Retiring early is great, but don't forget, you may be entitled to the HIS (Health Insurance Subsidy). It's your responsibility to sign up once you reach the pension plan's normal retirement requirements. The HIS is a monthly supplemental payment between $30 to $150 towards your health insurance premiums. The eligibility requirements are as follows...
- FRS must consider you "retired"
- Six (6) or more years of creditable service if hired before July 1, 2011.
- Meet the pension plan's normal retirement age based on your class of membership. Normal class is age 62 or any age with 30 years of creditable service.
- You must have current Health Insurance Coverage
- Here's the kicker...you must have successfully applied for the HIS (otherwise YOU DON'T GET IT)
If you've met those requirements, but never realized you are eligible, HIS payments are retroactive, but only up to 6 months. Hopefully, this little reminder, will help prevent you from leaving money on the table. For more Tips and Strategies from a Financial Planner's Perspective, check out our upcoming workshops at www.FRSWorkshop.com or give us a call.