Chevron: Social Security and Medicare
Nancy Johnson BSN, PHN
CareStat- Recruiting holding company for Techstaffer, FinancialStaffer and ArisaPro
The Coronavirus and current market conditions have everyone a little bit on edge. As a result a lot of my Chevron clients have been coming to me concerned about their Social Security and Medicare. So I've read up on those topics and here is what I’ve found:
Social Security
Identifying optimal ways to claim Social Security is essential to your retirement income planning. For many retirees, understanding and claiming Social Security can be difficult. Social Security benefits are not designed to be the sole source of your retirement income, but rather a part of your overall withdrawal strategy. Knowing the foundation of Social Security and using this knowledge to your ad-vantage can help you claim your maximum benefit.
It is your responsibility to enroll in Medicare parts A and B when you first become eligible — and you must stay enrolled to have coverage for Medicare-eligible expenses. This applies to your Medicare eligible dependents as well.
You should know how your retiree medical plan choices or Medicare eligibility impact your plan options. Before you retire, contact the U.S. Social Security Administration directly at (800) 772-1213, call your local Social Security Office or visit ssa.gov. They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information.
Next Step:
Check the status of your Social Security benefits before you retire. Contact the U.S. Social Security Administration by calling 800-772-1213. You can also call your local Social Security office or visit ssa.gov.
If you or your dependents are currently or will become eligible for Medicare after you leave Chevron, Medicare generally becomes the primary coverage for you or any of your dependents as soon as the individual becomes eligible for Medicare. Read more here..
Sources:
- The Retirement Group or www.theretirementgroup.com
- “Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
- “Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
- CVX Summary Plan Description, 2017