Moving PoliciesMoving Policies

UNY POLICY NOT YET

DETERMINED Secure two bids from a licensed

Carrier with replacement cost

insurance coverage. Send bids to Benefits Office Purchase Order will be issued Retiree does the packing (with some exceptions)

Moving Policies – cont’d.Moving Policies – cont’d.

Anticipate a graduated scale of subsidy up to a maximum … in the range of $2,500.

Policy will be determined prior to March 1.

CHANGE OF ADDRESSCHANGE OF ADDRESS Advise CONFERENCE OFFICE of new address

and phone ASAP Notify GBOPHB on your application forms or by

phone

THE ABOVE NOTIFICATIONS WILL ENSURE THAT YOUR NEW ADDRESS IS IN THE CORRECT FILES FOR PENSION AND HEALTH BENEFITS ADMINISTRATION

Social Security & MedicareSocial Security & Medicare

Earnings Statements and Projections

Issued each year around birthday

Provides an estimate of benefits

When to start benefits?When to start benefits?

Earliest is age 62 Attaining “FRA” (Full Retirement Age)

increases benefit:

Born FRA

1940 65 + 6 months

1941 65 + 8 months

1942 65 + 10 months

1943-54 66

Early Retirement BenefitEarly Retirement Benefit

EXAMPLE:EXAMPLE:

If you were born from 1943-54

And retire at age: You receive:

62 75%

63 80%

64 86.6%

65 93.3%

Of your full retirement benefit

Applying for BenefitsApplying for Benefits

You’ll need a certified copy of your birth certificate

May need a certified copy of your marriage certificate

Copy of past year’s tax return or W-2

Three months before retirement date contact Social Security to apply

1-800-772-1213 or

www.socialsecurity.gov

Income TaxesIncome Taxes

Benefits are income tax free for the

majority of beneficiaries

Partially tax free for all beneficiaries

SEE PAGE 10 OF THE GUIDE TO SS

MEDICARE – Part AMEDICARE – Part A

Enrollment in Medicare Part A is automatic at age 65; SSA will send an ID card

Part A is Hospitalization Coverage

There is no charge to you for Part A

MEDICARE – Part BMEDICARE – Part B

At retirement, apply for Medicare Part B if over age 65

If you are under age 65 at retirement, apply just prior to your 65th birthday or there may be a penalty

Part B covers outpatient services but not prescriptions

Cost of approximately $110 is deducted from your Social Security check

MEDICARE – Part DMEDICARE – Part D

HealthFlex participants

do not apply for Part D

If you are not in HealthFlex, compare your prescription drug costs to the benefit …

it may work for you!

SEE PAGES 50 AND 58 OF THE SS GUIDE

DD

Health Insurance in Health Insurance in RetirementRetirement

HealthFlex Benefit Plans for Retirees: – Over 65 … Medicare is primary, BCBS is

secondary and pays your co-insurance amounts, after deductible of $250 per person per year

– Under 65 … BCBS PPO plan (the same plan as when appointed) remains in affect until age 65 with same co-payment schedule

Benefits and PoliciesBenefits and Policies

Benefits – cont’d.Benefits – cont’d.

Prescriptions … Continue to be handled by Medco with same co-pay schedule and need to utilize the Medco By Mail Program for maintenance drugs

There is a $50 deductible for prescriptions filled at the local pharmacy, per person per year

Benefits – cont’d.Benefits – cont’d.Vision coverage is elected by CBOP on a

year-to-year basis. Benefits are the same as when active.

Employee Assistance Program through United Behavioral Health is not available for persons in the Medicare Companion plan.

Medical Reimbursement Accounts are not available to retirees.

PoliciesPolicies

All participants who desire coverage in retirement must be enrolled in the Conference plan a minimum of five (5) years prior to retirement.

For clergy newly eligible, they must be enrolled immediately upon eligibility if retiring within 5 years.

PoliciesPolicies

All persons over age 65 shall be required to enroll in Medicare A & B, with the Conference sponsored health care plan being the secondary source of insurance.

These participants shall NOT enroll in Medicare Part D.

FUNDING – A MOVING TARGET: Premium formulas are subject to change All future retirees will be charged a “minimum premium” – currently 10%. Premiums are currently based on age and years of service. Conference pays based on 3% of premium subsidy for each year of service up to 30 years. Premium for under age 65 is $752 per month. Premium for over age 65 is $398 per month.

Premium ProjectionsPremium Projections

An estimate of your health insurance premium in retirement will be provided when you

request Retired Status, or upon request … the projection will be based on:

Estimated Retirement Date

Age of you and spouse at that date

Years of service at that date

Current retiree premium policies