Are you a Lockheed employee retiring soon and worried about health care costs in retirement? Well if so, take a deep breath and relax. This blog has got you covered for what you need to know about LMT retirement health coverage. This will help you in your decision about when to retire. Stay healthy my friends!
- Lockheed provides health insurance coverage for retirees who are retiring before the age of 65 when they would qualify for Medicare. This coverage may be different from your existing coverage and you can receive quotes by calling the LMT Employee Service Center at 866-562-2363. Also, this may be subsidized by LMT so comparing coverage with insurance on the health exchange would be beneficial.
- Once you turn age 65, you become eligible for Medicare. This insurance would then replace your existing coverage and you would have a couple of different options for how to enroll in Medicare. The first option is the Traditional path where you elect both Part A and Part B of Medicare along with a supplement plan. The second option is called Medicare Advantage and is a total managed care solution. In both cases, LMT provides benefits through the One Exchange program. Also, LMT may provide a subsidy through a Health Reimbursement Arrangement (HRA) to offset some of the cost. Get more information by calling the LMT Employee Service Center at 866-562-2363.
- Don’t forget about Long Term Care insurance. If you were lucky enough to participate in the group benefit through John Hancock before it was no longer offered, that policy is portable which means you can take it with you once you retire. If you did not get this coverage through LMT, you will need to get it through an outside insurance provider. If you need help with this, please give us a call and we can provide quotes.
Navigating health insurance is hard. Hopefully, this post made it easier.
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Be sure and check back next week for more valuable Lockheed Martin information. Cheers!