Presentation on theme: "Healthcare Options after Retirement April 12, 2012 A Road Ahead Information Session The University of Arizona Division of Human Resources Presented by."— Presentation transcript:
Healthcare Options after Retirement April 12, 2012 A Road Ahead Information Session The University of Arizona Division of Human Resources Presented by the JP Griffin Group
Introduction & Welcome JP Griffin Group – Jeff Griffin and Kerrin Matousek The HR Benefits Team The Road Ahead Project About Today’s Presentation
State of Arizona Health Insurance Plans Optional Retirement Plan participants and Arizona State Retirement System members are eligible for retiree health insurance with: Arizona Department of Administration (ADOA) – Most of your current plans are available to you as a retiree Arizona State Retirement System (ASRS)
ADOA Health Insurance - Resources Preparing For University Retirement - Presented by UA Human Resources http://www.hr.arizona.edu/transitioning_to_a_successful_retirement http://www.hr.arizona.edu/transitioning_to_a_successful_retirement ADOA website (includes Retiree Benefits Guide) http://benefitoptions.az.gov/ ADOA Benefit Services Division (602) 542-5008, (800) 304-3687, firstname.lastname@example.org
ASRS Health Insurance - Resources Know Your Insurance - Presented by ASRS For dates and locations, visit: https://www.azasrs.gov/web/MemberEducation.do https://www.azasrs.gov/web/MemberEducation.do ASRS website (includes Retiree Group Insurance Enrollment Guide) https://www.azasrs.gov/web/HealthInsurance.do ASRS Member Services (520)239-3100, (602)240-2000, (800)621-3778 email@example.com
Other Coverage Options in Retirement Spouse/partner’s group health plan Retiree coverage from prior employer Individual Plan Medicare
Individual Plans Multiple carrier options and prices Benefit levels vary Underwriting considerations Consider deductibles, pre-existing conditions, provider networks, your health and prescriptions What happens when I become Medicare- eligible?
Individual Plan Resources Contact insurance companies directly Online searches Contact an insurance broker
Medicare Options Part A - Hospital Insurance Part B - Medical Insurance Part C - Medicare Advantage Plans Part D - Prescription Drug Coverage MediGap - Medicare Supplement Insurance
Medicare Part A – Hospitalization Helps cover inpatient care in hospitals, skilled nursing facilities, hospice and home health care.
Medicare Part B – Medical Helps cover doctors’ and other health care providers’ services, outpatient care, durable medical equipment, and home health care Helps cover some preventive services to maintain your health If Medicare-eligible, you will need to enroll in Part B (Medical) if you elect the State of Arizona’s retiree plans
Medicare Part C – Medicare Advantage Plans A health plan option run by Medicare-approved private insurance companies.
Medicare Part C – Medicare Advantage Plans In addition to the Part B (Medical) premium, a monthly premium is usually charged for the Medical Advantage Plan services Each Part C Medicare Advantage Plan may charge different out-of-pocket costs Part C Medicare Advantage Plans are not the same as supplemental coverage
Medicare Part D – Prescription Drug Coverage Helps cover the cost of prescription drugs.
Medigap – Medicare Supplemental Insurance Sold by private insurance companies Works only with Original Medicare Covers Part A (Hospital) and Part B (Medical) cost sharing (coinsurance, copayments or deductibles)
Part A (Hospital) and Part B (Medical): Enrollment with Social Security If you receive Social Security retirement benefits, you automatically receive Part A and Part B starting the first day of the month you turn age 65.
Part A (Hospital) and Part B (Medical): Enrollment without Social Security If you’re 65 or older and not receiving Social Security Benefits you will not automatically receive Part A and Part B You may sign up: – 3 months before you turn 65 – The month you turn 65 --- or ---- – The 3 months after you turn 65
Part A (Hospital) and Part B (Medical): When Does My Coverage Start? Coverage date depends on your birthday and date of enrollment.
What Happens If I Do Not Sign Up for Part A (Hospital) and/or Part B (Medical)? You can sign up between January 1 st – March 31 st each year Your coverage will begin on July 1 st
Initial Enrollment Periods for Part C (Medicare Advantage) and Part D (Prescription Drug) If this describes you…You can… You’re newly eligible for Medicare because you turn 65 Sign up for a Part C (Medicare Advantage) and/or Part D (Prescription Drug) Plan You DON’T HAVE Medicare Part A (Hospital) coverage, and you enroll in Medicare Part B (Medical) during General Enrollment Period (Jan 1 – Mar 31) You can sign up for a Part D (Medicare Prescription Drug) Plan You HAVE Medicare Part A (Hospital) coverage, and you enroll in Medicare Part B (Medical) during the General Enrollment Period (Jan 1 – Mar 31) You can sign up for a Part C (Medicare Advantage) Plan (with or without prescription drug coverage)
How Do I Enroll in a Medicare Part D (Prescription Drug) Plan? Join a Part D (Prescription Drug) plan that adds drug coverage to Original Medicare Join a Part C (Medicare Advantage) plan or other Medicare health plan that includes prescription drug coverage
When Can I Sign Up? Part C (Medicare Advantage Plan) Part D (Prescription Drug Plan) Initial Enrollment Period Open Enrollment Periods Special Enrollment Period (SEP)
Special Medicare Enrollment Period You qualify for a Special Enrollment Period if you were covered under an employer group health plan.
Medicare, Group Health and Group Retirement Plans: Who Pays First? If youSituationPays FirstPays Second Are 65 or older and covered by a group health plan because you or your spouse is still working Entitled to Medicare Employer has more than 20 employees Group Health Plan Medicare Have an employer group health plan after you retire and are 65 or older Entitled to MedicareMedicareRetiree Coverage
Your Medicare Coverage Choices Original Medicare – Part A (Hospital), Part B (Medical) and Part D (Prescription Drug) – Medigap (Medicare Supplement Insurance) Medicare Advantage Plan – Part D (Prescription Drug)
Medicare Resources SHIP – State Health Insurance Assistance Program – www.azdes.gov/daas/ship www.azdes.gov/daas/ship – 1-800-432-4040 Medicare – Medicare.gov – 1-800-MEDICARE (1-800-633-4227) – Medicare Coordinator of Benefits Contractor 1-800-999-1118
Contact Information Human Resources – Benefits 520-621-3662, option 3 firstname.lastname@example.org www.hr.arizona.edu/benefits JP Griffin Group 480-257-1500 email@example.com www.griffinbenefits.com