Updated Health Insurance Subsidy (HIS) Information

The Health Insurance Subsidy (HIS) is a monthly supplemental payment that helps offset the cost of health insurance premiums for eligible retirees or beneficiaries. The current HIS benefit is $7.50 per month for each year of FRS Pension Plan and/or Investment Plan service credit earned at retirement. The minimum HIS benefit is $45, and the maximum is $225 per month. This is an extra benefit; it does not come from the member’s Investment Plan account balance, nor is it a guaranteed benefit.

Eligibility

To be eligible for the HIS, the employee must:

Meet the age or service requirements to qualify for normal retirement under the Pension Plan.
Have taken a distribution from the Investment Plan or be an Investment Plan Hybrid Option member who has begun receiving their Pension Plan benefit.
Terminated all employment with all FRS-participating employers as described in Section 121.021(39), F.S.
Satisfy the vesting requirements for the Pension Plan or be eligible for an FRS disability benefit.
Provide proper documentation certifying that they have health insurance coverage (Cover Florida Health Care Access Program, Medicare, and TRICARE are accepted).
Apply for the HIS by using the required FRS forms. You must apply to receive the HIS.

Eligible Beneficiary

Only the surviving spouse named as the member’s beneficiary is eligible to receive the HIS in the event of the member’s death. Named beneficiaries other than the spouse are not eligible for the HIS.

Assistance with HIS

For more information and assistance with your FRS DROP HIS Benefit form, contact Fraser Allport, your Florida DROP Specialist, at 386.882.6256, Monday to Friday, 1-6 pm, EST. Fraser can help you with:

The initial steps to exit your DROP.
Meeting dates and deadlines for filing your DROP Exit forms.
Determining which forms are needed and helping you complete them.
Independent choices for wisely investing your DROP rollover money.
Optimizing your unused sick and vacation days in your DROP.
Maximizing your Social Security benefits for you and your spouse.
Health insurance, Medicare, and long-term care choices.
Coordinating your retirement plans with your spouse’s retirement plans.
Reducing your income taxes in retirement.
Estate and legacy planning.
Getting your house in order with wills, trusts, powers of attorney, living wills, etc.
A customized home health care plan.

Fraser Allport: Your Trusted Guide to a Secure Retirement

For over 42 years, Fraser Allport has been a leading financial professional in Florida, specializing in retirement planning. He's committed to helping individuals in Daytona Beach, Port Orange, Space Coast, and Palm Coast navigate the complexities of retirement with confidence.

Why Choose Fraser Allport?

* Proven Expertise: As a Fiduciary, Investment Advisor, and Certified Estate Planner™, Fraser brings a wealth of knowledge and experience to the table.
* Independent and Objective: Fraser works for you, not a big company or bank, ensuring unbiased advice.
* Comprehensive Services: From DROP planning and 401(k) rollovers to IRA strategies and estate planning, Fraser offers a full spectrum of services.
* Local Focus: He understands the unique needs of Florida residents, including those in Daytona Beach, Port Orange, Space Coast, and Palm Coast.

Specializing in DROP Planning

Fraser is a recognized Florida DROP Specialist. He helps clients navigate the intricacies of the Deferred Retirement Option Plan (DROP), maximizing their retirement savings. This includes:

* Optimizing un-used DROP sick and vacation days
* Developing a customized action plan for your DROP
* Ensuring you make informed decisions about your retirement funds

Beyond DROP: A Holistic Approach

Fraser's services extend beyond DROP, offering a comprehensive approach to retirement planning:

* Retirement Planning: Tailoring your retirement plan to achieve your goals, whether it's a 401(k) rollover, an inherited IRA, or choosing the best Roth IRA.
* Tax Minimization: Developing strategies to minimize your tax burden in retirement.
* Estate Planning: Creating a plan to protect your assets and ensure a smooth transition for your loved ones.
* Home Health Care: Developing a personalized plan for your home health care needs.
* Annuities and IRAs: Exploring these options to secure your financial future.