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BENEFIT OPTIONS 2013 Retiree/Vest/Non-Vest /Defer Effective January 1 to December 31, 2013.

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Presentation on theme: "BENEFIT OPTIONS 2013 Retiree/Vest/Non-Vest /Defer Effective January 1 to December 31, 2013."— Presentation transcript:

1 BENEFIT OPTIONS 2013 Retiree/Vest/Non-Vest /Defer Effective January 1 to December 31, 2013

2 Terms Vest – Refers to an employee who has worked long enough to retain benefits, but is not ready to receive a retirement check. Non-Vest – Refers to an employee who has worked long enough to retain benefits, but did not contribute to a retirement system. Retire – Refers to an employee who has worked long enough to retire and receive a retirement check. COBRA – Refers to an employee that is not eligible to vest or retire. You may keep COBRA for up to 18 months.

3 Years of Service TRS 10 Years of Creditable Service OPERS 8 Years of Creditable Service Other Systems Employment years may qualify as Creditable Service Election must be made within 30 days of termination of service.

4 Coverage you may Continue at Retirement You may begin or continue any coverage your employer has with EGID. – Life coverage must be in effect at least 30 days prior to your retirement date; it cannot be added at retirement.) Retain all the coverage you think you will need. After retirement, you may reduce benefits. However, you may not add benefits, except vision.

5 Enrollment Process Application For Retiree/Vested/Non- Vest/Defer Insurance Coverage must be sent to EGID 30 days before your retirement date. Forms are available through your Insurance/Benefit Coordinator and on the EGID website at or * To ensure timely enrollment, Medicare eligible members MUST submit application 30 days prior to retirement insurance effective date.

6 Changes Plan changes cannot be made at retirement. Plan changes can only be made during Option Period. You may drop coverage during the year; however, you can never regain it. Medicare members may drop coverage during the Annual Enrollment Period (AEP) / Option Period or at a Special Enrollment Period (SEP) such as moving out of a plan’s service area.

7 Defer your coverage If you have a spouse who is still employed with an employer that is covered by EGID, you may defer (transfer) health, dental, and vision insurance to dependent status under your spouse’s coverage. Life insurance must be kept in your retirement account. Your spouse MUST contact his/her Insurance/Benefits Coordinator to add dependent coverage. You may transfer your coverage back to your own account any time by filling out the Application For Retiree/Vest/Non-Vest/Defer Coverage and indicating you would like to cancel your deferment.

8 Dependent Coverage You may begin or continue coverage at retirement; Dependents cannot be added later. Exceptions to this Rule include : – Loss of other Group Insurance – Adoption or legal guardianship (up to age 26) – Marriage Notify EGID within 30 days

9 Life Insurance You may retain: All of the life insurance in effect while you were an active employee Life insurance must be retained in $5,000 increments Current cost is $1.88 per $1,000 up to $40,000; $41,000 and up is age rated Dependent Life coverage: You may retain all of the amount carried on your dependents while you were an active employee Current cost is $.94 per $500

10 Life Insurance Beneficiaries Please keep this information current If you are continuing life insurance, include a Beneficiary Designation Form when submitting your completed insurance forms. Notify EGID of: – Name changes – Address changes – Beneficiary changes

11 In the Event of Your Death Surviving dependents have 60 days to notify EGID that they wish to continue insurance coverage. Surviving dependent children may continue coverage including dependent life until age 26. A surviving spouse may continue coverage, including Dependent Life, as long as the premiums are paid. The spouse will pay the primary member rate. (Retirement system contributions will not apply)

12 Medicare Eligible Members You will be notified by Social Security when you are eligible for Medicare. This date could be different from your Social Security eligibility date. Medicare Part A is for hospital charges Medicare Part B is for outpatient services – There is a premium for Part B – If you are going to continue to work, you may delay Part B *You must have Parts A and B if you are no longer an employee and Medicare eligible

13 Medicare Part D EGID is the Prescription Drug Plan (PDP) administrator for members who elect the HealthChoice Medicare Supplement Plans with Part D. All plans offered through EGID are considered creditable (Part D) coverage as defined by Medicare and do not require you to enroll in a separate Part D plan. With creditable coverage, there is no penalty for those who work past the age of 65 before enrolling in Medicare Part D.

14 Medicare Supplement HealthChoice You must be enrolled in Medicare A and B After you meet Medicare Part B deductible: – Medicare will pay 80% – Supplement will pay 20% – Nationwide coverage – No office visit co-pays * You must complete a separate Application For Medicare Supplement With Part D.

15 MEDICARE ADVANTAGE Prescription Drug Plans Community Care Senior Generations (Global Health) Medicare Advantage plans become your Medicare benefits administrator. Medicare Advantage Plans are only available in certain ZIP Code service areas. You must be enrolled in Medicare Parts A and B. * You must complete a separate Application For Medicare Advantage Prescription Drug Plan.

16 Moving HealthChoice USA is available for Pre-Medicare members if they move outside the states of Oklahoma and Arkansas. (Election must be made within 30 days.) If you are Pre-Medicare and on an HMO, you must advise EGID of your new address; your coverage will be changed to HealthChoice. If you are on Medicare and have a Medicare Advantage product, you must contact EGID to disenroll. You will need to enroll a HealthChoice Medicare Supplement plan.

17 Premium Payment Options Retirement Check – You can elect to have your monthly premium automatically deducted from your retirement check. Direct Bill - You can elect to receive a monthly bill. If your retirement check is not large enough to cover the premium amount, you will receive a bill. Auto Draft - Your premium is drafted from your checking account on the 20 th of each month. To enroll, complete and return an Electronic Fund Transfer Authorization Form.

18 Returning to Work Contact Your Retirement System – TRS: 1-877-738-6365 – OPERS: 1-800-733-9008 EGID Member Services: (405) 717-8747 or 1-800-752-9475(ext. 8747) 3 Year Rule – You must work 3 additional years to be eligible to add or increase any benefit you did not take into retirement originally

19 Reminders Option Period – As a Retiree you will continue to have an annual Option Period Contribution – $100 to $105 from retirement system towards medical premium (if applicable)

20 For More Information Call the Retiree Unit at: 1-405-717-8747 or 1-800-752-9475 (ext. 8747) or

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