As the Lord tarries, we are faced with an ever-increasing number of aging ministers. One in four ministers licensed with the United Pentecostal Church International (UPC) are age 65 or older. My grandfather used to remark, “These golden years are not what they are cracked up to be.” As ministers age, their income becomes more fixed, their bodies begin to deteriorate, and their insurance needs change. As such, seniors have different needs than younger ministers, and the UPCI has different resources available. One of the advantages of being in an organization is services to the ministry and benefits that would otherwise be unavailable.
All ministers are encouraged to take advantage of the Ministers Retirement Fund (MRF) which allows ministers to save for retirement so that they are not forced to continue working in their senior years. Often ministers would like to retire and begin succession planning, but the plan is not feasible due to their financial circumstances. Some ministers have even opted-out of Social Security contributions believing that Jesus would return before their retirement, but now they are forced to continue working later and later. This puts a strain on the ministers as well as churches. The MRF is a fantastic mechanism for forward-thinking ministers and churches to set themselves up for success in the future. Retired ministers can continue to minister without financial pressure if they plan properly.
Many ministers feel they must turn in their credentials as their income declines. One of the most underrated benefits of being credentialed with the UPCI is the option to apply for Honorary or Exempt Status. These applications can be obtained either from UPCI Church Administration or from the minister’s district office. Ministers that have a legacy of significant contributions to the UPCI may apply for Honorary status through their district board. Ministers who are disabled or have significant financial hardship may apply for Exempt status.
A minister who has Honorary or Exempt status will be exempted from paying a portion of their ministerial dues. Instead of paying the typical rate for a given level of credentials, they will pay a flat fee to cover the cost of benefits. This includes the minster’s life insurance premiums and subscriptions to the Pentecostal Life and the Forward magazines. This also allows these ministers to maintain their credentials and voting privileges. In addition to paying the fee, they will still need to meet their district’s financial obligations.
Senior ministers may have special health needs, and many senior ministers are eligible for Medicare. Medicare is a government-sponsored health insurance program in the United States designed for individuals age 65 and older. Medicare has four parts. Part A is specifically for hospital coverage. Part B covers outpatient care, doctor visits, preventive services, and some home health care. Beneficiaries typically pay a monthly premium for Part B coverage. Part C is called Medicare Advantage. There are private insurance plans approved by Medicare that include coverage from both Part A and Part B. These plans may also include additional benefits like vision and dental coverage. Part D is prescription drug coverage.
Private insurers offer “Medigap” or “Medicare Supplement” plans to help manage healthcare costs that are not covered by Medicare. United Insurance Solutions is the insurance company that is owned by the UPCI and offers a Group Senior Medical Plan to serve this purpose. This is open to U.S. based UPCI ministers age 65 or older who are enrolled in Medicare Part A and B. It does not include a Part D plan so individuals will need to source that through another insurer. The Senior Medical plan works like a Medicare Supplement plan. Medicare pays first, and this plan covers all or some of the expenses not covered by Medicare.
There are no networks in this plan. It is also guaranteed issue, which means that there are no medical history questions included in the application. It is not subject to Medicare’s annual enrollment period, so ministers can enroll at any time. The Group Senior Medical plan also includes foreign travel benefits. More information on this plan can be obtained from https://unitedinsurancesolutions.org/.
As we to carry out the great commission, we must continue to serve the generation that has gone before us. The UPCI has made great strides in providing resources that will benefit the older generation. By investing in the MRF you can prepare a nest egg to be ready for when you need it. By inquiring about Honorary or Exempt Status, you can potentially save money on your budget fee and maintain the benefits of a licensed minister including life insurance. Finally, the Group Senior Medical plan is a tremendous mechanism for aging ministers to obtain health care coverage. Call UPCI World Headquarters at 636-229-7980 today to inquire about any of these fantastic programs!