Iowa Bankers Association Iowa Bankers Mortgage Corporation
Iowa Bankers Insurance
and Services
8800 NW 62nd Avenue
PO Box 6210
Johnston, IA 50131
Toll-Free: 800-532-1423
Fax: 515-286-4214

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Medicare Key to Employees' Retirement Preparation

:Medicare Key to Employees' Retirement Preparation

When employees are beginning to think about retirement, it can be an exciting yet overwhelming time for them. There are many facts individuals must be aware of as they start to prepare. One of those is the transition from employer benefits to individual benefits and, as an employer, you’re likely where individuals come first.
The staff at Iowa Bankers Insurance and Services, Inc. understand the apprehension one may feel as they make this important benefit transition. We also understand one size does not fit all, but we do know employees covered under the Iowa Bankers Benefit Plan recognize and trust the coverage and service received through the plan. The experienced staff at IBIS is a valuable resource available to help soon-to-be retirees or Medicare eligible employees ease into these changes.

If you get questions from employees about retirement or Medicare, you can provide them with the following basic information and refer them to IBIS for further details.

If the employee is turning age 65 and continuing to work, they should follow the instructions in the letter IBBP mailed three months before their 65th birthday. The employee can maintain active group health coverage until they decide to retire. If they have Medicare, coordination of benefits will apply based on certain criteria. IBIS Customer Service is available by dialing 800-258-1415.

If the employee is 65 or older and retiring or his or her spouse is age 65 or older and coming off the IBBP group health coverage, the employee/spouse should call Social Security to enroll in Medicare Part A and/or Medicare Part B. They also should consider coverage to supplement the Medicare coverage they will be enrolling. Should a local bank agent not be available, IBIS Agency Services can help provide information and pricing on purchasing a Medicare Supplement, Medicare Advantage or PDP products. Please contact IBIS at 800-775-8858 for assistance.

If the employee is retiring prior to age 65, three options are usually available:

  • If the employer offers IBBP retiree coverage, please provide coverage information to the retiree or have them call the customer service team.
  • If the group health plan terminates, COBRA coverage would be offered by the bank.
  • The employee would have access to individual health insurance coverage from Should a local bank agent not be available, employees may contact IBIS for assistance.

Preparation and education can make the transition from employer benefits to individual benefits a little easier, reducing stress over health insurance, leaving more time to focus on the exciting aspects of retirement.

Wellmark also provides a Medicare Matters brochure that walks through the Medicare process. This is available electronically at or in print. Contact IBIS to request copies of this resource, which you can share with employees considering or preparing for retirement.

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Mid America Banking Insurance Services, Inc., a subsidiary of IBIS, provides insurance programs to banks outside of Iowa. 

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Iowa Bankers Mortgage Corp. (IBMC) offers the products & experience Iowa banks need in the secondary mortgage market.

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The Iowa Bankers Association (IBA) is dedicated to serving Iowa banks and their employees.

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