What is a retiree medical plan?
Retiree insurance is a form of health coverage an employer may provide to former employees. Retiree insurance almost always pays second to Medicare. This means you need to enroll in Medicare to be fully covered. Some retiree policies require you to sign up for Parts A and B once you become Medicare-eligible.
What is Intel Serma?
SERMA is a Health Reimbursement Arrangement subject to IRS rules. Since SERMA is a Health Reimbursement Arrangement (HRA), it is not considered taxable income; no W2 or 1099 is issued to retiree for the year(s) in which SERMA funds are used.
What is a retiree medical trust?
Retiree medical trusts leverage the power of pooled financing, providing a monthly benefit to retirees that helps defray the cost of medical expenses after retirement. These programs are structured to enable financing with tax-deductible monthly contributions during active employment.
Is Serma taxable?
SERMA is a Health Reimbursement Arrangement (HRA) and is not taxable income; no W2 or 1099 is issued. You will receive IRS 1095C Information from Intel. Your SERMA is forfeited if the account has not been used after 20 consecutive years. SERMA is terminated when you or your eligible dependents die (see SPD for details)
Is a retiree medical account taxable?
HEALTH SAVINGS ACCOUNTS (HSAs) distributions for qualified medical expenses and certain premiums, including retiree health insurance premiums, are not counted in taxable income. Earnings on contributions are also not subject to income taxes.
Is a retirement medical account taxable?
Because of its tax status, money contributed to the fund is not taxed; interest earned by the fund is not taxed; and healthcare reimbursement money is not considered taxable income.
How do I apply for medical retirement?
What conditions qualify for ill health retirement?
- Establish that you’re permanently incapable of continuing to do your job – whether this is due to a physical or mental condition.
- Show that there are no further treatments or medication available that could enable your return to work before normal pension age.
Does Intel pay for health insurance?
Employer Summary Intel offers medical coverage to its employees.
Are retiree medical insurance premiums deductible?
Medical and Dental Expenses Fortunately, some of these expenses are deductible if you itemize your personal deductions. These include health insurance premiums (including Medicare premiums), long-term care insurance premiums, prescription drugs, nursing home care, and most other out-of-pocket healthcare expenses.
Can I deduct health insurance premiums taken from my pension check?
If you are a retired public safety officer, the federal Pension Protection Act of 2006 allows you to exclude up to $3,000 of your health, accident, or long-term care insurance premiums from your gross taxable income each year, as long as the premiums are deducted from your retirement allowance.
What is the Intel retirement medical program?
Intel Retiree Medical Program (IRMP) IRMP gives you access to medical and vision coverage upon retiring from Intel. The following IRMP options are available to eligible retirees and your eligible dependents: Anthem Medicare Preferred (PPO) with Senior RX for Medicare retirees/dependents (typically, age 65 and over).
How do I contact intel about my retirement benefits?
For personal assistance, contact the Intel 401 (k) Savings Plan Service Center toll-free at 1-888-401-7377. Retiree Health Programs Overview If you retire from Intel as a U.S. employee and have satisfied the eligibility requirements, Intel offers two ways to help you get healthcare coverage: The Intel Retiree Medical Plan (IRMP):
What are the Intel retiree discount program benefits?
These discount program benefits are for official Intel retirees only. No matter where you call home, you have access to discounts on goods and services you use on a regular basis. Enjoy access to 30,000+ merchants in 26+ categories!
Where can I find additional information about Intel health benefits?
For additional information, please contact the Intel Health Benefits Center at 877-GoMyBen (466-9236), or online at My Health Benefits. SERMA is provided to help purchase health insurance for you and your eligible dependents once you have retired from Intel and have met the eligibility requirements.