Q & A
Does quitting at 63 affect my Social Security?
Answer: A Social Security benefits are based on your 35 years of highest earnings. Have you worked at least that long? Then quitting at 63 probably won’t have a major impact, says Jonathan Peterson, author of Social Security for Dummies. Read more……
What are Medicare Prescription Drug Plans (PDPs)?
Answer: In 2003, the federal government enacted a Medicare prescription drug coverage benefit for Medicare beneficiaries. Private insurance companies, whose plans have been approved by Medicare, sell Medicare PDPs. Everyone with Medicare is eligible to enroll in a PDP, regardless of income…
What are my options if I want to enroll in a Medicare PDP?
Answer: You can enroll in a stand-alone prescription drug plan (Medicare Part D) or you can choose a Medicare Advantage plan (Medicare Part C) that includes the new drug benefit. You will want to compare plans and select the one that best…
What is Supplemental Security Income?
Answer: The SSI program provides monthly payments to people with limited income and financial resources who are age 65 or older, blind or disabled.This year, the maximum federal SSI payment is $710 a month for a person and $1,066 a month…
I have been enrolled in the same Medicare prescription drug plan for three years now, but my pharmacist told me I should look for a new plan during the open enrollment period that would fit my needs a little better. What’s the easiest way to do this?
Answer: Because all Medicare prescription drug plans can change their coverage and costs each calendar year, the only way to ensure you’re getting the best coverage at the lowest cost is to compare your Part D plan against the competition during…
I will turn 65 next month but am employed with excellent insurance and a prescription service. I do not plan on retiring for several more years. Therefore, I don’t see a need to take Part B at this time. If I do not sign up now, will I be penalized when I retire and require the prescription portion of Medicare?
Answer: You won’t be penalized if you enroll in Part B during the eight-month period that begins the first full month after you retire. Source: http://blogs.federaltimes.com, October 17, 2013
Are air traffic controllers who are forced to retire under mandatory retirement rules eligible to collect unemployment in New York state?
Answer: You’d have to check with your state employment office. However, as a rule, no one who is receiving a retirement annuity is eligible for unemployment benefits. Source: http://blogs.federaltimes.com, October 17, 2013
My sister retired six years ago under CSRS with 32 years of service. Four months after her retirement, she had a brain tumor and brain surgery to remove it. As a result of this surgery, she has little or no short-term memory and her long-term memory is jumbled. I just found out she was not converted to a CSRS disability retirement. Can this be done now? Should it be done now? She retired at age 55 and is now 61.
Answer: No, she can’t be converted from a regular retirement to disability retirement. Fortunately, it doesn’t make a difference. Because of her age and service, the benefit she’d receive would be the same. Source: http://blogs.federaltimes.com, October 16, 2013
How do WEP and Government Pension Offset Affect Social Security Payments?
Answer: Even though a worker has paid into the Social Security system, he or she may not be eligible for the full amount of anticipated benefits upon retirement.Social Security Administration rules that govern who is entitled to benefits, and how much…
Is Medicare Advantage the same as Medigap?
Answer: No, and mixing up the two can cause big problems. This is probably the most common question I get from people about Medicare. And it’s especially common now, with Medicare open enrollment starting today and running through December 7. The…