not to exceed your initial month of eligibility). You will want to stop contributing to your HSA if this will apply to you.

You are not allowed to contribute to a Health Savings Account if you are enrolled in Medicare A and/or B.**

If you are age 65, enrolled in the Farm Credit Foundations Medical Plan and have Medicare A and/or B, contact Farm Credit Foundations at 1-800-892-7924.


Note
** If you receive a Medicare card, you are enrolled in Medicare Part A.
**If you commence your Social Security Benefit you are automatically enrolled in Medicare Part A.

Your Spouse Has Medicare

This is not applicable to your spouse. You can continue to contribute to your HSA as long as you are not enrolled in Medicare even if your spouse has Medicare.

Long Term Disability (LTD)

There is a Maximum Time Period you can receive LTD benefits if you become disabled at the following Ages:

  • Age 65 - 24 months or to Retirement Age*, whichever is longer
  • Age 66 - 21 months or to Retirement Age*, whichever is longer
  • Age 67 - 18 months or to Retirement Age*, whichever is longer
  • Age 68 - 15 months or to Retirement Age*, whichever is longer
  • Age 69 or over - 12 months

*Social Security normal retirement age

 

Group Universal Life Coverage (GUL)

  • Employee Coverage
    • Your coverage amount is not affected by age, however, GUL premium rates are age banded and your premiums increase to the next tier level at age 65.
    • To make changes to your GUL coverage visit www.lifebenefits.com or call 1-800-843-8358.
  • Coverage for Your Spouse
    • Your spouse's GUL coverage amount is not affected by age, however, GUL premium rates are age banded and premiums increase to the next tier level at age 65.
    • Spouse GUL coverage is owned by your spouse and any changes must be made by the owner. To make changes your spouse should go to www.lifebenefits.com or call 1-800-843-8358.

 More Information