PMAC? (Private and Mutual Aid Corporation for Private Schools in Japan)

[captainspoke]

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These days I get a detailed statement telling me how much I'll get in pension once I retire.
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Nearing retirement age, there'll also be the option for a group counseling session a time or two. These are held yearly in different locations. I was lucky that two were held locally (prefectural capital where they do have one of their hotels, small one). I think my first was 4-5yrs before retiring, the next was the year before.

You get another copy of the yearly statement--a preview of what your stipend* will be--and the lecture very so-so, where someone reviews most of the points already there on the handouts. Then Q&A. At the second, there was the chance to meet one-on-one with someone if you wanted to (reservation needed?).

*they never say exactly what you will be getting, only what you'd be getting if you retired right then. But it's ballpark close, so no worries.

All that in japanese of course.

One thing not mentioned, and that I never got, was the occasional offer for a PMAC credit card. Probably nothing special about it (points, etc), but if you need another card, or have had trouble getting one otherwise, their card is probably a breeze for any member to get.

Also, I think most everyone stays on their insurance system post-retirement. As described elsewhere here, it'll be cheaper than 国民保険 that first year, and you use/continue with the same card, so at the point of retirement, where lots of other things are changing, this is one point of stability--one less thing to think about. I stayed on it for two years, tho for that second year you can price compare by going to city hall and exploring what the cost difference will be.

[suntori]

I am subscribed to their medical/death/disability term insurance plans. Though, I am not sure how long I will be employed in a private university, so I am considering to switch to other providers. Does anybody know if it is possible to keep this medical insurance plan after one leaves from PMAC? Note, I am referring to the additional medical term insurance, Mutual Aid Term Insurance, not the standard health insurance.

[Tkydon]

I am subscribed to their medical/death/disability term insurance plans. Though, I am not sure how long I will be employed in a private university, so I am considering to switch to other providers. Does anybody know if it is possible to keep this medical insurance plan after one leaves from PMAC? Note, I am referring to the additional medical term insurance, Mutual Aid Term Insurance, not the standard health insurance.

[suntori]

You will be able to keep the medical insurance plan after you leave for upto two years, assuming you don't go to another employer with the same or different health insurance provider. After which time, you would have to switch to National Health Insurance - Kokumin Kenkou Hoken.

As the premiums are based on the previous year's taxable income, for the first year after leaving, continuing the Health Insurance will probably be cheaper than switching to the National Health Insurance - Kokumin Kenkou Hoken.
For the second year, switching to the National Health Insurance - Kokumin Kenkou Hoken will probably be cheaper than continuing the Health Insurance.
For the third year, you will have to switch to the National Health Insurance - Kokumin Kenkou Hoken, assuming you don't go to another employer with the same or different health insurance provider.

Thank you for the reply Tkydon. Just to clarify, the two years limit also applies to the term medical insurance as well?
Not related to the Kokumin Kenkou Hoken, but to Kyousai Teiki Hoken Jigyou (e.g."3-dai Shippei Hoshou Course", etc...).

self-update: I may have found the answer in the below pdf:

"If the insured is at least 50 years of insurance age at the beginning of the insurance liability term after retirement and has been covered by the Mutual Aid Term Insurance for at least one year, he/she can extend it to age 70 even after retirement for the same amount at a maximum."

So it appears we may be able to keep this insurance until age 70, except the long-term disability benefit.

https://www.pmac.shigaku.go.jp/en/welfa ... t_2021.pdf

[ClearAsMud]

So it appears we may be able to keep this insurance until age 70, except the long-term disability benefit.

Actually, as the note on the front page of the pamphlet you cite makes clear, continued enrollment in the four relevant "courses" is automatic up to the age of 70 (69 for the 医療保障コース). You would have to actively decline NOT to have your coverage extended. The "can extend" thus refers to an opt-out situation, and premiums will be collected unless you do opt out.

While it doesn't seem to be mentioned in the English pamphlet, the Japanese webpage and the corresponding Japanese pamphlet note that if you've contributed for at least two years when you retire and have extend your coverage, you will also be given an opportunity to extend the three central plans even further, up to age 80 (although presumably at a higher premium).

[captainspoke]

The term life insurance they offer gets expensive. Nice when you're younger, but I think, IIRC, I cancelled it a couple few years before retiring (65). It is definitely not level term. We had enough savings/investments that we switched to being self-insured.