Understanding your AT&T retirement plan will allow you to make informed decisions about your finances before and during your retirement. Of course, the telecommunications company does offer their support and assistance in setting up and maintaining your plan, but ultimately, it’s your responsibility to develop a nuanced understanding of the terms and conditions, so that you can plan and manage your wealth appropriately. And while you can certainly seek your employer’s counsel, finding a financial advisor specializing in AT&T retirement plans will allow you to rest assured that you’re not missing or misinterpreting any of the fine print—after all, according to the Employee Benefit Research Bureau, retirees in the United States have claimed that financial advisors are their top retirement planning resources, more so than family & friends or even their employers themselves.
2021 Updates for AT&T Retirement Plans
The wealth managers financial advisors at Merit Financial Advisors not only specialize in AT&T retirement plans, but they are committed to communicating any updates or changes regarding their clients’ benefits as well. That’s why since 2015, they’ve been assisting their clients approaching the age of 65 with their transition from the traditional AT&T retiree medical plan retirement plan to the Aon Retiree Health Exchange, AT&T’s health care benefits service provider for retirees that are eligible for Medicare (the United States’ federal health insurance program). Not only have they aided their clients in choosing the right plan based on their needs, but they’ve also supported them in accessing their funds in their Health Reimbursement Accounts (HRAs), providing them with supplemental coverage for their individual and familial healthcare needs.
From 2019-2023, qualifying retirees can expect to be credited to their Health Reimbursement Accounts, ultimately providing individuals and their families with eligible costs that Medicare doesn’t cover, such as premiums, out-of-pocket expenses associated with medical, dental, and vision care, as well as prescription drugs. The current amount of credit available in your Health Reimbursement Accounts breaks down as follows (Note: All purchases must be made through the Aon Retiree Health Exchange): technically only a medicare or prescription plan purchase through AON qualifies you for the full HRA. Most people buy all their plans through AON because its easier. If you buy just dental/vision then you get the lower amount listed below.
If you buy a medicare or prescription plan through AON then you get $2700 retiree/$1500 spouse total for the year (nothing more for dental or vision). If you buy just dental/vision then you get $300/$200.
Health Reimbursement Account credits are only given if eligible retirees and/or their dependents enroll through the Aon Retiree Health Exchange. If the eligible retiree and/or their dependents sign up later in the year, then the credited amount is prorated accordingly. For dependents under the age of 65, retirees are required to enroll in an Aon Retiree Health Exchange plan, thus keeping their dependents eligible for AT&T group plans. After 2023, the terms and conditions for Health Reimbursement Accounts may be updated based on the inflation rate, business conditions, legislation, and the overall condition of the market, but don’t worry—an experienced and trained AT&T retirement plan administrator will know exactly how to help you update your plan accordingly.
Schedule an Appointment with an AT&T Retirement Plan Administrator Today
Meet with a wealth management expert in the telecommunications industry today by contacting Merit Financial Advisors. Our firm has locations all over the Southeast to meet our clients’ needs, and we are more than capable of discussing your AT&T retirement plan options regarding benefits for yourself and your family.