Retiree Health Insurance

Transcription

1 Retiree Health Insurance

2 Eligibility for Retiree Health Insurance Retire from LCPS and immediately begin receiving retirement from VRS. Have 15 cumulative years of full-time service with LCPS. Be enrolled in a LCPS medical plan for the 3 consecutive years immediately preceding retirement date.

3 Active Employee to Retiree There are three different groups of employees and their transition looks a little different: 10 Month Employees 11 Month Employees 12 Month Employees

4 10-Month Employees August 31 st - Active health insurance stops Premiums will be doubled if last check is August 15 (teachers, other licensed, psychologists). September 1 st - Retiree health insurance and premiums will begins.

5 11-Month Employees July 31 st Active health insurance ends August 1 st Retiree health insurance and premiums will begin

6 12-Month Employees Retiring in the month of June June 30 th Active health insurance ends July 1 st Retiree health insurance & premiums will begin

7 Current Insurance Options Retiree health insurance is split into 2 categories. 1. Health insurance for retirees and/or dependents who are NOT Medicare Eligible 2. Health insurance for retirees and/or dependents who ARE Medicare Eligible

8 Non-Medicare Eligible Retirees and/or Dependents Medical: Cigna Point of Service (POS) or Open Access Plus (OAP) Dental: Delta Dental Vision: Davis Vision Prescription: Express Scripts You must complete a Retiree Health Insurance Enrollment/Change form to elect retiree benefits.

9 Medicare Eligible Retirees and/or Dependents Medical: Primary: Medicare Part A & B Secondary: Cigna Surround Indemnity (Medicare Supplement) Dental: Delta Dental Vision: Cigna Vision Prescription: Cigna HealthSpring (Medicare Part D Rx plan) You must complete a Retiree Health Insurance Enrollment/Change form to elect retiree benefits.

10 Medicare Part D Prescription Drug Plan New enrollees over the age of 65 will be sent a request to confirm your prior prescription drug coverage. You must complete and return this form. Your coverage was with Express Scripts.

11 If you delayed your enrollment in Medicare 3 Months before to your active group benefits end, apply for Medicare Part A & B. Submit the Medicare Request for Employment Information Form to Employee Health, Wellness and Benefits for completion. Employee to submit form to Social Security. Upon receipt of your Medicare card, forward a copy of your new Medicare card to Employee Health Wellness showing enrollment in Part A & B.

12 If you will be Medicare eligible in the future 3 Months prior to your 65 th birthday, contact Social Security to apply for Medicare Part A & B. 2 Months prior to your birth month, you will receive a packet from Cigna regarding enrollment along with a Retiree Health Insurance Enrollment/Change Form. Upon receipt of your Medicare card, forward a copy of your new Medicare card to Employee Health Wellness showing enrollment in Part A & B.

13 Health Insurance Premiums Premiums are set annually. Written notification will be sent to every retiree prior to a rate change. LCPS Policy #7-50.B.6. For those that retire on or after July 1, 2014, contributions made by the School Board will be made based on a flat rate determined by the School Board, currently equal to the School Board contribution to the OAP/Employee Only coverage, with contributions capped at 150% of the 2014 contribution. Billed monthly by LCPS Financial Services. Bills are sent the beginning of the month for the current month.

14 VRS 45 FORM REQUEST FOR HEALTH INSURANCE CREDIT

15 VRS 78 FORM AUTHORIZATION TO DEDUCT INSURANCE PREMIUMS AND APPLICATION FOR HEALTH INSURANCE CREDIT

16 Making Changes to My Retiree Health Insurance A retiree can only reduce coverage. While you may remove a dependent from your policy at any time, you may not add a dependent. Annual Open Enrollment Non-Medicare eligible individuals may change between the POS and OAP plans.

17 Important Notes All changes to your health insurance policy should be made through the Employee Health, Wellness and Benefits Division. Do not send your paperwork directly to the insurance carrier. Please keep us informed of any changes to your address, phone number and address. You will receive a COBRA notice from Flexible Benefit Administrators. You can disregard this notice if you elect retiree health insurance with LCPS.

18 Flexible Spending Accounts (FSA) Ends on your last day of employment. Claims must be incurred on or before your last day of employment. Claims must be filed by March 31, Last paycheck deduction: Last Day of Work Last Paycheck Deduction 1 st 15 th Last day of the prior month 16 th end of the month 15 th of the month

19 403(b) and 457 Deadline for Deferral Change Requests All deferral change requests for both 403 (b) with Lincoln Financial Group and VRS 457 with ICMA-RC must be submitted by May 19, 2017 using the Lump Sum Deferral Form. For assistance, please contact Kristy Reynolds in Employee Health, Wellness and Benefits: or

20 Retiree Information Page

21 Questions?