Lockheed’s Medical Insurance and Medicare Working Together

By Kelly Buchfink

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So, you’re getting close to your 65^th birthday and having to decide on what do to about Medicare and figure out your options. Did you know that Lockheed’s medical insurance and Medicare coverage are designed to work together? That’s right, your employer has provided a group healthcare plan for their retirees that will benefit you and your spouse for years to come. What’s even better is that Lockheed will actually reimburse its eligible people through their Health Reimbursement Arrangement (HRA) supplement.

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Lockheed has a special Retiree Medical Plan that is designed to work in tandem with Medicare. About three months prior to your 65^th birthday, the OneExchange should be mailing you a packet of information about the Medicare plans available to you through Via Benefits. But first, let’s simplify what Medicare does. Medicare is a federal health insurance plan required to be used by those age 65 and older. Medicare has three primary parts: Part A – covers up to 100 days of hospital stay or skilled nursing, Part B – covers office visits and other services, Part D – covers prescribed medications. The Medicare user pays a monthly premium for Part B and D, which is typically $183 but can be more if the user is considered to have a high income. Part A has no premium and every person turning age 65 is required to enroll; Part B and Part D are optional.

Medicare doesn’t always cover the cost of your medical needs 100%; therefore, it’s important to maintain your Lockheed Retiree Medical Plan or another medical plan to fill the gaps, such as a Medigap or Medicare Advantage plan. When you have a medical need, Medicare will be the first insurance provider to pay for the service. Then, your Lockheed Retiree Medical Plan will be the second insurance provider to pay, if needed.

In addition, Lockheed will provide a supplement payment to its eligible people to help offset costs. The supplement is paid annually to a tax-free account you can use to reimburse yourself for eligible health care expenses, such as medical, prescription drug, dental and vision premiums, as well as other eligible out-of-pocket healthcare expenses. You can set up your reimbursements to be automatic or manual. The value of each person’s reimbursement can vary. In order to receive the supplement, there are certain requirements that must meet. Contact your Lockheed Martin Employee Service Center for more information regarding your specific situation.

When it comes to Medicare and medical plans in retirement, there are many things to consider for your personal situation. There is no one size fits all. Don’t go it alone – get the expert advice that’s available to you before making a decision.

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Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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