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Retiree Medical Insurance Plan Financial Health of the Plan

Retiree Medical Insurance Plan Financial Health of the Plan. James Clagett, HRSCM May 29, 2009. Agenda. Summary of 2008 RMIP Costs Plan Funding & Participation Financial Trends Medicare Review & Preliminary Findings Questions. Summary of Retiree Medical Plan Costs - 2008.

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Retiree Medical Insurance Plan Financial Health of the Plan

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  1. Retiree Medical Insurance PlanFinancial Health of the Plan James Clagett, HRSCM May 29, 2009

  2. Agenda • Summary of 2008 RMIP Costs • Plan Funding & Participation • Financial Trends • Medicare Review & Preliminary Findings • Questions

  3. Summary of Retiree Medical Plan Costs - 2008 * Cost of Savings from Medicare is paid directly to retirees

  4. May 29, 2009 Plan Funding & Participation Plan Participation

  5. May 29, 2009 RMIP Cost Per Retiree 2004 - 2008

  6. RMIP Financial Trends Contribution Rate Increase History • Why no Bank increase in 2009? • RDS Medicare subsidy • New pharmacy contract (7% savings)

  7. Medicare Review • Currently Compensation Management and a working group from the 1818 Society are conducting a joint review of Medicare discounts • What is the appropriate Medicare discount • How should the discount be allocated between participants • Review will be completed by the end of 2009 • Some preliminary findings

  8. RMIP Medicare Savings Calendar Year 2008 RMIP Medicare Savings Number of participants enrolled in Medicare: 3,000

  9. Estimated Retiree Savings From Medicare • Estimated retiree contributions to Medicare Part B $4.25 million • * Savings do not include lower negotiated rates from Medicare providers

  10. Financial Health of the Plan Questions?

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