Ask These Benefit Questions Before You Retire

Understand your employee benefits before you retire.retirees speaking to a representative

If you are getting ready to retire, then you have a lot of preparations to make.  One of the things that you need to find out is whether or not you will be able to keep your employee benefits.  Here are some of the questions to ask about your benefits before retirement.

Does my employer have to offer benefits after I retire?

It’s important to understand that your employer is not required to offer you benefits when you retire.  However, some companies will offer retirees “portable benefits,” they are allowed to carry into retirement.

How can I find out if my employer offers health benefits in retirement?

Your Summary Plan Description (SPD) offers information about your employee benefits.  Your SPD will include a section that explains your retiree health benefits.  Additionally, your SPD may reference how Medicare works in retirement.  If the information provided in your SPD is not enough, then you should reach out to your company’s human resources department.  A representative should assist you with any questions.

Can my employer cancel benefits in my retirement?

While your employer offers portable benefits, it’s important to remember that they are not legally obligated to do so.  This means they have the ability to adjust your benefits coverage at any time—unless they have explicitly promised not to do so.  To ensure that a change doesn’t take you by surprise, check the conditions of your plan regularly and take note of coverage changes.

These are some of the important questions to ask about your employee benefits before retiring.  Need assistance with your employee benefits?  If so, then contact the experts at VGW Walker Insurance in Texas.  We are ready to help you with all your business insurance needs today.