How Your At& t Benefits Change With Medicare Eligibility
Once you turn age 65 you are eligible for Medicare, which affects your AT& T benefits. Thats because you must transition out of AT& Ts retiree health care plan and into Medicare.
You may continue to receive health care benefits from AT& T, but you and your Medicare-eligible dependents are required to enroll in Medicare Part A and Part B . Its important to know that these two parts dont cover all health care benefits for individuals, so you should explore supplemental coverage options.
Will The Debt Ceiling Affect Social Security
Social Security could be impacted regardless of whether the debt limit is raised in time. That’s because some Republican lawmakers have signaled they won’t raise the debt limit unless it comes with a Social Security funding cut, among other spending cuts.
Not all Republican lawmakers are on board for Social Security cuts and Democrats have signaled they aren’t willing to compromise on that front.
But if the government defaults on its debt, there could be a lapse in the $90 billion monthly Social Security payments made to 65 million recipients, according to the National Committee to Preserve Social Security and Medicare.
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“The Treasury may not have enough incoming revenue to make those payments without the authority to cash in … securities,” the Committee said in an online post, referring to Treasury securities such as bonds that the Social Security trust fund invests in. “It is more likely than in the past that Social Security beneficiaries will feel the full impact of a default,” the post stated.
The Committee also said that Medicare and Medicaid payments could be delayed if an agreement isn’t reached. That could affect the care Medicare and Medicaid policyholders receive since medical centers would not get timely reimbursements.
At& T Announces Retiree Benefit Reductions Effective Jan 2022
AT& T recently announced a reduction in retiree benefits to become effective in January 2022. The changes impact both legacy and non-bargained employees, and may have major implications for prospective AT& T retirees.
Disclosure: The Retirement Network and AT& T are not affiliated in any way. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and many be invested into directly. Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. Government bonds and Treasury bills are guaranteed by the US. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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Do I Get Discounts On Service Fees
Yes, as an AT& T employee you are eligible for an up to 50% discount on most service fees, including activation and upgrade fees. You will also receive a discount on monthly access charges for data plans. For more information on specific discounts, contact your HR department or visit the AT& T website.
Post 65 Health Insurance
The benefits have also changed for someone that retires now or in the future, where they can get a benefit through AT& T for Medicare. AT& T is no longer offering the HRA reimbursement plan for new retirees. Instead, they have switched and now offer a specific AT& T retiree Advantage plan. For those that qualify, its worth looking. If you need assistance, feel free to talk with us at Merit Financial Advisors about the details.
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At& t 2023 Benefit Plan Changes For Retirees
Each fall AT& T shares with the retiree groups the changes that will be implemented for the upcoming year regarding healthcare benefits.
In 2023 there will be no changes to those on Medicare and currently enrolled in the < highlight-bold> AT& T Medicare Advantage Plan.< highlight-bold> The monthly premium will remain at zero cost for the retiree and $88 + – per dependent. If you or your dependent enrolls in this plan there is no funding for a health savings account from AT& T. If you do have money remaining in a HSA you may use your balance as per the plan provisions until account funds are depleted.
If you are enrolled in health and/or drug plans through Alright and choose to make no changes you do not have to do anything. Your HSA will be funded accordingly. You should always check your plan coverage costs as most plans will see premium increases. Pricing for 2023 should be available from your carriers on Oct 1st.
AT& T made no commitment at this time to fund HSAs beyond 2023 and is well aware any future funding is of great importance to many.
Enrollment for those who are Medicare eligible will follow the government enrollment period of October 15th to December 7th.
If you or a dependent falls in the group you need to take great care when making selections for 2023.
CarePlus will remain at current costs for all.
Retiree Aon Att Options
If you ask AON about their pricing, they will tell you that a retiree purchasing individual Medicare insurance will pay the same premium no matter who the broker/agent is. This is true. However, what you may not be told is that AON is not shopping the entire Medicare Supplement insurance marketplace for you. This means your Medigap choices are limited with AON.
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Will At& T Cut Retiree Healthcare & Employee Benefits
As a recruiter Im often asked about benefit packages offered by certain companies. Over the last year there have been substantive changes in benefits coming from Fortune 500 companies with most of the changes going the wrong way. Weve seen many large corporations choose to cut employee benefits whether that be pension, 401, or healthcare. Verizon created headlines all the way back in 2005 when they announced they would freeze their pension program. In the years to come many corporations followed suite by moving to defined contribution plans as opposed to defined benefit plans. This trend culminated in General Electric deciding to freeze the largest pension fund in the United States. Other corporations have decided to target 401 plans. ExxonMobil announced earlier this year that they would suspend their 401 matching program indefinitely. Which brings us to AT& Tâ¦
Last year, a surprise announcement was made where AT& T stated in a Memo that they will be reducing benefits in 2021 and 2022. So while some of these changes are still under way, the question must be raised: Will AT& T further cut Retiree Healthcare & Employee Benefits?
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AT& T CEO John Stankey has expressed a goal of $10 billion in cost cuts and the company has made it clear that workers benefits are next on the chopping block.
Questions you need to ask yourself now on the risks of leaving and potential risks of staying at AT& T
Schedule An Appointment With An At& t Retirement Plan Administrator Today
Meet with a wealth management expert in the telecommunications industry today by contacting Merit Financial Advisors.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. Merit Financial Advisors and LPL Financial are not endorsed by or affiliated with AT& T.
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Where To Obtain At& T Pension And Benefit Information
With a 30+-year history of helping AT& T employees, we consider ourselves experts on all things related to AT& Ts retirement benefits. We even wrote the book on it! Every week, people from across the country contact us with questions about retiring from the company.
Sometimes, however, were unable to fully assist those looking for specific personal information that we cant access. For example, former employees who worked briefly at AT& T many years ago and want to know if theyre eligible for a pension. Or, a deceased employees child or spouse searching for their loved ones benefit information.
What we can do is send people in the right direction. If you need personal AT& T pension or benefit information, here are the places to find it.
At& t Benefit Changes 2022 And Beyond
AT& T recently announced a reduction in retiree benefits to become effective in January 2022 and continue thereafter. The changes impact healthcare and pension benefits for both non-bargained and legacy management employees, and may have major implications for prospective retirees.
Disclosure: The Retirement Network and AT& T are not affiliated in any way. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and many be invested into directly. Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. Government bonds and Treasury bills are guaranteed by the US. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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Life After Your Career
While you may be ready for some rest and relaxation, without the stress and schedule of your full-time career, it may make sense to you financially, and emotionally, to continue to work.
Financial benefits of workingMake up for decreased value of savings or investments. Low interest rates make it great for lump sums but harder for generating portfolio income. Some people continue to work to make up for poor performance of their savings and investments.Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. Instead of drawing down savings, you may decide to work a little longer to pay for extras youve always denied yourself in the past.Meet financial requirements of day-to-day living. Expenses can increase during retirement and working can be a logical and effective solution. You might choose to continue working in order to keep your insurance or other benefits many employers offer free to low cost health insurance for part-time workers.
AT& T employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. to register for our upcoming webinars for AT& T employees.
What Should At& T Employees Do To Maximize Retirement Benefits
Every situation is unique, and we always recommend working closely with a financial advisor that specializes in retirement and can guide you through your options. This will become especially important after retirement, when youll need to manage your funds closely to ensure a comfortable lifestyle. Working with an independent financial advisor ensures you benefit from a relationship that has only your best interests in mind, not those of the company.
These changes are hugely impactful to AT& T employees planning to retire this year or in the next few years. Many employees will likely consider retiring early this year to secure their benefits, including the higher pension calculation, subsidized health insurance, and others. This decision will depend on many factors, including your personal financial situation, lifestyle, and goals. Some considerations for employees that are potentially interested in retiring early may include
- How soon will you be eligible for Medicaid?
- Will retiring early result in enough additional money to surpass the money you would earn by continuing to work for a few more years?
- Where will you save money by retiring early ?
- What additional expenses will you have
- Do you have any major expenses coming up, like home improvement or paying for a dependents college tuition?
- Have you saved enough to continue enjoying your current lifestyle?
Key Contact Information
AT& T Benefits Center 877-722-0020
Fidelity Service Center Website
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Monthly Pension Vs Lump Sum
Upon retirement, you have choices. AT& T employees can elect to receive a monthly payout like a traditional pension. Or, they can convert all or a portion of their pension into a one-time lump-sum benefit, which can be subsequently rolled over into an Individual Retirement Account and then controlled by the retiree. Interest rates and life expectancy factors are used to calculate the lump-sum amount.
There are pros and cons to each payout option. Deciding which option is most appropriate for you requires many considerations.
When comparing a monthly pension to a lump sum, here are the key differences:
Again, it is best to work with a professional, who can incorporate all aspects of your financial life Social Security, 401, real estate, inheritance, etc. into your decision.
This blog was adapted from our interactive e-book, The AT& T Employees Guide to Retirement. If you want to learn more about your AT& T retirement benefits and other retirement planning steps, download your copy today!
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What Happened To At& T Retiree Life Insurance
On Jan. 1, 2022, AT& T cut their life insurance and death benefits for their 220,000 retirees eligible for benefits. However, this cut does not apply to top executives with a separate company-paid program that the company cant reduce without their permission.
Dean Allison, a former employee, said he was promised a death benefit of $63,000. AT& T notified him they would pay no more than $15,000 to his beneficiary when he passed away. Top executives were spared in the death benefit reduction. The beneficiary of Randall Stephenson, former CEO, would receive $3.6 million under his life insurance policy.
AT& T said this move is needed to keep the cost in line so they will remain competitive and attract capital while taking care of their 200,000 current employees and 500,000 retirees in a sustainable fashion.
AT& T reasoned that they did not take away the retirement life insurance benefit from their retirees and that they are one of the fewer 10% of Fortune 100 companies that offer company-sponsored life insurance to retirees. Even with the recent changes, they said their life insurance benefit is still higher than the average retiree benefits from other companies in the US.
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Careplus Overview & Benefits
Your benefits under the CarePlus Program includes both Experimental CarePlus and Expanded CarePlus.
Experimental CarePlus is an optional supplemental medical program designed to cover specific procedures not covered under AT& Ts basic medical programs. This program provides coverage for certain experimental or investigational treatments and services. Covered procedures and services are limited to those included on the Experimental CarePlus covered procedures and services list. Services are reviewed at least annually and procedures and services may be added, removed or modified. For example, if a Experimental CarePlus procedure is no longer considered experimental or investigational and becomes mainstream medical care, the procedure will be removed from the Experimental CarePlus coverage list and become a covered procedure under the basic medical programs.
Expanded Services provides coverage that AT& T determines may be beneficial to participants, including services like:
- Dental Services Provided in a Medical Care Facility
- Doula Services and Childbirth Classes
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Update On Class Action Instituted Against Bell
On February 21, 2020, the appeal court rendered its decision which allowed the appeal and awarded judgment to the class action plaintiffs on behalf of all members of the class.
Bell had 60 days from the date of the Ontario Court of Appeals decision to apply for leave to appeal to the Supreme Court of Canada. We understand that Bell has sought an extension to this deadline of an additional 60 days.
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Medicare Supplement Choices For At& t Retirees
Are you one of the many seniors offered limited Medicare Supplement choices with AON? AON does not have to be your one stop shop for your AT& T retiree health insurance.
There are other Medicare Supplement choices for AT& T retirees. Although the cost of your Medigap insurance premium is subsidized through AT& T Health Retirement Account , the price of your Medicare Supplement insurance may be higher than normal.
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Opinion: At& T Turning Its Back On Retirees
An AT& T retail store in Miami.
In the days and months of the worst pandemic this country has suffered in modern times, AT& T has pulled the rug out from most of its retirees. The corporation that prided itself on being the leader in the marketplace has determined it is better to be further down the ladder. We are referring to the recent decision to reduce and, in some cases, eliminate life insurance plans that have been in place for over 20 years for most of their older retirees.
AT& T, when expressing this elimination of this benefit for retirees, stated that it was being done to manage their investments in new benefits. Those new benefits cited in the letters would only be applicable to current employees.
The announcement also stated retirees would be given a one-time opportunity to purchase life insurance at lower rates in the fall. Benefit managers and insurance agents cite group buying, but discounted rates for life insurance have been around for years. There is no way that many folks will now at this time of life with preexisting conditions be able to afford to purchase new plans, no matter the discounts.
And now as we enter our later years, they reduce the life insurance provisions along with the ongoing reductions in health care coverage. Again, it was part of our total compensation packages. AT& T can say health plans and life insurances are not protected under ERISA all they want. But when is your word your bond, AT& T?