ICUBA Retiree Benefits

Report
Presented by
Mark Weinstein, President & CEO
and
Robin Donovick, Chief Operating Officer
March 22, 2011
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You must be employed at your institution for at
least five years.
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Years of service + your age must equal 65.
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You must have ICUBA medical coverage at least
three months before retiring.
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You must be “Actively at Work” on the day prior
to your retirement.
Note: You must be enrolled in medical coverage in order to enroll
your spouse and/or dependents.
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May I add Dependents at the time I retire?
◦ No, you can only elect retirement coverage for
those eligible dependents covered under your plan
at the date of your retirement.
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May I add a Dependent to my retirement
coverage once I am already on the retiree
plan?
◦ You can only add a dependent acquired after the
date your retiree coverage goes into effect if you
acquire the dependent child due to a life status
change such as marriage, birth or adoption.
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Notify your Human Resources (HR) Department that you plan on
retiring and when.
Your HR Department will notify ICUBA of your retirement date.
A Retiree Election Package will be mailed to you.
The package will detail your available medical, dental, and vision
options along with the associated costs.
You will have up to 30 days after your retirement date to make
your election (Note: Your deductible amount will not reset if you
choose an ICUBA Retiree Medical Plan).
Once your election form is received, you will be sent billing
coupons and the option to elect Electronic Funds Transfer (EFT).
There will be an annual open enrollment period in which you
may change your elections.
Once you cancel your retiree medical insurance, you are unable
to reinstate in the future.
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Under age 65 at retirement
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Risk/Reward Blue Options
Risk/Reward Blue Choice
PPO 70 Blue Options
PPO 70 Blue Choice
PPO 80 Blue Choice
Prescription Drug coverage is
included with all medical plans
Humana Dental
Advantica Eyecare for vision
Election options are Retiree only,
Retiree + Spouse, and Family
coverage
You will be given the option to
elect the ICUBA Retiree Medicare
Supplemental Plan once you
attain age 65
Over age 65 at retirement
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ICUBA Retiree Medicare
Supplemental Plan
Risk/Reward Blue Choice
PPO 70 Blue Choice
Prescription Drug coverage is
included with all medical plans
Humana Dental
Advantica Eyecare for vision
Election options are Retiree only,
Retiree + Spouse, and Family
coverage
Note: The only difference between the Blue Choice and Blue
Options plans are the network of providers and cost.
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You and/or your spouse must be at least 65
years old
You and/or your spouse must be enrolled in a
Medicare Part A and Part B, which is done at
the time of attaining age 65 or upon your
retirement
Medicare Part D is not needed because the
ICUBA Retiree Medicare Supplemental Plan
includes an enhanced Medicare Part D
prescription drug plan
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ICUBA Medical Supplemental Plan
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The plan will pay for the
balance of approved
Medicare health expenses
once you meet your Medicare
calendar year deductible
You only have to meet the
$155 deductible once
Premium costs are lower
You may be subject to higher
copays and in some
instances, coinsurance, for
your Prescription Drugs
Enrollment is done in the fall
to co-inside with the
Medicare enrollment period
ICUBA Retiree Medical Plan
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After Medicare you will be
responsible for paying 20% or
30% of the remaining balance *
You would need to meet the
Medicare deductible and the
deductible of your chosen plan
Premium costs are higher
Prescription Drug copays are
the same as active employees
Open Enrollment is done the
same time as the active
employees
*The percentage would depend on
the plan you have chosen.
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Age Band
Monumental Life 2011
Premium Rates
65-67
$400.03
68-70
$425.27
71-74
$462.83
75+
$496.48
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Rate Tier
PPO 80
PPO 70 Blue Choice
Risk/Reward Blue Choice
Employee (65+)
$762
$595
$495
EE + Sp (EE 65+; Sp
65+)
$1,525
$1,164
$990
EE + Sp (EE 65+; Sp
<65)
$1,667
$1,199
$986
EE + Sp (EE <65; Sp
65+)
$1,667
$1,199
$986
$1,474
$1,077
$887
$2,287
$1,746
$1,485
$2,400
$1,694
$1,377
$2,400
$1,694
$1,377
EE + Ch (EE 65+)
Family (EE 65+; Sp
65+)
Family (EE 65+; Sp
<65)
Family (EE <65; Sp
65+)
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If you predecease your dependent and they
are a covered dependent, they will be offered
36 months of continuous coverage through
COBRA as long as they notify ICUBA within 60
days from the date of death.
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The person that is over 65 will have the
option of choosing one of the ICUBA Retiree
Medical Plans or the ICUBA Retiree
Supplemental Medical Plan.
The person that is under 65 will have the
option of choosing one of the ICUBA Retiree
Medical Plans. When they attain age 65, they
will have the option of switching to the ICUBA
Retiree Supplemental Medical Plan.
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HRA contributions are given by your employer while you
are an active employee. When you retire, contributions will
end.
You will have access to your remaining balance as long as
you are vested.
If vested, you will have the ability to use your ICUBA
Benefits Mastercard®
A monthly administration fee of $10.60 will be deducted
from your HRA balance until funds are depleted.
Medicare will deplete your available HRA balance before
paying any medical claims.
HRA money can be used to pay retiree premium.
If you are not vested, you will have 90 days after
retirement to submit reimbursement for eligible medical
expenses.
Note: You are vested if you have been on an ICUBA HRA
Eligible Medical plan for at least 36 months.
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ICUBA Retiree Medical Plan
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You do not pay an
administration fee
Your coverage will continue
until you cancel it
You will have an annual
open enrollment period
You will have the option of
electing the ICUBA Medicare
Supplemental Plan
Medical Insurance thru COBRA
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You will pay a 2%
administration fee
Your coverage will end in 18
months
You will not have the option
of electing an ICUBA Retiree
Medical Plan once COBRA
coverage ends
You will not have the option
of electing the ICUBA
Medicare Supplemental Plan,
regardless of age
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ICUBA has currently chosen to adopt all
provisions required in Health Care Reform,
such as, removal of Lifetime Limits, inclusion
of wellness doctor visits to the free benefits,
and coverage of dependent children up to the
age of 26.
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For the description of the Retiree Plan
Summary , go to http://icubabenefits.org
For the Medicare Fee Schedule, go to
http://www.cms.hhs.gov/FeeScheduleGenInfo/
For information regarding your retiree
Premium billing and elections, call 1-866377-5102.
For information on Medicare, go to
http://www.Medicare.gov
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