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Retirement Benefits Checklist Post-65

If you are considering retirement and will be over 65 years old, Six months prior to your retirement date, please reach out to Human Resources to pick up your retirement packet and initial benefit process overview.

Please complete this checklist and submit it to Human Resource one month prior to your proposed retirement date. 

 

Medicare

Three months prior to you turning 65, you will need to sign up for Medicare Part A and B.  DO NOT sign up for Medicare Part D, DePauw’s supplement plan provides your Rx plan.

Link: www.socialsecurity.gov

HSA Contributions

If an individual has an HSA when he or she signs up for Medicare, they cannot contribute to the HSA. If an individual contributes to the HSA after Medicare coverage starts, he or she may have to pay a tax penalty.  To avoid tax penalty: 

  • Log into ADP portal (www.workforcenow.adp.com) and stop payroll contributions to your HSA at least 6 months before applying for Medicare.

  • You will also need to notify Human Resources to stop the employer’s contribution as well.

Required Forms

Things to Keep in Mind 

  • Once you submit your forms to HR, your new Transamerica (medical) and Express Scripts (Rx) cards should arrive in the mail in approximately 2 weeks.

  • Be sure to present your new insurance cards to your providers and pharmacy to avoid claims being denied.

  • If you move, please be sure to keep HR informed of any address changes.

If you need assistance, have questions or do not receive your new cards do not hesitate to reach out to: Sonji Ray, Benefits Administrator, 765.658.4135 or sonjiray@depauw.edu