Supplemental Medical, Dental, and Life Insurance Retiree Definition for Health Insurance Continuation

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1 Supplemental Medical, Dental, and Life Insurance 2014 Retiree Definition for Health Insurance Continuation You are age 55 or older with five years of service You are age 50 to 55 with 15 years of service You are any age with 30 or more years of service 1

2 Continuation of Coverage After Retirement You have the option to continue benefit coverage to age 65 At age 65, you may purchase a Medicare supplemental plan If you decide not to continue coverage now, you and your dependents may never have an opportunity again to enroll in one of the University s health plans Continuation of Coverage After Retirement You may continue coverage for your eligible, covered dependents If you do not have dependent coverage, you may add coverage, only if: Your eligible dependents lose other group coverage You marry or register a same sex domestic partner after retirement Note: You must apply for coverage within 30 days of the family status change. 2

3 Who Pays the Premium? You pay the full cost of premiums University does not contribute to insurance for retirees You will be billed directly by the plan 2014 Medical Options: Retirees under Age 65 3

4 2014 Medical Options: Retirees under Age 65 Medica Elect/Essential (Twin Cities and Duluth) Medica Choice Regional (Greater Minnesota) Medica ACO Plan (11 county Twin Cities metro area) Insights by Medica Medica Choice National Medica HSA Prime Therapeutics provides pharmacy benefits for all plans 2014 Monthly Medical Rates: Retiree only, Spouse/SSDP under age 65 only, Surviving Spouse only, or one Dependent Child only Plan Options Medica Elect/Essential Twin Cities and surrounding counties and Duluth Medica Choice Regional Greater MN Medica ACO Plan Twin Cities only Wellness Achievement Rates UPlan Standard Rates $ $ $ $ $ $ Insights by Medica $ $ Medica Choice National $ $ Medica HSA $ $

5 2014 Monthly Medical Rates: Retiree and Child/Children, Spouse/SSDP under age 65 and Child/Children, Surviving Spouse/SSDP and Child/Children, or Two or more Dependent Children only Plan Options Medica Elect/Essential Twin Cities and surrounding counties and Duluth Medica Choice Regional Greater MN Medica ACO Plan Twin Cities only Wellness Achievement Rates UPlan Standard Rates $1, $1, $1, $1, $ $1, Insights by Medica $1, $1, Medica Choice National $1, $1, Medica HSA $ $ Monthly Medical Rates: Retiree and Spouse/ Same Sex Domestic Partner Plan Options Medica Elect/Essential Twin Cities and surrounding counties and Duluth Medica Choice Regional Greater MN Medica ACO Plan Twin Cities only Wellness Achievement Rates UPlan Standard Rates $1, $1,574,57 $1, $1, $1, $1, Insights by Medica $1, $1, Medica Choice National $1, $1, Medica HSA $1, $1,

6 2014 Monthly Medical Rates: Retiree and Spouse/ Same Sex Domestic Partner and Child/Children Plan Options Medica Elect/Essential Twin Cities and surrounding counties and Duluth Medica Choice Regional Greater MN Medica ACO Plan Twin Cities only Wellness Achievement Rates UPlan Standard Rates $1, $1,574,57 $1, $1, $1, $1, Insights by Medica $1, $1, Medica Choice National $1, $1, Medica HSA $1, $1, Medicare 6

7 Medicare Eligibility You are eligible on the first day of the month in which you turn age 65 Note: If you remain an active employee at age 65, then you will stay in the active group plan. Medicare Coordination Medicare eligible retirees and spouses/same sex domestic partners age 65 or older: Required to enroll in Medicare Part A and Part B in order to participate in the group insurance plans Apply for Medicare at least three months prior to retirement 7

8 Review of Medicare Benefits Part A Hospital Insurance Part B Supplemental Medical Insurance Medicare Part A: Hospital Insurance No monthly premium part of Social Security tax while employed Limited coverage for: Inpatient hospital care with deductible and coinsurance Skilled nursing facility care with coinsurance Home health services Hospice care 8

9 Medicare Part B: Supplemental Medical Insurance Medicare Part B: Supplemental Medical Insurance After the $147 (for 2014) annual deductible, Medicare pays 80% of reasonable cost Covers eligible physician services, lab, diagnostic services, outpatient medical and surgical hospital services, certain home health services, and durable medical equipment 9

10 Exclusions from Medicare Custodial care Doctor s charges above reasonable cost Routine dental care Routine checkups Eye exams, glasses Hearing aids and exams for fitting Medicare Part D Enrollment in Medicare Part D occurs automatically when you enroll in a Medicare supplemental plan Premiums paid to Medicare supplemental plan cover cost of Medicare Part D 10

11 Retiree Medical Plan Costs and Comparisons 2014 Medical Options: Age 65 or Over Blue Cross Blue Shield of Minnesota U of M Retiree Plan Plan 1 Group Platinum Blue Plan C Plan 2 HealthPartners Freedom and HealthPartners Retiree National Choice Plan 1 and Plan 2 Medica Group Prime Solution Plan 1 and Plan 2 UCare for Seniors Plan 1 and Plan 2 11

12 2014 Monthly Medical Rates: Age 65 or Over (includes premium for Medicare Part D) Plan Options Blue Cross Blue Shield of MN U of M Retiree Plan Group Platinum Blue Plan C HealthPartners Freedom and HealthPartners Retiree National Choice Cost per person Plan 1: $ Plan 2: $ Plan 1: $ Plan 2: $ Medica Prime Solution Plan 1: $ Plan 2: $ UCare for Seniors Plan 1: $ Plan 2: $ Note: Same rates for surviving spouse/same sex domestic partner age 65 or over and participants on disability status with Medicare Part A and Part B. Facts to Remember about Medicare Options All plans (except HealthPartners Retiree National Choice) require member to have permanent residence in the plan s service area The UCare for Seniors plans require you to assign Medicare benefits Network size varies in the plan options Liberal travel benefits apply All plans require that you complete an application 12

13 Out of Pocket Cost Comparisons Pharmacy Out of Pocket Cost Comparisons 13

14 Out of Pocket Cost Comparisons Plan Provision Outpatient Surgery HealthPartners, Medica, UCare Plan 1 HealthPartners, Medica, UCare Plan 2 100% $75 copay Inpatient Hospital 100% $200 copay Physician Office Visit $15 copay HP & Medica $20 primary copay / $30 specialist copay UCare $20 copay Pharmacy Out of Pocket Cost Comparisons Plan Provision NonFormulary HealthPartners, Medica, UCare Plan 1 $30 copay HealthPartners, Medica, UCare Plan 2 $70 HP and Medica copays $60 UCare copay Specialty Medication $30 copay 75% coverage Medicare Coverage Gap (Donut Hole) Normal copay structure $10 Generic copays; No coverage for brand medications, but drug companies cover 50% of cost 14

15 Enrollment Guide for Retirees To learn more about the medical plans available for retirees age 65 or over, refer to the Guide for UPlan Benefits Enrollment found on the benefits website at Wellness Benefits Solid wellness benefit offerings in both Plan 1 and Plan 2 for each carrier Fitness Programs Nurse line or Personal Health Advocate Tobacco Cessation Health related discounts, medication therapy management, etc. 15

16 Other Coverage Option If you have a spouse/registered same sex domestic partner working at the University: May be added to his/her coverage as a dependent When your spouse/domestic partner retires, you and your spouse/domestic partner will each have single retiree coverage Other Coverage Information Cost Example: If retiree is age 65 or over and spouse/registered same sex domestic partner is under age 65, medical coverage would include the cost of: One age 65 or over plan option, and One under age 65 plan option 16

17 Other Coverage Information On Phased Retirement or Terminal Leave: If you are age 65 or older when you start the nonwork period of the agreement: You must sign up for Medicare Part B and notify the clinic and health plan Medicare is primary and your University paid coverage is secondary For More Information U of M Retiree Plan Blue Cross Blue Shield of MN Group Platinum Blue Plan C or Prescription Pharmacy for BCBS (Group MedicareBlue Rx)

18 For More Information HealthPartners Freedom HealthPartners Retiree National Choice or Medica Group Prime Solution or UCare for Seniors or Individual Medicare Supplements For information, contact: Individual medical plan options State Department of Commerce Insurance Gateway Minnesota Senior Federation

19 Dental Plan Options 2014 Dental Plan Options Delta Dental PPO Delta Dental Premier University Choice UPlan HealthPartners Dental UPlan HealthPartners Dental Choice (Same dental plans as active employees) 19

20 2014 Monthly Dental Premiums Plan Options Retirees or Spouse/ SSDP under 65 or Surviving Spouse Retiree and Children or Spouse/SSDP and Children* Retirees and Spouse/SSDP Retiree and Spouse/SSDP and Children Delta Dental PPO TC and surrounding counties and Duluth $33.54 $79.86 $92.37 $92.37 Delta Dental Premier Greater Minnesota $41.08 $97.48 $ $ University Choice $47.26 $ $ $ Delta Dental Premier TC and Duluth $41.08 $97.48 $ $ HealthPartners Dental $37.20 $91.17 $ $ HealthPartners Dental Choice $40.47 $99.02 $ $ Changing Plan Options Special 60 day open enrollment prior to retirement Plan to meet with a Benefits counselor May only change plan options If you have individual coverage, you may not add family coverage at this time Medical and dental enrollment occurs annually in November May change plan options mid year if you are moving out of the plan s service area 20

21 Life Insurance Continuation Life Insurance Continuation Continue under current group term life insurance for 18 months through COBRA Policy 32615: Basic Life, Additional Life, Spouse/Same sex Domestic Partner Life, and Child Life At end of 18 months, coverage may be converted without evidence of good health, if application is made within 31 days, to: An individual whole life policy, or A term life portability policy 21

22 2014 Life Insurance Rates Age of Employee or Spouse/SSDP Monthly Rate Per $1,000 Coverage Age $0.265 Age $0.439 Age $0.704 Age $1.132 Age $1.836 Age $2.938 Age 85+ $5.875 Basic Life rate: $0.145 per month per $1,000 coverage Questions? Contact an Employee Benefits counselor: Phone: UOHR (8647) or

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