Faqs: Social Security Family Benefits for Phillips 66 Employees and Retirees

Healthcare Provider Update: Healthcare Provider for Phillips 66 Phillips 66 offers healthcare coverage through multiple providers, primarily Aetna and Blue Cross Blue Shield (BCBS), depending on the employee's home ZIP code. Employees also have access to a Kaiser HMO option if they live in designated areas of California or Washington. The medical plans include comprehensive coverage for various healthcare services, including preventive care, regular checkups, mental health, and substance use disorder treatments. Potential Healthcare Cost Increases in 2026 Healthcare costs for Phillips 66 employees can be expected to rise significantly in 2026, reflecting broader trends impacting the Affordable Care Act (ACA) marketplace. As major insurers are filing for rate increases that may exceed 60% in certain states, Phillips 66 employees could face steep hikes in out-of-pocket premiums, especially if federal subsidies are not extended. The combination of escalating medical costs and the potential loss of enhanced subsidies means many employees may see their premium costs increase substantially, leaving them with difficult choices regarding their healthcare coverage amidst these changing economic conditions. Click here to learn more

Understanding Social Security can help ensure a financial future even for Phillips 66 employees facing unexpected challenges in life, says Patrick Ray of The Retirement Group. 'We recommend talking with a financial advisor about your benefits to see if they fit your needs.

'Social Security benefits are very important to many Phillips 66 employees and retirees,' says Michael Corgiat, a financial expert with The Retirement Group. A professional advisor can help you understand these benefits and help you protect your financial future amid life's uncertainties,' says'

In this article:

1. Social Security and Retirement Planning: Understanding how Social Security can be a supplement to income for Phillips 66 employees and retirees - and why it should not be the only income in retirement.

2. Family Benefits under Social Security: Explore how spousal death, divorce, and disability affect eligibility and benefits distribution to family members.

3. Strategic Application of Benefits: Information on how to apply for Social Security benefits 'to maximize financial support for critical family events.'

Social Security benefits are very important to many Phillips 66 employees and retirees,' says Michael Corgiat, a financial expert with The Retirement Group. 'Working with a professional advisor can help you understand these benefits and protect your financial future amid life's uncertainties.'

Social Security is among the most basic retirement income concepts for Phillips 66 employees and retirees. Social Security is another retirement income stream. It should never be the only source of income, but it can help in times of need. A family dealing with death of a spouse, disability, divorce, or dependent children/parents should know the benefits they dispose of to ease the financial strain they may be experiencing. How does family benefit work?

You will usually get a percentage of the Social Security benefit, the entire Social Security benefit, or a family maximum. An example of how this differs is what we hear from Phillips 66 employees and retirees.

Answer: That question comes from many Phillips 66 employees and retirees - understandably so. Yes, spousal benefits are available to a couple who has been married one year or longer. They may collect up to 50 percent of working spouses Primary Insurance amount - Full Retirement Age if they wait until their own Full Retirement Age - or they may collect another reduced amount starting at Age 62. 

Answer: Yes. If you were married to your ex-spouse for 10 or more years, they are unmarried and age 62 or older. You receive the same benefits as a current spouse. 

Answer: It comes from working with a lot of Phillips 66 employees and retirees about how death can affect the family financial situation. This question comes up a lot, therefore.

In the answer, there are two parts. Yes. Your unmarried dependent children under 18 years old, 19 if in a primary or secondary school, or disabled as long as disability occurred before age 22 years old are entitled to 75 percent of the PIA of the deceased parent up to a family maximum. For any child under age 16 your spouse is also entitled to 75 percent of the PIA up to a family maximum. In this situation Social Security has come in immediately to help the family with additional income.

In addition, at age 60 a widower can take Social Security from the deceased spouse. This is two years before the traditional spousal benefit. And as with any situation involving taking Social Security early, you will pay a percentage reduction of the full benefit. 

Answer: It's another worry for many Phillips 66 employees and retirees with children. Yes, exactly the same eligibility rules apply as if you were deceased. The only change: your children would get only 50 percent of your PIA. 

Answer: Yes. Depending on the circumstances, your dependent parents may collect off your record if you are deceased and you provided more than 50 percent of their support before you died. That's the least common family benefit. 1 Remember that a family member collecting Social Security benefit off of your record will not reduce your benefit. Making applications for the benefits your family and you deserve can create significant income for your family and ease the strain a life-changing event may place on your resources.

We speak with lots of Phillips 66 employees and retirees over the years and we know everyone is different. Social Security benefits are complicated but our financial advisors can help you determine when and how to apply. A nationwide group of financial advisors known as The Retirement Group.

We only plan for and design retirement portfolios for transitioning corporate employees. And each representative of The Group has been hand-picked by The Retirement Group in select cities throughout The United States. Each advisor was screened for pension expertise, financial planning experience, and portfolio construction knowledge.

TRG believes in teamwork to find solutions to our clients' problems. A conservative investment philosophy guides the Team in constructing client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks, and other investments. They handle Retirement, Pensions, Tax, Asset Allocation, Estate, Elder Care issues. This document uses different research tools and techniques.

All attempts to estimate future results involve assumptions and judgments and are therefore only tentative. The law, investment climate, interest rates, and personal circumstances will all change and will affect how accurate our estimations are and how appropriate our recommendations are. Such a plan requires ongoing change sensitivities as well as constant re-examination and alteration of the plan.

So, update your plan a few months before your expected retirement date and do an annual review. Nothing contained herein shall be construed as an attempt by the Retirement Group, LLC, or any of its employees to practice law or accounting. We look forward to speaking with any tax and/or legal professionals you may select regarding the implications of our recommendations.

Through your retirement years, we will continue to update you on issues affecting your retirement via our complimentary and proprietary newsletters, workshops, and periodic updates. Or call us at (800) 900-5867.

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Sources:

1. 'Benefits Planner: Retirement.' Social Security Administration, 2023,  www.ssa.gov/benefits/retirement/planner/ageincrease.html . Accessed 23 Feb. 2025.

2. 'Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).' Social Security Administration, 2023,  www.ssa.gov/benefits/retirement/planner/wep.html . Accessed 23 Feb. 2025.

3. 'How Do I Apply for Social Security Retirement Benefits?' Social Security Administration, 24 Apr. 2024,  www.ssa.gov/faqs/en/questions/KA-01891.html . Accessed 23 Feb. 2025.

4. 'Benefits Planner: Retirement | Social Security Benefits for Federal Workers.' Social Security Administration, 2023,  www.ssa.gov/benefits/retirement/planner/fedgovees.html . Accessed 23 Feb. 2025.

5. 'Quick Calculator.' Social Security Administration, last modified 27 May 2014,  www.ssa.gov/OACT/quickcalc/ . Accessed 23 Feb. 2025.