3M Human Resources. Retiree Connections

Transcription

1 3M Human Resources Retiree Connections for non-medicare eligible retirees and/or their non-medicare eligible dependent(s) currently enrolled in both the 3M Retiree Medical Choice Plan and 3M Retiree Dental Plan

2 As previously communicated, effective Dec. 31, 2015, 3M is making the following changes: The 3M Retiree Medical Choice Plan will no longer be offered. The 3M Retiree Dental Plan will no longer be offered. You and your eligible non-medicare dependent(s) may enroll in one of the following options between Nov. 1, 2015, and Dec. 15, 2015, to ensure you have health insurance coverage effective Jan. 1, 2016: A health care plan through the public Health Insurance Marketplace (also known as an exchange plan); or A health care plan through a private insurer, which could include your spouse s plan or another employer s plan if you become employed somewhere else. Please carefully review this issue of Retiree Connections to ensure that you understand your options and how the 3M non-medicare Health Reimbursement Arrangement (HRA) Plan works. You recently received a letter from 3M FIRST Line Center that provided you with your non-medicare HRA credit balance(s), if eligible, as of Sept. 15, Your action required! To ensure you have coverage, review these important dates below: Medical Coverage Beginning Nov. 1, 2015, you can begin to research your medical options and enroll in a plan that will work best for you. Dental Coverage You can begin researching your options now and enroll in a plan that will work best for you. We highly recommend you enroll in a new medical and/or dental plan on or before Dec. 15, 2015, to ensure you have coverage effective Jan. 1, In This Issue What's Changing for page 3 Enrolling in a Health Insurance Marketplace Plan or Private Insurer Plan in page 4 The 3M Non-Medicare Health Reimbursement Arrangement (HRA)...page 5 Important Contact Information...page 6 Important Legal Information...page 7 2

3 What's Changing for 2016 The chart below explains what is changing for 2016 and what you will need to do to continue having medical and/or dental coverage. Although the 3M medical and dental plans are being discontinued, as a 3M retiree, you have a valuable retiree medical benefit a non-medicare Health Reimbursement Arrangement (HRA), which you can use to help pay for your medical and/or dental premiums. Medical plan options Dental plan options Although 3M will no longer offer the 3M Retiree Medical Choice Plan effective Dec. 31, 2015, you can use your 3M non-medicare Health Reimbursement Arrangement (HRA), if eligible, to help pay your post-tax premium for one of the following options: An individual insurance plan through the public Health Insurance Marketplace (also known as an exchange plan); or The 3M Retiree Dental Plan will be discontinued effective Dec. 31, If you would like to continue to have dental coverage, you will need to research the available plans to find what coverage and plan will work best for you. You will need to go through a private insurer. Effective Jan. 1, 2016, you can use your non-medicare HRA to help pay your post-tax dental premium. An individual insurance plan through a private insurer. Note: Some households may be eligible for a premium tax credit. See page 4 for more details. See the enclosed Health Insurance Resource Guide for medical and dental plan resources. How you will pay for coverage Non-Medicare eligible retirees and their non-medicare eligible dependent(s) can continue to use their non-medicare HRA to help pay their post-tax premium(s) for a medical plan in the public Health Insurance Marketplace or through a private insurer. Effective Jan. 1, 2016, you can use your non-medicare HRA to help pay your post-tax dental premium. A letter from 3M FIRST Line Center provided you with your non-medicare HRA credit balance(s), if eligible, as of Sept. 15, See page 5 for more details about the HRA. How to access your non-medicare HRA You will no longer go to the Your Benefits Resources website for information about your HRA. You will now go to the Your Spending Account (YSA) website. Watch for a welcome kit from YSA in late December with more information. See page 5 for details. 3

4 Enrolling in a Health Insurance Marketplace Plan or Private Insurer Plan in 2016 As you explore medical plans in the non-medicare Health Insurance Marketplace (also known as the exchange ) or individual plans offered through a private insurer, the enclosed Health Insurance Resource Guide provides a helpful starting point, including: Basic health care terminology An overview of the difference between the public exchange and the private insurance marketplace Contact information for the Health Insurance Marketplace (either federally or state-facilitated) in your state you can enroll in a plan directly through the Health Insurance Marketplace online or by phone Contact information for a sampling of the insurance carriers that provide private plans available for purchase* in your state you can enroll in a plan directly through the carrier of your choice online or by phone Information about how to shop for a dental plan and a list of dental plan options *Please note that the enclosed provider list may change and is not all-inclusive, nor is it an endorsement of particular carriers. Comparing the public and private non-medicare health insurance marketplaces Insurers Premium Tax Credit Public exchange Offered through the federal government, the state or a partnership between the two Premium tax credit available depending on household income Individual plans in the private marketplace Offered by insurance companies, benefits brokerages and various other organizations No premium tax credit available What is a premium tax credit? Depending on household income, some non-medicare eligible retirees and their non-medicare eligible dependent(s) may be eligible for a premium tax credit, which will reduce the cost of medical plans offered through the public Health Insurance Marketplace. If you are eligible for a premium tax credit and choose to receive the credit by enrolling in a public Health Insurance Marketplace Plan: You are not allowed to use your 3M HRA credits to help pay your medical or dental premiums, because the government doesn t allow individuals who receive the premium tax credit to also participate in an HRA. Notify 3M FIRST Line Center of your decision, otherwise you may have tax implications. Call (888) (toll free). You may save the credits in your HRA account for future use (such as when you become Medicare eligible). 4

5 The 3M Non-Medicare Health Reimbursement Arrangement (HRA) The 3M non-medicare HRA can be used to help pay your post-tax premiums for a medical plan in the public Health Insurance Marketplace or through a private insurer. It can also be used to pay your post-tax dental plan premium. You recently received a letter from 3M FIRST Line Center that provided you with your non-medicare HRA credit balance(s), if eligible. Eligible expenses You can only use your non-medicare HRA to help pay your eligible post-tax medical and/or dental premiums. Other items, such as medical or prescription drug copays/coinsurance, hearing aids, wheelchairs or other medical devices, are NOT eligible for reimbursement through the HRA. Using your HRA to pay for coverage When you choose a plan in the Health Insurance Marketplace or through a private insurer... You will pay the monthly premium out of pocket and then use the 3M HRA to reimburse yourself. The HRA will be administered by Your Spending Account (YSA) beginning Jan. 1, Watch for a welcome kit from YSA in late December with more information about reimbursing yourself. Note: If you qualify for a premium tax credit, see page 4 for more details, or see the enclosed Health Insurance Resource Guide. Do you have a Medicare eligible dependent? If you have a Medicare eligible dependent, they will continue to enroll in coverage through the Individual Medicare Marketplace just as they do today. 5

6 Important Contact Information For questions about 3M Pension Plan 3M 401(k) Plan 3M non-medicare Health Reimbursement Arrangement (HRA) Your Spending Account (YSA) Notifying 3M if you choose the premium tax credit Contact Your Benefits Resources 3M FIRST Line Center U.S. and Canada: (888) (toll free) Outside U.S. and Canada: (847) a.m. to 6 p.m. CT Is a caregiver helping you with your health care decisions? If you have a family member or friend helping you with your health care decisions, please share this newsletter and the Health Insurance Resource Guide with them. 6

7 Important Legal Information This document is intended to provide general information and is not intended to provide specific advice to individuals. This document should not be construed and is not intended to provide advice about the Health Insurance Marketplace, Medicare and your health care choices. You should consult with your own advisor for guidance specific to your own situation. 3M does not endorse or recommend any particular insurance plan. Individuals are encouraged to investigate individual insurance plans themselves and make their own informed decision about which individual insurance plan is best for them. The insurance plan that individuals select is their own individual plan and is not sponsored or maintained by 3M and is not part of any plan or program established or maintained by 3M. This document is not the official plan document for the plan, and in the event of any conflict, inconsistency or ambiguity between this information and the official plan documents, the terms of the official plan document will control. 3M reserves the right to modify, amend or terminate the benefit plan, in whole or in part, at any time. Neither receipt of this document nor its use of the term you indicate eligibility for 3M benefit plans. Only those individuals who satisfy the eligibility requirements and other criteria contained in the official plan document are eligible to participate in a 3M benefit plan. 7

8 This document is prepared for U.S. non-medicare eligible retirees and their non-medicare eligible dependent(s) currently enrolled in both the 3M Retiree Medical Choice Plan and 3M Dental Plan. Human Resources 3M Center Building W-15 St. Paul, MN Please recycle. Printed in U.S.A. 3M All rights reserved. BG100