Retirement medical insurance

[20togo]

For those retirees that are on UPS insurance and are receiving a pension check. Does the IRS tax you on your medical premium?
I am to receive a set dollar amount per month for my pension minus medical premium of $400.00.
Am I being taxed before the $400.00 is taken out or after?

 

[oldngray]

For those retirees that are on UPS insurance and are receiving a pension check. Does the IRS tax you on your medical premium?
I am to receive a set dollar amount per month for my pension minus medical premium of $400.00.
Am I being taxed before the $400.00 is taken out or after?

You are taxed on the total amount of your pension. How much you pay for medical insurance doesn't matter to the IRS.

I am retired with UPS insurance and they just bill me quarterly instead of deducting from pension. Since the pension money isn't coming from UPS I'm surprised they are doing it that way for you.

 

[Jones]

My insurance premiums are deducted straight from my pension check, and the person I spoke with at the Union hall told me it was a pretax deduction. I'll find out on 10/1 when my insurance switches over.

 

[Shiftless]

My insurance premiums are deducted straight from my pension check, and the person I spoke with at the Union hall told me it was a pretax deduction. I'll find out on 10/1 when my insurance switches over.

You positive you have UPS insurance? My pension and UPS health insurance don't co mingle at all! Totally separate.

Just asking! Sure you don't have Teamster paid health insurance?

What Teamster region are you retiring from?

BUT! Unlike oldngray paying quarterly, mine is deducted monthly from one of my bank accounts directly to UPS.

 

[Jones]

You positive you have UPS insurance? My pension and UPS health insurance don't co mingle at all! Totally separate.

Just asking! Sure you don't have Teamster paid health insurance?

What Teamster region are you retiring from?

BUT! Unlike oldngray paying quarterly, mine is deducted monthly from one of my bank accounts directly to UPS.

It's not UPS insurance, it's through local 639. It's basically the exact same plan I had as a FT employee except for the fact that now I have to pay premiums.

 

[Shiftless]

It's not UPS insurance, it's through local 639. It's basically the exact same plan I had as a FT employee except for the fact that now I have to pay premiums.

Got it.

So that is Teamcare that is switching to or has switched to a retired Teamcare program on your behalf.

As for premiums?
Same here, we never paid premiums for insurance while working. Once retired, it was $200 a month for myself and spouse.
now its $300 a month directly to UPS.

How does Teamcare work?
What happens when you hit 65? Where do they pick up or drop off? Do you have to take part B? Everyone has to take part A.

How UPS works:
UPS insurance keeps your insurance the same till you turn 65. At 65 you still keep the came health member number
but it is then called some other name and only backs up after Part A and B have paid their portion.

That is why you see some of us reply here that talking to the local is useless for certain things. This is one of them.
AND! In general anything retirement related I tell people who are in the 7 western states who are under the
WCT pension program your best bet is to get a definite answer direct from the WCT.

 

[DELACROIX]

You positive you have UPS insurance? My pension and UPS health insurance don't co mingle at all! Totally separate.

Just asking! Sure you don't have Teamster paid health insurance?

What Teamster region are you retiring from?

BUT! Unlike oldngray paying quarterly, mine is deducted monthly from one of my bank accounts directly to UPS.

You are Management right?...if not what local or conference did you retire in?

 

[oldngray]

You positive you have UPS insurance? My pension and UPS health insurance don't co mingle at all! Totally separate.

Just asking! Sure you don't have Teamster paid health insurance?

What Teamster region are you retiring from?

BUT! Unlike oldngray paying quarterly, mine is deducted monthly from one of my bank accounts directly to UPS.

I had option for direct deposit but preferred to have them send me a bill. It is definitely separate accounts from the pension.

 

[Shiftless]

You are Management right?...if not what local or conference did you retire in?

Never was in management.

Do you think that because I get my insurance thru UPS?

Started in So Cal out of local 572 and transferred into local 186 when it was still So Cal region with-in the UPS District.

Its now? South Central Cal? Not sure?

 

[Jones]

Got it.

So that is Teamcare that is switching to or has switched to a retired Teamcare program on your behalf.

As for premiums?
Same here, we never paid premiums for insurance while working. Once retired, it was $200 a month for myself and spouse.
now its $300 a month directly to UPS.

How does Teamcare work?
What happens when you hit 65? Where do they pick up or drop off? Do you have to take part B? Everyone has to take part A.

How UPS works:
UPS insurance keeps your insurance the same till you turn 65. At 65 you still keep the came health member number
but it is then called some other name and only backs up after Part A and B have paid their portion.

That is why you see some of us reply here that talking to the local is useless for certain things. This is one of them.
AND! In general anything retirement related I tell people who are in the 7 western states who are under the
WCT pension program your best bet is to get a definite answer direct from the WCT.

It's not Teamcare, it's actually called Teamsters Local 639 Employers Health Trust and we're covered through Cigna. I think at 65 we can still stay on the plan but we have to start using Medicare as our primary insurance which means my wife can stay on it for another 3 years after I hit 65.

 

[DELACROIX]

It's not Teamcare, it's actually called Teamsters Local 639 Employers Health Trust and we're covered through Cigna. I think at 65 we can still stay on the plan but we have to start using Medicare as our primary insurance which means my wife can stay on it for another 3 years after I hit 65.

Those under Teamcare do not have that option ...Any retiree or inactive who turns 65 or qualifies for Medicare automatically gets dropped...No primary or secondary coverages between the two....200 per individual and 400 family a month for retirees...

 

[Jones]

Those under Teamcare do not have that option ...Any retiree or inactive who turns 65 or qualifies for Medicare automatically gets dropped...No primary or secondary coverages between the two....200 per individual and 400 family a month for retirees...

I'm not positive we have the option to keep it as a secondary, I'll find out in a couple weeks when I get all the retirement health care paperwork. I retired June 1 but my employee HC doesn't run out til the end of Sept. My only concern is Ms Jones being 3 years younger so if we both get kicked off when I turn 65 I'll have to shell out some cash for whatever I can find on the open market, it'll be a lot simpler if she can just stay on the plan for another 3 years.

 

[ski or die]

Every Local has a different policy. You will need to get with your Local BEFORE retiring to confirm what coverages you have. Our Local, when I turned 65, my insurance for myself ceased and I had to purchase Medicare Part B, part A is free. I also purchased a good supplement so I would not have any enormous hospital and doctor bills that I would be responsible for. My spouse has coverage that continues until she turns 65. The premium for her is not taking out of my pension, I send a check each month to UPS. I tried to set up where UPS would automatically withdraw it from my checking each month, but UPS uses a third party to administer the plan and they were taking out double each month. Finally had to contact U.S. Dept of Labor to get my money back because the third party was impossible to deal with, just kept giving me a lot of BS. I was not in management even though insurance is not Teamcare. Like I said, most Locals supplements are different. So contact your Local to verify exactly what you will have and who is covered and for how long.

 

[oldngray]

Every Local has a different policy. You will need to get with your Local BEFORE retiring to confirm what coverages you have. Our Local, when I turned 65, my insurance for myself ceased and I had to purchase Medicare Part B, part A is free. I also purchased a good supplement so I would not have any enormous hospital and doctor bills that I would be responsible for. My spouse has coverage that continues until she turns 65. The premium for her is not taking out of my pension, I send a check each month to UPS. I tried to set up where UPS would automatically withdraw it from my checking each month, but UPS uses a third party to administer the plan and they were taking out double each month. Finally had to contact U.S. Dept of Labor to get my money back because the third party was impossible to deal with, just kept giving me a lot of BS. I was not in management even though insurance is not Teamcare. Like I said, most Locals supplements are different. So contact your Local to verify exactly what you will have and who is covered and for how long.

The people at my local didn't know the difference between UPS and Central States. Non UPS retirees had to wait until 55 to get insurance. Not former UPS employees. The people in HR at UPS weren't much help either.

 

[Shiftless]

It is amazing how different the regions are and even within regions, when it comes to retirement!

Happy I worked for UPS and was a Teamster!

VERY HAPPY I retired and have seen the light!

Don't recommend retirement for everyone.

As an example: What day is it? Answer: I'm retired, am I suppose to care?
See what I am talking about, look how stressful being retired is! Keep Working!

 

[Jones]

Most folks at UPS need structure in their lives to be happy and will struggle with retirement. Best thing for these people is to keep working.

 

[ski or die]

The people at my local didn't know the difference between UPS and Central States. Non UPS retirees had to wait until 55 to get insurance. Not former UPS employees. The people in HR at UPS weren't much help either.

I bailed at 49 with 30 years to the day. Received a letter after retirement my insurance was no longer in effect. Well, being a former steward, had knowledge that our Local Supplement was 30 years employment at any age and insurance stayed in effect until 65 and continued on spouse until that person turned 65. Had to hassle with them to correct this, but that's how it was when employed. They would always try to get over you any chance they could. Thank God for the Teamsters and a strong Local.

 

[oldngray]

I bailed at 49 with 30 years to the day. Received a letter after retirement my insurance was no longer in effect. Well, being a former steward, had knowledge that our Local Supplement was 30 years employment at any age and insurance stayed in effect until 65 and continued on spouse until that person turned 65. Had to hassle with them to correct this, but that's how it was when employed. They would always try to get over you any chance they could. Thank God for the Teamsters and a strong Local.

My insurance was totally screwed up. One dept would say everything was good to go and another would say I needed to send in more info. I sent in the info and they sent a letter saying they got it. And later another letter saying if I don't send in the info I would be cancelled. They sent me a bill, I paid it, then they said I was cancelled and sent my money back. It was like 2 offices not knowing what the other was doing. And they couldn't explain why they kept screwing up.

 

[Vette51]

Most folks at UPS need structure in their lives to be happy and will struggle with retirement. Best thing for these people is to keep working.

I can understand this. I can see it being a tough adjustment

 

[burrheadd]

I can understand this. I can see it being a tough adjustment

If I were ever to get bored here’s the thought I would use to unbore myself
It’s 8:00 temperature is in the teens and dropping 80 miles from the building and it’s snowing sideways starting to sleet
Did it more than once

suddenly I feel like I wouldn’t be bored anymore