Page 12 - November 2018

ThirdVice President’s Report
Health care options for our retirees
Now that we are in November, can tax time be far around the corner? In 2017, we saw huge numbers of our members reach the ultimate goal: retirement. As these de- serving members begin to enjoy the fruits of their labors, the questions that come up regularly are related to health care costs.
In August 2006, President George W. Bush signed H.R. 4, the “Pension Protec- tion Act,” into law. This law provides for a
modest tax benefit for retired public safety officers to pay for health care by allowing the use, on a pretax ba- sis, of up to $3,000 annually from their pension funds (including defined benefit plans and defined contri- bution plans) to pay for premiums on health care and long-term care insurance. In order for you to get the pre-tax benefit, the money must be paid directly from your pension fund to a health or long-term care insur- ance company.
For members who retired after June 1, 2017 (with the 55-and-out option) and are required to pay 2% of their
annuity toward their health care, this tax benefit will greatly assist with the costs of insurance premiums. For more information regarding this program and its tax benefits for you, please check the following web- site: www.irs.gov/irb/2007-05_IRB/ar11html#d)e2227.
We at the Lodge continue to look into health care options for our retired members who have attained Medicare age. For those members, there is an option to the Blue Cross/Blue Shield plan offered by the City. The lodge has continued our two-year commitment with Labor First to assist retirees with questions they may have with the Aetna health care options. If you have any questions about your options, please con- tact Labor First directly at 312-248-7251 or toll-free at 877-660-7919. The lodge is committed to providing you with the best options at the best price!
May you take them for more that they took you! May you and your families have a happy Thanksgiving. Stay safe! d
JAY RYAN
12 CHICAGO LODGE 7 ■ NOVEMBER 2017