Preparing for Retirement

Your 401(k)

Contributing to the Boyd 401(k) is an important step in saving for retirement. It’s never too late to start saving. As you approach retirement, you may want to adjust your investment portfolio to lessen your risk. The Voya website has many informational resources to help you create an investment portfolio that’s right for you.

When you are ready to retire, you can begin making withdrawals. Learn how to get started by contacting Voya online at boyd401k.voya.com or by calling 888.774.2693.

Learn more about saving through the 401(k).

Your Health Savings Account (HSA)

If you are enrolled in an HSA-eligible medical plan, you can set aside pre-tax dollars to use in retirement. You can use it to pay qualified medical expenses such as deductibles, copays, over-the-counter items, dental, and vision care. If you are age 55 or older, you can contribute an extra $1,000 on top of the annual contribution limit.

Your HSA follows you into retirement. You will use it just as you did before you retired. It’s important to know that you can only contribute to your HSA while you are enrolled in a high deductible health plan. Once you enroll in Medicare, or switch to a different kind of medical plan, you can no longer contribute. You can only spend your HSA funds.

Learn more about the HSA and how it works.

Your Medical Coverage

What is Medicare?

Medicare is health insurance for:

• People 65 or older
• Certain people under 65 with disabilities
• People of any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant)

What are the Parts of Medicare?

 Part A helps cover:

• Inpatient care in hospitals
• Skilled nursing facility care
• Hospice care
• Home health care

You usually don’t pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes while working for a certain amount of time. This is sometimes called premium-free Part A. If you aren’t eligible for premium-free Part A, you may be able to buy Part A.

Part B helps cover:

• Services from doctors and other healthcare providers
• Outpatient care
• Home health care
• Durable medical equipment (DME) (such as wheelchairs, walkers, hospital beds, and other equipment)
• Many preventive services (such as screenings, shots or vaccines, and yearly “Wellness” visits)

Most people pay the standard Part B premium amount. Original Medicare pays for much, but not all of the cost for health care services and supplies. Medicare Supplement Insurance (Medigap) policies, sold by private companies, can help pay some of the remaining health care costs, such as copayments, coinsurance, and deductibles.

Medicare Advantage (also known as Part C):

• An “all in one” alternative to Original Medicare. These “bundled” plans include Part A, Part B, and usually Part D.
• Plans may have lower out-of-pocket costs than Original Medicare.
• Most plans offer extra benefits that Original Medicare doesn’t cover, such as vision, hearing, and dental services.

Part D (prescription drug coverage):

• Helps cover the cost of prescription drugs (including many recommended shots or vaccines)
• Run by private insurance companies that follow rules set by Medicare
• May help lower your drug costs and help protect against higher costs in the future

Note: If you have limited income and resources, you may qualify for help to pay for some health care and prescription drug costs. For more information on programs that can help pay for your health care costs, visit Medicare.gov, or call

1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.

How to Navigate Medicare

Let Mylo Make it a Whole Lot Easier

Figuring out how to enroll in Medicare can be overwhelming, but Mylo is here to help. Connecting people to top-rated coverage for 50+ years, a licensed Mylo advisor can recommend the right type of Medicare for you, shop Medicare policies from 40+ carriers, and find you the best rate.

Three Steps to Enroll in Medicare

If you’re age 65 or no more than three months away:

1. Enroll for Medicare Part A (hospital insurance) and Part B (medical insurance) now by visiting www.socialsecurity.gov/medicare/apply.html or calling Social Security at 800-772-1213.
2. Chat with a Mylo advisor at 844-893-9884 for a custom consultation. This may include options, such as:

• Medicare Supplement (Medigap): Helps make payments not covered by Parts A and B.
• Medicare Part D Prescription Drug Plan: Reduces the cost of prescription drugs.
• Medicare Advantage: Offers prescription drug coverage (Part D), Part A, and Part B in one plan.

3. Choose the policy you want. Mylo will help you enroll.