W E S T D E S M O I N E S C O M M U N I T Y S C H O O L D I S T - PowerPoint PPT Presentation

W E S T D E S M O I N E S C O M M U N I T Y S C H O O L D I S T R I C T - E A R L Y R E T I R E M E N T M E D I C A L / D E N T A L P L A N O P T I O N S O c t o b e r 2 8 , 2 0 1 5

EARLY RETRI EMENT MEDI CAL/DENTAL PLAN OPTI ONS ME DI CAL PLAN OPTI ON • Enrollment in plan must take place at time of early retirement — no option to enroll at a later time • Active employees who previously waived coverage may enroll at time of early retirement • Retiree can change plan design enrollment during the spring re-enrollment period. • Dependent coverage is available with retiree paying the full cost of the dependent coverage • Dependents not enrolled at the time of early retirement will only be eligible to enroll due to a qualifying event E M P L O Y E E B E N E F I T S 2

ME DI CAL PLAN OPTI ON • Early retirees have same medical plan options as active employees • Currently, there are 3 plan options which vary by deductible and out of pocket maximum structure • The plan coverage and limitations are the same across all three plan designs • District’s contribution toward medical plan is capped at the single premium for lowest cost plan • The District’s contribution toward medical coverage ends the earlier of: - 6 years from retirement date, or End of month prior to retiree’s 65 th birthday - • Retiree is responsible for paying the difference in premium between the District’s contribution and the premium cost E M P L O Y E E B E N E F I T S 3

ME DI CAL PLAN OPTI ON S Plan Rates & Benefits (Effective July 1, 2015) Plan 1 $300/$600 Deductible $750/$1500 OOP Max $559.14/month premium — retiree only Plan 2 $600/$1200 Deductible $1500/$3000 OOP Max $536.78/month premium — retiree only Plan 3 $1000$2000 Deductible $2500/%000 OOP Max $503.22/month premium — retiree only * Rates and benefits are subject to change. E M P L O Y E E B E N E F I T S 4

EARLY RETRI EMENT MEDI CAL/DENTAL PLAN OPTI ONS ME DI CAL PLAN OPTI ON CON T. Alliance Select – Plan 1 Alliance Select- Plan 2 Alliance Select- Plan 3 $300/$600 Deductible $600/$1200 Deductible $1000/$2000 Deductible $750/$1500 OOP Max $1500/$3000 OOP Max $2500/$5000 OOP Max RX Card RX Card RX Card Current Monthly Premium Retiree $559.14 $536.78 $503.22 Retiree/ $1,230.12 $1,180.92 $1,107.10 Spouse Retiree/ $1,062.38 $1,019.88 $956.14 Child(ren) Retiree/ $1,677.42 $1,610.34 $1,509.68 Family RX Card $5 generic/$20 brand formulary/$45 brand non-formulary, $50/$100 deductible. Deductible does not apply to generic drugs. * Rates and benefits are subject to change. E M P L O Y E E B E N E F I T S 5

ME DI CAL PRE MI UM • The district contribution toward medical coverage ends the earlier of: - 6 years from early retirement; or End of month prior to 65 th birthday - Plan 1 Plan 2 Plan 3 $300/$600 Deductible $600/$1200 Deductible $1000/$2000 Deductible $750/$1500 OOP Max $1500/$3000 OOP Max $2500/$5000 OOP Max RX Card RX Card RX Card Premium $559.14 $536.78 $503.22 District $503.22 $503.22 $503.22 Contribution Retiree Pays $55.92 $33.56 $0 Rates shown are for single coverage premium. Rates are subject to change. District contribution is limited to single premium at time of retirement. *(Using benefits and rates effective July 1, 2015) * Rates and benefits are subject to change. E M P L O Y E E B E N E F I T S 6

DE N TAL PLAN OPTI ON • Same dental plan as available to active employees • If the retiree does not enroll at retirement, they do not have the option to enroll later • Dependent coverage is available • Early retiree pays full cost of coverage; District does not contribute toward cost of the dental plan • Premium payment to district is auto- drafted from retiree’s account • Dental coverage terminates at age 65 E M P L O Y E E B E N E F I T S 7

DENTAL PLAN OPTI ON DE LTA DE N TAL PPO Network Premier/Non-Par $15/$45 Deductible $25/$75 Deductible $2000 Calendar Max $2000 Calendar Max Current Monthly Premium Retiree $45.30 Retiree/Spouse $83.06 Retiree/Child(ren) $93.26 Family $124.15 *(Using benefits and rates effective July 1, 2015) * Rates are subject to change. E M P L O Y E E B E N E F I T S 8

ME DI CAL AN D DE N TAL PRE MI UMS • Any premium due to the District will be paid through automatic draft from the retiree’s selected bank account • Premium is paid in advance - For example, premium for July will be deducted at the end of June • You will be notified each spring of any upcoming premium changes E M P L O Y E E B E N E F I T S 9

EARLY RETRI EMENT MEDI CAL/DENTAL PLAN OPTI ONS N OTE • Medical and dental plan options and premiums listed above are as of July 1, 2015. Rates and benefits are subject to change. Retirees will be notified of any changes to the benefits and/or premiums by July 1 st of each year • Medical & Dental Plan questions can be directed to: - Kris Craig, (515) 633-5076 E M P L O Y E E B E N E F I T S 10

WEST DES MOI NES COMMUNI TY SCHOOL DI STRI CT E ARLY RE TI RE ME N T ME DI CAL/DE NTAL PLAN OPTI ONS FAQS • Q: What medical and dental plans are available to early retirees? • A: Retirees may elect to continue medical and/or dental coverage. Active employees who previously waived coverage may enroll at time of retirement. Retirees have the same medical and dental plan options as active employees. • Q: If I do not elect coverage at retirement, can I enroll later? • A: No. Enrollment for medical and dental must take place at time of retirement. • Q: Am I required to keep the same plans throughout retirement? • A: No. Retirees have the option to change plans during the spring re-enrollment period. E M P L O Y E E B E N E F I T S 11

WEST DES MOI NES COMMUNI TY SCHOOL DI STRI CT E ARLY RE TI RE ME N T ME DI CAL/DE NTAL PLAN OPTI ONS FAQS • Q: Can I drop coverage before age 65? • A: You may drop coverage due to qualifying event or during the annual re- enrollment. You will not be eligible to re-enroll in retiree coverage. • Q: How long does retiree coverage last? A: Medical coverage is available until the month prior to the retiree’s 65 th birthday. • Dental coverage is available until age 65. • The District subsidy for early retiree medical coverage ends the earlier of: - 6 years from the early retirement date; or End of the month prior to the retiree’s 65 th birthday - E M P L O Y E E B E N E F I T S 12

WEST DES MOI NES COMMUNI TY SCHOOL DI STRI CT E ARLY RE TI RE ME N T ME DI CAL/DE NTAL PLAN OPTI ONS FAQS • Q: Can I cover my dependents? • A: Yes, you can elect dependent coverage, but the entire cost of the dependent coverage is the responsibility of the retiree. • Q: Can I add my dependents at a later date? • A: Dependents can be added to insurance within 30 days of a qualifying event or during the re-enrollment period E M P L O Y E E B E N E F I T S 13

WEST DES MOI NES COMMUNI TY SCHOOL DI STRI CT E ARLY RE TI RE ME N T ME DI CAL/DE NTAL PLAN OPTI ONS FAQS • Q: What are my costs for retiree medical coverage? • A: The district’s contribution towards retiree coverage is capped at the premium for single coverage of the lowest cost plan (Plan 3) at the time of retirement. This rate will be guaranteed for the term of retiree coverage. The retiree is responsible for: - The difference in premium between the plan the retiree is enrolled in and the district contribution. - Plan rate increases - The full cost of dependent coverage • Q: What are my costs for retiree dental coverage? • A: The retiree is responsible for the entire cost of dental coverage, if elected. E M P L O Y E E B E N E F I T S 14

QUE STI ON S OR COMME N TS E M P L O Y E E B E N E F I T S 15