Any retired people see a sudden change in the HRA amount?
When I went onto Medicare my FHA (Future Health Account) switched to an HRA.
April 28 over 2500 was withdrawn with no explanation.
Call to RIA (retirement medical company) resulted in a cryptic message that even the rep did not understand. Fidelity said not their problem.
Looks like BIG BLEW stole from me again.
7 replies (most recent on top)
+1 re the FB group, a few of the dudes there are well versed in the retirement goat rodeo that is post-IBM
When thing to remember that the money in the FHA is not ours, never was and never will be. IBM can take it back at anytime. That is what several reps from Ayco told me. They also said many people will use up their FHA as quickly as they can just in case IBM decides they want to take it back.
They also said always leave a little money in the account so that you can access the plans that are in the account. If you zero out the balance then you can never access that plans that are available in the account.
The same thing happened to me. When I turned 65 last year and had to sign up for Medicare, IBM converted my FHA to an HRA. I noticed a $2919 withdrawal from my account (it was labeled as a negative contribution). Have no idea why. But since then, the only withdrawals have been to pay premiums.
The official reply:
"Contribution reversal has been processed and deducted from the balance."
In other words , three years into my retirement and IBM wanted $2557.00 back from the health account.
Watch your numbers. There was no warning, no letter, no message.
Please keep us updated. I retired 6/30 and stayed on IBM cobra plan for ²’ 7/1/22 will have enrolled in medicare and gap plan through viabenefits and start drawing from FHA. This is a question I will ask when I enroll
Hopefully not a fee levied.
There is a private group on facebook called ViaBenefitsIBM that you can join. They may be able to help.
also as a side note.. IBM did away with all the IBM Clubs. Their facebook page was taken down 4/30/2022
I suggest you ask your question to the IBM RETIREE FACEBOOK group.