The webinar is now online. The 1 st presentation will begin at 2:00 - - PowerPoint PPT Presentation

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The webinar is now online. The 1 st presentation will begin at 2:00 - - PowerPoint PPT Presentation

Mar 09, 2023 484 likes •1.06k views

The webinar is now online. The 1 st presentation will begin at 2:00 pm EST The 2 nd presentation will begin at 4:30pm EST Please print out the following materials to reference during the presentation. 1. Handout version of this presentation

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SLIDE 1

The webinar is now online. The 1st presentation will begin at 2:00 pm EST The 2nd presentation will begin at 4:30pm EST

  • Please print out the following materials to reference

during the presentation.

  • 1. Handout version of this presentation – for taking

notes and jotting down questions as we proceed

  • http://www.adventistretirement.org/retiree/sharp/

look under Webinars for the 2017 Pre‐Retirement Webinar. A recording of one of these webinars will be posted on our website next week.

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SLIDE 2

Questions

Please type your questions in the Question section of the menu. We will answer most questions at the end of the webinar.

After the webinar you can also email questions to NADRetirement@nadadventist.org

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SLIDE 3

Thinking About Retirement

Particularly Healthcare!

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SLIDE 4

Today’s Webinar

  • Invitees: Age 55+ Active Employees of a

Participating Employer

  • Goals:

– To provide information regarding how the church does Retirement Healthcare Assistance for qualifying Retirees – To provide information on the transition process – To explain Medicare provisions – To explain the Dental/Vision/Hearing Option

  • Not a General Pre‐Retirement Plan
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SLIDE 5

The Healthcare Plan

Healthcare in Retirement

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SLIDE 6
  • Beneficiary of Plan(s) or
  • Spouse of Beneficiary

under Joint and Survivor (J&S) and

  • With 15+ Years of

Church Service Credit

Eligibility

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SLIDE 7
  • Medicare A – Hospital –

– Sign up when age 65 even if covered

  • Medicare B – Medical

– Sign up when you are going to lose your coverage

  • r age 65 whichever is later
  • Medicare C – Medicare Advantage
  • Medicare D – Prescription Drug Plans

Medicare Is Essential

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SLIDE 8

 Retirees Incur Expenditures Not Covered by Medicare such as:  Outpatient Prescription Drugs  Dental, Vision, Hearing  Medicare 2016 Co‐Pays and Deductibles  Outpatient Co‐Pay 20%  Outpatient Deductible $166.00  Inpatient $1,288/admission deductible  Inpatient $322/day co‐pay, days 61‐90  Inpatient $644/day co‐pay, days 91+  SNF $161/day co‐pay, days 21‐100

Isn’t Medicare Enough?

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SLIDE 9

SHARP‘s Health Reimbursement Account (HRA) is like an Airport Voucher

Your flight’s been cancelled. You’ve been given a meal voucher at the airport for a fixed dollar amount. You can order a Rich Meal, a Moderate Meal or a Simple Meal. If you order Rich, you will exceed the value

  • f your meal voucher and will have to pay

some from your own pocket. If you don’t spend the whole voucher, the restaurant is going to keep the voucher for your next meal!

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SLIDE 10

Retirement Plan Will Pay. . .

Years of Qualifying Church Service DVH Annual Contribution per Member HRA Annual Contribution per Member Total Annual Contribution per Member

35+ $780 $1,620 $2,400 30‐34 $696 $1,464 $2,160 25‐29 $612 $1,308 $1,920 20‐24 $528 $1,152 $1,680 15‐19 $444 $ 996 $1,440

What can I get for my $1,620 or $2,400 per year?

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SLIDE 11

SHARP Enrollment Form

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/0/1900 000-00-0000 Spouse

N

1/0/1900 000-00-0000

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing $90 $0 $0 Less Earned Credit $0 $0 Personal DVH Cost $0 $0 Pre-Medicare Only Pre-Medicare Medical $450 $0 $0 Pre-Medicare Rx $120 $0 $0 Pre-Medicare DVH $90 $0 $0 Total Pre-Medicare Cost $0 $0 Less Pre-Medicare Earned Cr. $0 $0 Personal Pre-Medicare Cost $0 $0 Non-MC Child Below 26 Name DOB SS# Total Non-Medicare Cost $0 Less Non-MC Earned Credit $0 Personal Non-Medicare Cost $0 Total Personal Monthly Cost $0 $0 Monthly Payroll Withholding for SHARP

$0

Eligible for Assistance? Y or N

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SLIDE 12

Both 65+ w 35+ Years SC

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/1/1951 999-99-9999 Spouse

Y

1/1/1949 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing y y $90 $90 $90 Less Earned Credit $65 $65 Personal DVH Cost $25 $25 Pre-Medicare Only Pre-Medicare Medical n n $450 $0 $0 Pre-Medicare Rx n n $120 $0 $0 Pre-Medicare DVH n n $90 $0 $0 Total Pre-Medicare Cost $0 $0 Less Pre-Medicare Earned Cr. $0 $0 Personal Pre-Medicare Cost $0 $0 Non-MC Child Below 26 Name DOB SS# Total Non-Medicare Cost $0 Less Non-MC Earned Credit $0 Personal Non-Medicare Cost $0 Total Personal Monthly Cost $25 $25 Monthly Payroll Withholding for SHARP

$50 Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

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SLIDE 13

Both 65+ with 26 Years SC

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/1/1951 999-99-9999 Spouse

Y

1/1/1949 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing y y $90 $90 $90 Less Earned Credit $51 $51 Personal DVH Cost $39 $39 Pre-Medicare Only Pre-Medicare Medical n n $450 $0 $0 Pre-Medicare Rx n n $120 $0 $0 Pre-Medicare DVH n n $90 $0 $0 Total Pre-Medicare Cost $0 $0 Less Pre-Medicare Earned Cr. $0 $0 Personal Pre-Medicare Cost $0 $0 Non-MC Child Below 26 Name DOB SS# Total Non-Medicare Cost $0 Less Non-MC Earned Credit $0 Personal Non-Medicare Cost $0 Total Personal Monthly Cost $39 $39 Monthly Payroll Withholding for SHARP

$78 Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

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SLIDE 14

2017 Plan Earned Credit for Pre‐MC

Years of Qualifying Church Service Monthly Earned Credit per Participant Monthly Earned Credit for pre‐ 26 Child

35+ $640 $130 30‐34 $570 $115 25‐29 $490 $100 20‐24 $415 $80 15‐19 $340 $65

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SLIDE 15

Pre‐Medicare: Early Retirement w 40+

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/1/1953 999-99-9999 Spouse

Y

1/1/1951 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing n y $90 $0 $90 Less Earned Credit $0 $65 Personal DVH Cost $0 $25 Pre-Medicare Only Pre-Medicare Medical y $450 $450 $0 Pre-Medicare Rx y $120 $120 $0 Pre-Medicare DVH y $90 $90 $0 Total Pre-Medicare Cost $660 $0 Less Pre-Medicare Earned Cr. $640 $0 Personal Pre-Medicare Cost $20 $0 Non-MC Child Below 26 Name DOB SS# Total Non-Medicare Cost $0 Less Non-MC Earned Credit $0 Personal Non-Medicare Cost $0 Total Personal Monthly Cost $20 $25 Monthly Payroll Withholding for SHARP

$45 Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

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SLIDE 16

Pre‐Medicare: Retiree Early Ret. with Less than 40 years

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

N

1/1/1953 999-99-9999 Spouse

N

1/1/1951 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing n y $90 $0 $90 Less Earned Credit $0 $0 Personal DVH Cost $0 $90 Pre-Medicare Only Pre-Medicare Medical y $450 $450 $0 Pre-Medicare Rx y $120 $120 $0 Pre-Medicare DVH y $90 $90 $0 Total Pre-Medicare Cost $660 $0 Less Pre-Medicare Earned Cr. $0 $0 Personal Pre-Medicare Cost $660 $0 Non-MC Child Below 26 Name DOB SS# Total Non-Medicare Cost $0 Less Non-MC Earned Credit $0 Personal Non-Medicare Cost $0 Total Personal Monthly Cost $660 $90 Monthly Payroll Withholding for SHARP

$750 Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

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SLIDE 17

Pre‐Medicare: Both <65 with a child under 26, 39 Yrs SC.

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

N

1/1/1953 999-99-9999 Spouse

N

1/1/1954 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing n n $90 $0 $0 Less Earned Credit $0 $0 Personal DVH Cost $0 $0 Pre-Medicare Only Pre-Medicare Medical y y $450 $450 $450 Pre-Medicare Rx y y $120 $120 $120 Pre-Medicare DVH y y $90 $90 $90 Total Pre-Medicare Cost $660 $660 Less Pre-Medicare Earned Cr. $0 $0 Personal Pre-Medicare Cost $660 $660 Non-MC Child Below 26 Name DOB SS# Date Turns 26 Courtney 1/1/2000 777-77-7777 $130 $130 1/1/2026 Total Non-Medicare Cost $130 Less Non-MC Earned Credit $0 Personal Non-Medicare Cost $130 Total Personal Monthly Cost $790 $660 Monthly Payroll Withholding for SHARP

$1,450 Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

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SLIDE 18

 Provided by SHARP since 2002  Over 11,000 Retirees are currently participants in SHARP DVH Option  2016 Maximums

  • Dental

$2,200

  • Vision

$ 400

  • Hearing

$2,200 with One Year Lookback

 Provided by Retirement with Payroll Deductions

Hold The Phone! What about Dental/Vision/Hearing?

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SLIDE 19
  • Network or ‘Any Dentist’
  • Deductible – Annual or One‐Time
  • Delay before Coverage
  • Annual Maximum
  • Preventative or Restorative

Market Alternatives to DVH

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SLIDE 20
  • I pay the net. DVH is cheap for the coverage I get.

Only $25 each for a 35+ year Retiree and Eligible

  • Spouse. Or,
  • I pay the gross. DVH total cost is actually $90 per
  • month. If I opt out, annually $1,080 is available

for Exchange options.

Two Ways to Look at SHARP’s DVH

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SLIDE 21

Both 65+ with DVH, 35+ Years Service Credit

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/1/1951 999-99-9999 Spouse

Y

1/1/1949 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing y y $90 $90 $90 Less Earned Credit $65 $65 Personal DVH Cost $25 $25 O

Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

HRA Contribution Retiree Spouse Annual HRA Plan Contribution $2,400 $2,400 Less DVH Earned Credit $780 $780 Net Annual HRA Contribution $1,620 $1,620

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SLIDE 22

Both 65+ without DVH

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/1/1951 999-99-9999 Spouse

Y

1/1/1949 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing n n $90 $0 $0 Less Earned Credit $0 $0 Personal DVH Cost $0 $0

Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

HRA Estimate Retiree Spouse Annual HRA Plan Contribution $2,400 $2,400 Less DVH Earned Credit $0 $0 Net Annual HRA Contribution $2,400 $2,400

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SLIDE 23

Retiree 65+, Spouse 63, 35+ Years SC

SUPPLEMENTAL HEALTHCARE, ADVENTIST RETIREMENT PLAN

Required

Enrollment Form for 2017 Church Service Only

DOB SS# Retiree

Y

1/1/1951 999-99-9999 Spouse

Y

1/1/1955 888-88-8888

65+ Only Retiree Spouse Monthly Cost Retiree Cost Spouse Cost 65+ Dental/Vision/Hearing y n $90 $90 $0 Less Earned Credit $65 $0 Personal DVH Cost $25 $0 Pre-Medicare Only Pre-Medicare Medical n y $450 $0 $450 Pre-Medicare Rx n y $120 $0 $120 Pre-Medicare DVH n y $90 $0 $90 Total Pre-Medicare Cost $0 $660 Less Pre-Medicare Earned Cr. $0 $640 Personal Pre-Medicare Cost $0 $20

Tony L Bozinski Hannah L Bozinski

Eligible for Assistance? Y or N

HRA Estimate Retiree Spouse Annual HRA Plan Contribution $2,400 NA Less DVH Earned Credit $780 NA Net Annual HRA Contribution $1,620 NA

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SLIDE 24
  • Legacy Pension Plan Allows Retirement at age

59 ½ years of age.

  • Current DC Plan Allows Retirement at age 59

½ years of age.

  • But you probably can’t afford to retire before

age 65 UNLESS You have 40+ Years of Service Credit

Early Retirement

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SLIDE 25

CHANGING GEARS

Now Let’s Look at the Medical Part of Age 65+ Retirees

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SLIDE 26
  • Authorized by Medicare
  • Operated by a third party on our behalf
  • Plan makes Tax Free contribution
  • You Select your Insured Plan(s)
  • You pay the Premium to the Carrier
  • HRA reimburses you

Health Reimbursement Account

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SLIDE 27
  • HRA’s will be set up for Retirees

– Usually Joint Account if Married to an Eligible Member – Not joint if both are retirees.

  • Annual Contribution to the HRA based on

Qualifying Years of Church Service

  • HRA Reimbursement for Plan Premiums & Other

Expenses

  • Unused Balance can be Rolled Over to Next Year
  • Catastrophic Rx Protection

HRA Contributions 2017

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SLIDE 28
  • Original Medicare

– Part A Hospital – Part B Medical (Outpatient, Lab, etc)

  • Medigap Plans

– Work with Original Medicare, but with enhancements and safety nets. Plans A‐N.

  • Medicare Advantage Plans
  • Replace Original Medicare. Network based. You may have

to change physicians.

– Prescription Drug Plans (Medicare D)

Medicare Options

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SLIDE 29

Features A B C D F G K L M N Medicare Part A Coinsurance and Hospital Costs (up to 365 days after Medicare Benefits are used up)

         

Medicare Part A Deductible

    

50% 75% 50%

Skilled Nursing Facility Care Copay/Coinsurance

   

50% 75%

 

Part A Hospice Care

  • insurance or Copayments

     

50% 75%

 

Medicare Part B Deductible

 

Medicare Part B Coinsurance (Generally 20%)

     

50% 75%

 

Medicare Part B Excess Charges

  

Blood (First 3 Pints)

     

50% 75%

 

Foreign Travel Emergencies (up to Plan Limits) 80% 80% 80% 80% 80% 80%

Medigap Chart

Note: Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don't result in an inpatient admission (as of 2016 and subject to change) For illustrative purposes only

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SLIDE 30

MEDICARE ADVANTAGE PLANS

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SLIDE 31
  • Private company contracts with Medicare to

provide Part A and Part B benefits.

  • Usually network based, PPO or HMO. Out of

network rules vary. You may pay more.

  • You go off of Original Medicare.
  • Most include prescription drug coverage
  • Some have a Zero $ Premium
  • Copays and Deductibles are Plan specific

Medicare Advantage Plan (MA/MAPD)

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SLIDE 32
  • The following examples are screen shots from

the Retail options and not specific to our Aon group plan options.

  • Examples are all 2016 rates.
  • Retiree must purchase some product from the

Aon Retiree Exchange in order to receive any contribution to the HRA.

Caveat!

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SLIDE 33
  • Lincoln, NE Search for Options
  • Medicare Eligible 65+ Retiree
  • 4 Prescription Drugs

– Atorvastatin Calcium Tier 2 – Methotrexate Sodium Tier 2 – Savella Tier 3 – Warfarin Sodium Tier 1

Aon Website

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SLIDE 34

www.PresentationPro.com

Lincoln, NE

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SLIDE 35
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SLIDE 36

*Premium Only. Does not include medical copays or deductibles.

35 Year Retiree, DVH Opt Out

Lincoln, NE Medicare Advantage Plans Humana PPO Advantra HMO Humana HMO Annual Premium* $1,308 $2,256 $0 Rx CoPays $1,370 $3,766 $1,361 Retiree Costs $2,678 $6,022 $1,361 Plan Contribution $2,400 $2,400 $ 2,400 Net Retiree Costs $ 278 $3,622 ($1,039)

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SLIDE 37

*Premium Only. Does not include medical copays or deductibles.

20 Year Retiree, DVH Opt Out

Lincoln, NE Medicare Advantage Plans Humana PPO Advantra HMO Humana HMO Annual Premium* $1,308 $2,256 $0 Rx $1,370 $3,766 $1,361 Retiree Costs $2,678 $6,022 $1,361 Plan Contribution $1,680 $1,680 $1,680 Net Retiree Costs $ 998 $4,342 ($319)

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SLIDE 38

*Premium Only. Does not include medical copays or deductibles.

35 Year Retiree, DVH Opt In

Lincoln, NE Medicare Advantage Plans Humana PPO Advantra HMO Humana HMO Annual Premium* $1,308 $2,256 $0 Rx $1,370 $3,766 $1,361 Retiree Costs $2,678 $6,022 $1,361 Plan Contribution $1,620 $1,620 $1,620 Net Retiree Costs $1,058 $4,402 ($259)

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SLIDE 39

*Premium Only. Does not include medical copays or deductibles.

20 Year Retiree, DVH Opt In

Lincoln, NE Medicare Advantage Plans Humana PPO Advantra HMO Humana HMO Annual Premium* $1,308 $2,256 $0 Rx $1,370 $3,766 $1,361 Retiree Costs $2,678 $6,022 $1,361 Plan Contribution $1,152 $1,152 $1,152 Net Retiree Costs $1,526 $4,870 $239

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SLIDE 40

LET’S TRY MEDIGAP

Original Medicare with Enhancements

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SLIDE 41
  • ‘F’ Pays 100% Hospital and Dr. Visit Deductible
  • ‘L’ Pays 100% Hospital Deductible, 0% Dr. Visit

Deductible, 75% Dr. Visit Copays, and has $2,480 /year max out of pocket limit

  • ‘A’ Pays no Hospital or Part B Deductible, no Skilled

Nursing Facility Co‐Insurance

  • None include Rx. (Have to purchase separately)

Medigap Comparisons

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SLIDE 42

*Premium Only. Does not include medical copays or deductibles.

35 Year Retiree, DVH Opt In

Lincoln, NE Medigap Plans BC/BS “F” Transamerica “L” Aetna “A” Annual Premium* $1,628 $1,115 $1,349 Rx Premium# $ 484 $ 484 $ 484 Retiree Premium Costs $2,112 $1,599 $1,833 Plan Contribution $1,620 $1,620 $1,620 Net Retiree Annual Premium Costs $ 492 $ 21 $ 213

#UnitedHealthcare $360 deductible

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SLIDE 43

*Premium Only. Does not include medical copays or deductibles.

20 Year Retiree, DVH Opt In

Lincoln, NE Medigap Plans BC/BS “F” Transamerica “L” Aetna “A” Annual Premium* $1,628 $1,115 $1,349 Rx Premium# $ 484 $ 484 $ 484 Retiree Premium Costs $2,112 $1,599 $1,833 Plan Contribution $1,152 $1,152 $1,152 Net Retiree Costs $960 $447 $681

#UnitedHealthcare $360 deductible,

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SLIDE 44

FORGET THE SUPPLEMENTS!

I just want Original Medicare!

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SLIDE 45

You have to buy something through our exchange in order to qualify for an HRA Contribution. You have to buy an Rx Plan You may wish to buy DVH as well – not thru exchange. Pay for your own Medicare Deductibles and CoPays

Remember!

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SLIDE 46

PRESCRIPTION DRUG PLANS

If you choose a Medigap option, you will need a separate Rx plan.

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SLIDE 47
  • Methotrexate Sodium

Tier 2 or 3

  • Simvastatin

Tier 1

  • Warfarin Sodium

Tier 1

Des Moines, IA Rx Only Options

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SLIDE 48

*.

35 Year Retiree, DVH Opt In

Des Moines Rx Only Wellmark Blue UnitedHealth care Saver Humana Walmart Annual Premium Retiree Premium Costs $421 $484 $221 Plan Contribution $1,620 $1,620 $1,620 Net Retiree Annual Premium Costs $1,199 $1,136 $1,399

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SLIDE 49

*.

20 Year Retiree, DVH Opt In

Des Moines Rx Only Wellmark Blue UnitedHealth care Saver Humana Walmart Annual Premium Retiree Premium Costs $421 $484 $221 Plan Contribution $1,152 $1,152 $1,152 Net Retiree Annual Premium Costs $731 $668 $931

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SLIDE 50

SOME GENERAL EXAMPLES

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SLIDE 51
  • Joint HRA for Retiree and Spouse

– (Unless both are Retirement Beneficiaries)

  • Both can join SHARP DVH or opt out
  • Both will select local Medicare and/or Rx
  • ptions to be Reimbursed from HRA

Retiree 65+, Spouse 65+

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SLIDE 52

HRA for Retiree Retiree may join SHARP DVH or opt out Retiree will select Medicare and Rx options to be paid from HRA J&S Spouse receives Pre‐Medicare Earned Credit based on years of Retiree’s Service Credit Spouse may select from SHARP

  • Pre‐Medicare Medical
  • Pre‐Medicare DVH
  • Pre‐Medicare Rx

Retiree 65+, Spouse ‐65

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SLIDE 53

Spouse may join SHARP DVH or opt out Spouse will select Medicare and Rx options to be paid from HRA Retiree may select from SHARP

 Pre‐Medicare Medical  Pre‐Medicare DVH  Pre‐Medicare Rx

No Assistance for Retiree or Spouse (EC or HRA) if ‐65 Retiree has less than 40 years Service Credit.

 Very Expensive Option

Retiree ‐65, Spouse 65+

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SLIDE 54

No HRA Retiree & Spouse may select from SHARP

 Pre‐Medicare Medical  Pre‐Medicare DVH  Pre‐Medicare Rx

No Assistance (EC or HRA) if ‐65 Retiree has less than 40 years Service Credit.

 Very Expensive Option

Retiree ‐65, Spouse ‐65

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SLIDE 55
  • 65+

– SHARP DVH (Lifetime decision) – Medicare Advantage including Rx – Medigap Plan with Stand‐alone Rx Plan

  • Pre‐65

– Medical – Rx – DVH

Decisions

slide-56
SLIDE 56

Questions on Healthcare