Entitlement for Medicare

​​Age 65 is a milestone that, for many people, comes with choices and decisions about their future – including finances, medical coverage, and retirement lifestyle. Entitlement for Medicare is also a qualifying life event.

Whether you plan to keep working or will soon retire, you need to take certain actions to ensure you receive the healthcare coverage at age 65 and beyond that's most appropriate for your personal situation. 

The Board of Pensions of the Presbyterian Church (U.S.A.)
Attn. Plan Operations
2000 Market St.
Philadelphia, PA 19103 

Medical

Individuals who have paid Medicare taxes during their working years are eligible for Medicare at age 65. Approximately three months before reaching age 65, you will receive a letter from the Board of Pensions with information and guidance for your Medicare enrollment options. Regardless of whether you are retiring, you should enroll in Medicare Part A (hospital insurance; no premium) at age 65.

If you are not retiring at age 65, and enrolled in Pastor's Participation, you may not waive Medical Plan coverage but should still enroll in Part A.

If you are enrolled in menu options, you may waive Medical Plan coverage for medical insurance under Medicare. Carefully compare your Medical Plan coverage with that of a Medicare Advantage or Medigap plan. The aggregate premium costs may be less, but the coverage may not be as comprehensive as the Medical Plan's. Keep in mind that, if you are enrolled in menu options and you waive coverage, your family members lose eligibility for Medical Plan coverage.

Pension

The age at which you retire and the payment option you choose affect your Pension Plan benefit. If you were not vested before age 65 and you are an active or disabled plan member, you are automatically vested on your 65th birthday.

Active and disabled members who are enrolled in the Pension Plan can use the pension estimator on Benefits Connect at any time to obtain a pension estimate. The tool allows you to view your projected benefit immediately and use various dates for your planned last day of work and the date you would like retirement payments to begin (first of any month). It also can incorporate projected annual salary increases up to 10 percent. This can help assess your current and future financial standing and the various options available to you.

See Pension Plan and More Information About Commencing Retirement Pension (in the Resources & Support section of Benefits Connect) for additional information.

Social Security

If you qualify for Social Security benefits, you can begin receiving reduced benefits at age 62. Eligibility for full retirement benefits depends on your birth year. Earnings limitations apply if you choose to begin taking Social Security before your full retirement age. Visit the Social Security website before initiating your Social Security benefits, to review your options and any applicable rules. 

Retirement Savings Plan

If you participate in the Retirement Savings Plan of the Presbyterian Church (U.S.A.), a 403(b)(9) plan, you can begin withdrawing funds from your account at age 59½. However, these funds are intended to provide income during retirement, so most participants wait until they retire. You may want to consult with your tax or financial adviser about distributions and amounts best suited for your needs and future plans.