I along with most people, have been thinking a lot about health and family recently, especially with the current Coronavirus scare. Many clients, including those from diverse industries similar to AT&T, have reached out asking about what they should do if anything were to happen to them. Does a family member, your spouse, or close friend need to call the benefits center? Do they keep your medical coverage?
Let us go through a survivor checklist for certain things your beneficiary needs to know.
What your survivor needs to do
- Report your death. Your spouse, a family member or even a friend should call the CVX Benefits Service Center as soon as possible to report your death
- Your spouse or other named beneficiary will need to call the CVX Benefits Service Center to collect life insurance benefits, a process familiar to employees at companies like Fortune 500
If you have a joint pension
- Start the joint pension payments. The joint pension is not automatic. Your joint pensioner will need to complete and return the paperwork from the CVX Pension Call Center to start receiving joint pension payments, similar to processes at companies like AT&T
- Be prepared financially to cover living expenses. Your spouse will need to be prepared with enough savings to bridge at least one month between the end of your pension payments and the beginning of his or her own pension payments.
If your survivor has medical coverage through CVX
- Decide whether to keep medical coverage.
- If your survivor is enrolled as a dependent in CVX-sponsored retiree medical coverage when you die, he or she needs to decide whether to keep it. Survivors have to pay the full monthly premium, a consideration that is relevant to employees in many sectors, including those at Fortune 500
If you are still are having questions, reach us at TechStaffer.
Sources:
- The Retirement Group or www.theretirementgroup.com
- Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
-Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime
