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Human Resources - Employee Benefits April, 2017

What About My Benefits in Retirement? How do I prepare?. Human Resources - Employee Benefits April, 2017. Overview. Eligibility for Health Insurance Vesting Rights Cost, Sick Leave Credit Deferring Coverage Dependent Survivors Medicare Dental and Vision.

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Human Resources - Employee Benefits April, 2017

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  1. What AboutMy Benefits in Retirement? How do I prepare? Human Resources - Employee Benefits April, 2017

  2. Overview • Eligibility for Health Insurance • Vesting Rights • Cost, Sick Leave Credit • Deferring Coverage • Dependent Survivors • Medicare • Dental and Vision

  3. Retiree Health Insurance … Am I Eligible? • Must have worked 10 years in a NYSHIP benefits eligible position; • Must be at least age 55 AND eligible for retirement from a public pension system including ERS/TRS/PFRS or ORP; and • Must be enrolled in a health insurance program on date of retirement (in your own name, as a NYSHIP dependent or OPT-OUT participant)

  4. What Makes Me Benefits-Eligible? • Classified service employees must work at least ½ time or 50% • Part-time Professionals eligibility determined by $ amount annualized (currently $14,430 or more) • Part-time Faculty determined by courses taught per semester (2 courses)

  5. Requirements May Be Waived Only When … • Disability retirement (non work-related) – 10 years service required, but age waived • Disability retirement (work-related) – both age and 10 years eligibility waived

  6. Health Insurance - Vesting - • What does it mean? Allows you to retain rights to retiree health insurance in the future if you meet stateservice requirement but not age requirement AND….

  7. Health Insurance - Vesting - • You must pay full share cost until eligible for retirement (age 55) • Lose your sick leave credit

  8. Health Insurance- Payment - 2017 Monthly Retiree Rates

  9. Health Insurance - Premium Payment - • Deducted directly from your state retirement check (ERS,TRS or PFRS) -OR- • Directly billed - monthly *As of now- Employee only share continues for all qualified retirees

  10. Health Insurance- Sick Leave Credit - If you retire from state service, accrued sick leave helps pay for your health insurance throughout retirement

  11. Health Insurance- Sick Leave Credit - • Lifetimemonthly credit helps offset your cost of health insurance in retirement • Maximum accrual 200 days or 1,500 hours for 7 ½ hr. or 1,600 hours for 8 hr. OR part-time equivalent

  12. Health Insurance - Sick Leave Credit - • Calculation based upon salary, amount of accumulated sick leave and age based actuarial tables • To calculate:see Planning for Retirement booklet insert

  13. Final leave balances must be finalized and reported to Human Resources on your last day worked in order to obtain credit. The Importance of Preserving your Sick Leave • Retirement system credit (if applicable) • Final paycheck • Health insurance (sick leave credit)

  14. Single/Full Option vs. Dual Annuitant • Single/Full Option – use full value of your sick leave for your life time – highest credit • Dual Annuitant - 30% permanent reduction of your monthly credit – continues for your eligible dependents lifetime • Election must be made prior to retirement and is an irrevocable decision

  15. Things to Consider When Selecting Dual Annuitant • Lifetime reduction – even if you outlive any other dependents • Premium reduction to individual rate for dependent • Consider the financial situation for your survivor

  16. Dependent Survivors • Notify Department of Civil Service and retirement system of death • 3-month free extended health insurance coverage • Option to continue coverage • When does survivor coverage end? • Surviving spouse remarries, • Surviving domestic partner, re-partners, • Dependent children age-out, • If cancelled for non-payment • If not taken when initially offered

  17. Deferred Health Insurance What does this mean? • It allows you to postpone your retiree benefits until a later date You must: • Prove comparable coverage • Elect prior to retirement

  18. Deferred Health Insurance- Advantages- • Preserve sick leave • Sick leave credit increases *Indefinite ... until you choose to activate NYSHIP coverage

  19. Medicare Who is eligible? • Age 65 – most common • Regardless of age, after receiving SSDI (social security disability insurance) benefits for 24 months • When receiving SSDI due to ALS/Lou Gehrig’s Disease • After Medicare’s waiting period for End Stage Renal Disease

  20. Parts of Medicare Part A – Hospitalization – MUST ENROLL (when insured as a retiree or covered with post-employment insurance) • Covers inpatient care in a hospital or skilled nursing facility, hospice care and home health care. • In most cases Part A is free

  21. Parts of Medicare Part B – MUST ENROLL (when covered as a retiree or with post-employment coverage) • Covers doctors’ services, outpatient hospital services, durable medical equipment and some other services and supplies not covered by Part A • Monthly basic premium • $134.00 if enrolled in Part B on or after January 1, 2017

  22. Parts of Medicare Part C – Medicare Advantage Plan • Empire Plan enrollees - you do NOT want to enroll in Part C • HMO enrollees - discuss with your HMO – Be careful!

  23. Parts of Medicare Part D – Prescription Drug In most cases do NOT enroll • Medicare primary enrollees & dependents enrolled in the Empire Plan have RX coverage under Empire Plan Medicare RX (Silverscripts), a Medicare Part D RX Drug Plan with expanded coverage designed especially for NYSHIP enrollees. Once Medicare primary – automatic enrollment • HMO enrollees – RX through HMO – contact HMO directly

  24. MEDICARE’S ROLE • Once you are retired or covered as a dependent on a NYSHIP retiree plan and eligible for Medicare what happens? • You (and/or dependents who qualify) must enroll for Parts A & B • Medicare A & B will become primary for anyone who qualifies • NY State will reimburse Medicare Part B premiums for anyone who is primary *without Medicare you will not have primary insurance*

  25. Medicare How do I enroll? • Call Social Security at 800-772-1213 • Visit 2 Court St, Binghamton • Go on-line to www.ssa.gov When should I enroll? • Approximately 3 months before you first become eligible Medicare Crossover Program *Medicare pays for expenses within the U.S., Puerto Rio, the U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands

  26. Vision and Dental • Benefits expire upon retirement • Options: 1. COBRA (limited time) 2. GHI/Emblem Health - Dental Program 3. CSEA or UUP Retiree Dental Plan (must pay union dues)

  27. Contact Information • CSEA Benefit Fund 1-800-323-2732 • UUP Benefit Fund 1-800-887-3863 • GHI/Emblem Heath 1-800-947-0101 • Dept. of Civil Service Empire State Plaza Albany, NY 12239 1-800-833-4344

  28. Things to Consider • MUST provide a letter of retirement to department supervisor and copy HR • ERS/TRS/PFRS members MUST file service retirement application with system directly • Schedule retiree meeting with Benefits office • Contact the applicable carrier (TIAA; Voya; Fidelity; VALIC; MetLife or Deferred Compensation about tax-deferred accounts (if applicable)

  29. Campus Contacts Benefits Staff Kim Avery Ext. 7-6953 kavery@binghamton.edu Luanne DiRico Ext. 7-6950 ldirico@binghamton.edu Karen Kocan Ext. 7-2042 kkocan@binghamton.edu

  30. Relax and Enjoy! Human Resources - Employee Benefits April, 2017

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