September 2014
Retiree Medical Meeting
HRA
Today’s Agenda
● Overview of What’s Changing and Why
● Health Reimbursement Arrangement
● What Do You Need to Do?
● OneExchange Services
● Questions
2
What’s changing
● Beginning 1/1/15, Peabody is offering a new way to select health care
coverage through the private Medicare marketplace
● Coverage under the Peabody retiree medical plans (Option 500, Option
1000, Coventry) and SilverScript will end for Medicare-eligible retirees
on December 31, 2014
● Peabody has selected OneExchange and its benefit advisors to provide
you and your spouse with individual, unbiased support in making your
decision and to be available for future needs
● Peabody will provide you with financial support through a health
reimbursement arrangement (HRA) which you can use to reimburse
yourself for premiums and eligible out-of-pocket expenses
● To obtain coverage and access to HRA funds, you must select and
enroll in plans that meet your medical and prescription drug needs
through OneExchange
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Why is Peabody Making These Changes?
● Retiree healthcare costs continue to increase for both companies and
retirees
● Availability of more affordable medical and prescription drug plans on
the private Medicare marketplace have increased significantly over the
last decade
● These plans should offer you more choice and value than the current
Peabody plan
– More plan designs, provider networks, and coverage options to best
fit your (and your spouse’s) individual needs
– Competitive premiums
● Individual, unbiased support from OneExchange to help you make a
selection and use your HRA dollars from Peabody
● It’s important that you select a plan that best fits your needs –
considering both plan premiums and out-of-pocket costs
– If you are relatively healthy, you could save money by selecting a
plan with a lower premium and a lower level of coverage
4
Health Reimbursement Arrangement (HRA)
● Going forward, Peabody will make a contribution to a Health Reimbursement Arrangement
that you can use to reimburse yourself for premiums and eligible out-of-pocket expenses
● Retirees will received $1,300 per year; Eligible dependents will receive $1,000 per year
– HRA is a joint account – a married couple will have $2,300 per year available to use
towards medical costs
– You must enroll in a plan through OneExchange to receive your HRA funding
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● What is eligible for reimbursement?
– Plan premiums – Part B, Medicare
Advantage, Supplement and Part D
plans, as well as dental and vision
premiums
– Eligible out-of-pocket expenses for
medical, dental, and vision claims
– Note: you cannot use your HRA dollars
towards your out-of-pocket drug costs .
Doing so would defer your eligibility for
catastrophic benefits potentially
increasing your drug costs.
What Do You Need to Do?
● Listen to today’s presentation by OneExchange about your options and
the enrollment process
● Contact OneExchange at 1-844-256-0917 to schedule an appointment
with a Benefit Advisor
● Work with OneExchange to enroll in your new coverage for you and your
spouse between October 9 – December 31
● Pay your premiums to your new insurance carrier and work with
OneExchange to receive reimbursement from your HRA, funded by
Peabody
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Helping You Prepare For Your Upcoming
Medicare Enrollment
Traditional HRA
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Who We Are
Transitions Can Be A Good Thing!
OneExchange – For Your Benefit
A Deeper Dive – Benefit Advisors,
Private Exchange, Optimize Savings,
Health Reimbursement for You
Next Steps
Questions & Answers
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About OneExchange
Towers Watson
over
100 years experience
First and Largest
private Medicare Exchange
Personalized options with plans from
a nationwide network of carriers
Licensed advisor provides
guidance and lifetime advocacy
Hundreds of thousands
of retirees served across
300+ employers
In the middle of our
9th annual enrollment season
Founded in 2004
No fees for
our service
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The Transition Process
Simplified
Selection
Consultative
Process
Lifetime
Advocacy
Effortless
Enrollment
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Our Service Centers
Salt Lake City, UT
Dallas, TX
Operating hours:
Monday-Friday 7am-8pm CT
100% Domestic Workforce
- NO Outsourcing!
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Plans and Partners
All Plan Types
Wide selection of plans from leading national / regional carriers
Prescription Drug
(Part D) Medicare Advantage Medicare Supplement
(Medigap)
Dental Plans & Vision Plans
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Your Future Coverage
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Your Future Coverage
Primary Coverage
Medicare A & B
Additional Coverage (your choice)
Medicare Advantage with
Prescription Drug (MAPD)
OR
Medigap + Prescription Drug
Optional Coverage (your choice)
Dental Plans
Vision Plans
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OPTION 1
Medicare Advantage Plan
with Prescription Drug Coverage (MAPD)*
* Note that Medicare Advantage plans are generally network based plans.
MEDICARE
ADVANTAGE
[some zip codes/counties may not have MAPDs]
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OPTION 2 Medigap Plan + Part D Plan
Note: You may need to pay your first premium when you enroll in coverage.
MEDIGAP
PLAN
PART D
PLAN
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A Deeper Dive Into
Our Process
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Your Experience
Announcement & Education
Evaluation & Enrollment
Ongoing Communications
& Advocacy
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Education
Pre-existing conditions will not limit
your plan selection*
Getting Started Guide
* Except end-stage renal disease.
Make your First Contact call
TOLL FREE
1-844-256-0917
medicare.oneExchange.com/peabodyenergy
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Education
Prepare for Your Enrollment Consultation
Review Medicare basics
What to expect on your enrollment call
FAQ’s
Appointment confirmation
Enrollment Guide
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Benefit Advisors
Licensed / Certified / Appointed
OneExchange University™
Average age 43
Objective & unbiased
100% domestic workforce
Hours of
Operation
Monday – Friday
7 am – 8 pm CT
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Decision Support Tools
Help Me
Choose
Prescription
Profiler
medicare.oneExchange.com/peabodyenergy
24/7 access to your information
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Enrollment Process
Benefit Advisors can discuss coverage options with anyone
Telephonic enrollment – 2 part process
100% of calls are recorded
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Selection Confirmation Notice
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Health Reimbursement
Arrangement
(HRA)
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What Is An HRA?
Tax-free account used to reimburse you for eligible health care
expenses — you pay first and then get reimbursed
If you are eligible, Peabody Energy will make an annual contribution
to a Health Reimbursement Account (HRA)
You may use HRA funding to reimburse yourself for eligible medical,
prescription drug, dental, vision premiums (including Medicare Part B
premiums), as well as eligible out-of-pocket healthcare expenses
You must enroll in a medical plan through OneExchange, and your HRA funding will be available January 1, 2015
Unused Funds do rollover
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Health Reimbursement Arrangement
Reimbursements are
up to the amount
available in the HRA
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Health Reimbursement Arrangement Reimbursement Options
1.
Automatic
Reimbursement [including recurring premiums]
2.
Manual
Reimbursement
Reimbursements are
up to the amount
available in the HRA
[Not all Carriers offer A/R]
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Personal Guidance For a Lifetime
A Lifetime Advocate
Navigation
Enrollment
Prescription changes
Affordability concerns
Reimbursement issues
Late enrollment
HRA
Annual plan review
The plans you select continue on
year to year. No need to re-enroll in
the fall unless you want to make a
plan change.
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Next Steps
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What You Need To Do: Action Required!
Contact OneExchange
1-844-256-0917
Call now to complete your profile and
schedule an enrollment appointment
You will need your Medicare card,
prescription list, and doctor & hospital
information
We Are Ready!
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Questions
&
Answers
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Call Now - We Are Ready
1-844-256-0917
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