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Benefits for every age, 65+ and still working

benefits for every age

At age 65, there are a few things that you should know when thinking about your benefits if you remain in a benefits-eligible position at Stanford.

Planning for retirement. It might be time to do some back-of-the-envelope calculations about all of the financial goals you are trying to achieve between now and retirement, and we can help.

  • Do you know about catch-up contributions and Maximizing Your Contributions to your SCRP accounts?
  • You should read about Distributions and understand the laws and implications around accessing your retirement savings
  • Sign up for financial wellness workshops or a one-on-one appointment with an advisor from Fidelity, TIAA or Vanguard from the Workshops & Guidance webpage

Our health insurance plans versus Medicare. Stanford’s medical insurance covers pre-existing conditions, prescriptions, mental health, fertility treatments, gender reassignment and substance abuse. Plus, you have access to dental and vision insurance. But what happens when you or your dependent are approaching age 65? Stanford Benefits will send you a letter outlining your next steps, but in general, here are some things you should know:

  • When you or your dependent turn 65, if you continue to be employed in a benefits-eligible position at Stanford, neither you nor your dependent should enroll in Medicare, unless the dependent turning 65 is a registered domestic partner, in which case he or she will need to enroll in Medicare; your domestic partner may remain enrolled on your Stanford medical plan, but Medicare will be considered primary coverage for this dependent.
  • If you have a Health Savings Account (HSA), you must defer coverage under Medicare Parts A and B in order to continue contributing to the HSA.
  • Watch the Medical Plan Comparison video to review options
  • Review contribution rates on the Comparison Charts
  • Learn more about Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) to save for future health care needs
  • And don’t forget: you can change your benefits and your dependents every fall during Open Enrollment, or sooner if you experience a qualified Life Event, like getting married or divorced

Caring for your family. If you have children or parents who depend on your care, Stanford offers several types of support.

Time away from work. There are many reasons to set the Out Of Office message on your email: vacation, PTO, sick time, family leaves including maternity/paternity leave, 10 paid holidays each year, plus the annual winter closure each December.

Wellness. Would you like discounted health and fitness classes, a free annual fitness assessment, free personal training sessions, free wellness workshops and free tickets to select Stanford athletics events? Of course! The BeWell program gives you access to personalized wellness support, an action plan tailored to your needs and incentives ranging from $100 to $780 to encourage you to be your best self.

Flexible work arrangements. Depending on your role at Stanford, you might be able to work with your manager or team on a schedule that adjusts your workday start or end times to avoid peak traffic hours, or to occasionally work from home or from an alternative Stanford worksite.

Group rates on services you may need. Stanford occasionally works with providers to offer a la cart programs and services that you pay for, when you need them.

Be a lifelong learner. Here, you can grow professionally and network with others in ways that are uniquely Stanford.

Things Stanford pays for on your behalf. You may not want to think about unfortunate circumstances that may arise, but Stanford has you and your family covered, just in case. Learn how these work:

Saving money. Take advantage of the incentives, discounts and “perks” that come with being affiliated with the university.

  • Pre-tax commuter transit benefits, free/discounted transportation programs and the Commute Club through Parking & Transportation help you save money and improve your commute
  • If you eat in campus dining halls, review the Faculty & Staff Meal Plan for discounts
  • If you own a cell phone, like to travel, ride a bike or want to make the most of the university’s amazing facilities, you should check out Stanford Sweeteners for dozens of other “sweet” perks

When it’s time to think seriously about retirement…

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Ages 50 to 64 Ages 35 to 49 Age 34 and younger