Retirement Basics Health Insurance in Retirement
Top 10 retirement decisions 1. When to retire 2. When to claim Social Security 3. Health Coverage 4. How much you can safely spend each year 5. How much investment risk 6. When to pay taxes on investments 7. Where to live 8. Whether your home should help finance retirement 9. Whether to keep working 10. What you will do US News and world report, Oct 2011
Health Insurance City of Portland Health insurance in Retirement - Eligibility - Enrollment Process - Cost and Payment Options Federal Exchange Plans Medicare Basics Social Security Deferred Compensation Life Insurance
When does my City paid coverage end & how do I enroll Benefits End at the end of the month in which your employment ends. 1. You notify your Bureau that you are retiring 2. An enrollment packet is sent to your home 3. You elect coverage (or not based on your situation) *PPA, PPCOA, PFFA employees are under the 80 hour rule per Union Contract
COBRA vs Retirement Insurance COBRA Consolidated Omnibus Benefit Reconciliation Act Retiree Opportunity to continue current coverage Opportunity to continue current coverage Federal Requirement 18 months of coverage You pay 102% of the premium State Requirement Coverage until age 65 You pay 100% of the premium
City of Portland Plans Annual Enrollment each June, retirees can change plans just like active employees. Please keep the Benefits Office updated with your current address, phone number, and email address You may only continue the plans you were enrolled in when you retired unless you move out of the service area and/or network and change plans.
Moving out of area PHCS national network available if you reside outside of the local network. If you live inside the network, but covered dependents live outside the local network, those dependents access PHCS Healthy Directions Network If you are Kaiser and move outside the Kaiser service area you are no longer eligible to continue Kaiser coverage.
Payment Options ACH checking account debit Pay by check with coupons
Premium payments Initial payment is due 45 days from date of election. Payments are due 1 st of each month If you pay after the 15 th of the month, you may have a delay in claims payment No claims are processed until premium is paid in full. Grace period of 30 days Premiums are subject to change during annual enrollment (July 1) of each year
Health Care expense Employee Benefits Research Institute A non-medicare eligible person entering retirement today can expect to spend at least $8,500* for healthcare premiums and medical expenses * Per Person Per Year
Strategies to pay Personal Savings or Individual Retirement Account (IRA) Deferred Compensation Account Retirement through PERS/OPSRP IAP and/or Monthly Pension Benefit
Options for Insurance at retirement City of Portland Federal Exchange PERS Health Medicare/Supplement Spouse s Plan Military/Tricare
How to choose a health plan Consumer Reports Article, September 2014 The three most important questions you need to ask What does the plan cover? Read the summary of benefits and coverage How much does the plan cost?
How to choose a health plan Think About What are your expectations? Online (Telehealth Options) Narrow Networks (Can save money) Reliability (Won t have to change plans) High Cost Low Value Low Cost Low Value High Cost High Value Low Cost High Value
PERS Retiree Health Plan monthly cost Non Medicare Plans Effective 1/1/2016 1 party Family Moda Health Plan PPO $1,000 deductible Moda Health Plan PPO $500 deductible $936.78 $1782.83 $1,001.61 $1,912.51 Kaiser Permanente $685.63 $1,368.76 Providence Health Plans $1,000 deductible Providence Health Plans $500 deductible $741.43 $1,539.29 $883.37 $1,834.51 Delta Dental $65.76 $131.51 Kaiser Dental $63.33 $126.53
City of Portland Retiree Health Plan monthly cost Plan 1 party 2 party Family CityCore Medical & VSP Vision $632.59 $1,235.57 $1,657.24 Kaiser Medical & Vision $611.19 $1,188.99 $1,766.79 Delta Dental $57.97 $100.11 $177.88 Kaiser Dental $66.61 $133.22 $199.83 Non-Represented, BOEC, COPPEA, DCTU, Local 189-H, PFFA, PPCOA, Recreation Employees
Leaving, and coming back You may re-enroll if you have remained covered under another employers group sponsored health plan. You will be required to provide proof of continued coverage from the point your coverage with the City terminated. If you go to an individual plan such as a plan on the Federal Exchange, you can also reenroll at a later date. This provision is limited to one time per participant.
Exchange Plans www.healthcare.gov or 800-318-2596 When to look at Exchange (Affordable Care Act) plans: When your child loses group coverage due to reaching age 26 When your employment ends, as an alternative to COBRA or retirement plan coverage Bronze covers 60% Silver covers 70% Gold covers 80% Platinum covers 90%
Age 58, Gold Plan, 1 party
A, B, C s and D of Medicare https://www.youtube.com/watch?v=vvhkjt0genw&feature=plcp At Age 65 Medicare Part A (Hospital Insurance) Typically no monthly premium Medicare Part B (Medical Insurance) Standard Part B premium in 2016 is $104.90 Medicare Part C (Medicare Advantage plan/supplement plan) You need to elect parts A & B to elect part C Medicare Part D (Prescription Drug Coverage) Go to www.medicare.gov for more info Contact Mount Hood Community College at 503-491-7572 or at www.mhcc.edu community education To sign up for a Welcome to Medicare class Put on by a local SHIBA representative, 2.5 hour evening class 7pm Bob Earnest 503-988-8273, Jan 14, Feb 11, Mar 10
Medicare, enroll online https://www.youtube.com/watch?v=9hyb-d6nneu
PERS Retiree Health Plan monthly cost Medicare Plans Effective 1/1/2016 1 party Family Moda Supplement Plan $197.98 $440.61 Moda PPO (Advantage) $264.26 $585.77 Kaiser Permanente Senior Advantage $168.89 $395.28 PacificSource Medicare Essentials (Advantage) $207.76 $473.02 Providence Medicare Align (Advantage) $170.40 $398.30 Delta Dental $65.76 $131.51 Kaiser Dental $63.33 $126.53
Social Security online!
Life Insurance Supplemental Life All active employees can view rates and request changes to supplemental life insurance at any time during the year. All active employees can manage beneficiary information online If you have effective coverage (approved and paying the premium) you will have the opportunity to port your coverage and take it with you when you terminate employment with the City. This is term life insurance and ends at age 75 (provided you have continued to pay the premium to Standard Insurance). If you are eligible for portability, you will receive an enrollment form in your retirement/cobra packet. You have 30 days to elect portability once your coverage ends. You can take up to 300K with you. Basic Life Group life insurance is convertible. It can be changed to an individual rate/policy. You will receive a form in your packet
Retirement Checklist! http://www.portlandoregon.gov/bhr/article/550327
Questions? We are here to help! Retiree Benefits Debi Danielson (503) 823-6136 retireebenefits@portlandoregon.gov Visit our website: www. City of Portland: Employee Benefits portlandoregon.gov/bn