2020 Post-65 Retiree Benefits Review - Combined · 2019-12-31 · > [ } u Z d Z W W ] ] } v µ P W...

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2020 Retiree Benefits Update

Transcript of 2020 Post-65 Retiree Benefits Review - Combined · 2019-12-31 · > [ } u Z d Z W W ] ] } v µ P W...

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2020 Retiree Benefits Update

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Agenda

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Introduction

Update on Fidelity – Pension and Savings Administrator

Post-65 Retiree Medical & Prescription Drugs

Retiree Dental – Your Options

Key Resources

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Reminders!

There are no changes to ConocoPhillips Post-65 retiree benefits for 2020

REMINDER – 2020 Rebill

• Access to Medicare Supplement Plans through UHC

• Company subsidy for grandfathered participants as of 12/31/2015

• Subsidy phased out through end of 2025

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Sign up for electronic payment if you aren’t already

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New for 2020!

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Improved experience

O N E w e b s i t eNetBenefits

O N E c a l l c e n t e rConocoPhillips Retirement Center

ONE retirement and savings administrator

More ResourcesBetter Tools

Personalized Advice for ALL

Maximize your future

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Transition to Fidelity

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Things to consider: • Savings Plan Transition Guide will be distributed in mid-November

Actions you can take today Review resources at hr.conocophillips.com, such as FAQs.

Mid-NovemberTransition guide will be mailed by Fidelity

January 2020Fidelity call center and NetBenefits site will be available

Late December - JanuaryTransition period

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Post-65 Retiree: Medicare Supplement Insurance

• AARP Medicare Supplement Insurance Plans insured by UnitedHealthcare

• Medicare Supplement Insurance Plans (Plans A, B, C, F, G, K, L & N) available in most states

• NOTE: Plans C and F are only available to eligible Applicants:

with a 65th birthday prior to 1/1/2020 or

who will be age 65 or older on or after 1/1/2020 with a Medicare Part A effective date prior to 1/1/2020.

• Customer service representatives are available (Eastern Time): Monday – Friday: 7 a.m. – 11 p.m.Saturday: 9 a.m. – 5 p.m. at:

• You are already enrolled (e.g. ID cards, payment of premiums, covered and non-covered expenses, etc.)

1–800–545–1797• ALL claims questions:

1-800-523-5880

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Post-65 Retiree: Medicare Supplement Plans: A - N TX Only

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Health & Wellness Programs from UnitedHealthcare

Health & Wellness Programs from UnitedHealthcare TX Only

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Post-65 Retiree: Medicare Supplement Plans: A - N

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OK Only

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OK OnlyHealth & Wellness Programs from UnitedHealthcare

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Post-65 Retiree: A Closer Look at Plans F and N

Plan Design F NAnnual Out of Pocket Max None None

Part A Coinsurance x x

Part A Deductible ($1,364-2019) x x

Part B Copayment x $20 copay for office visit; $50 copay for ER visit

Part B Deductible ($185-2019) x $185

Part B Excess Charges x

Blood - First 3 Pints x x

Foreign-Travel Emergency x x

Hospice Care x x

Preventive Care Coinsurance x x

Skilled-Nursing Coinsurance x x

Average Monthly Premium $2201 $1651

• Plan N is roughly $40 - $70 less expensive per month than Plan F, creating savings up to $840 per year1

• With Plan N, hospital stays covered at 100%, just like with Plan F

• Plan N out-of-pocket costs are Part B deductible, copays listed in chart and excess charges, if any

• Plan N is about $25 more expensive per month than Plan L1

1These costs are estimates. Your actual costs may vary, depending on your location.

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Post-65 Retiree: A Closer Look at Plans F and G

Plan Design F GAnnual Out of Pocket Max None None

Part A Coinsurance x x

Part A Deductible ($1,364-2019) x x

Part B Copayment x x

Part B Deductible ($185-2019) x $183

Part B Excess Charges x x

Blood - First 3 Pints x x

Foreign-Travel Emergency x x

Hospice Care x x

Preventive Care Coinsurance x x

Skilled-Nursing Coinsurance x x

Average Monthly Premium $2201 $1901

• Plan G is roughly $25 - $40 less expensive per month than Plan F, creating savings up to $480 per year1

• With Plan G, hospital stays covered at 100%, just like with Plan F

• Plan G covers everything the same as Plan F, except for Part B deductible ($185 in 2019)

• Plan G is about $20 more expensive per month than Plan N1

• If you enroll onto Medicare prior to 1/1/2020, you will STILL be able to re-enroll into Plan F, even if you are not on Plan F as of that date 1These costs are estimates. Your actual costs may vary, depending on your location.

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Medicare Advantage – Something to consider

Overview for ConocoPhillips Retirees• Currently a broad availability of plans with varying premiums and out

of pocket costs offered by many different carriers• You’re still in Medicare with Part A and B coverage through the plan• Not eligible for ConocoPhillips subsidy support• May be an option to consider, particularly if you’re newly eligible for

Medicare

Important things to know• Cost share• Provider network• Prescription drugs (i.e., prescription drug list/formulary)• Additional coverage (like vision/dental)

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Post-65 Retirees: Medicare Part D Prescription Drugs Plans

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Post-65 Retirees - The Basics of Medicare Part D

• 2020 Annual Enrollment Period is: October 15 – December 7

• Coverage Gap (donut hole) is closed

• For 2019 you now pay less: 25% for brand-names and 25% for generics

• Medicare Part D plans change every year so it is important to evaluate your plan during annual enrollment

• Resources Available: 1-800-Medicare

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Let’s compare the Three Part D Prescription Drug Plan Designs

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Tier 1: Preferred genericTier 2: Non-preferred genericTier 3: Preferred brandTier 4: Non-preferred brandTier 5: Specialty

Texas2020

AARP® MedicareRxSaver Plus (PDP)

AARP® MedicareRxPreferred (PDP)

AARP® MedicareRxWalgreens (PDP)

At a GlanceLow premium, plus coverage

for most common generic drugs

Good value with robustdrug coverage

Lowest premium; Basic coverage. A good plan if you use few or no drugs.

You must use a Walgreen’s pharmacy to receive your highest

level of benefits.

Drug List

Includes most generic drugs covered by Medicare Part D

and many common brand-name drugs

Includes nearly all generic drugs covered by Medicare Part D and most

common brand-name drugs

Includes most generic drugs covered by Medicare Part D and many common brand-name drugs

Annual Deductible $435 $0$0 Tiers 1 & 2

$435 Tiers 3-5*

Monthly Premium $38.80 $77.30 $34.10

Tier 1 Copay $1.00 $5.00 $0

Tier 2 Copay $8.00 $10.00 $5.00

Tier 3 Copay $27.00 $45.00 $40.00

Tier 4 Coinsurance 35% 40% 32%

Tier 5 Coinsurance 25% 33% 25%

PreferredPharmacy Network

Copays as low as $1 when you fill your prescription at a

preferred retail pharmacy

Copays as low as $2 when you fill your prescription at a preferred retail

pharmacy

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*Once you reach the Coverage Gap Stage, you pay copays or coinsurance defined by your plan for all Tier 1 through Tier 5 drugs regardless of whether or not your full deductible has been met.

September 18, 2018

TX Only

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Let’s compare the Three Part D Prescription Drug Plan Designs

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Tier 1: Preferred genericTier 2: Non-preferred genericTier 3: Preferred brandTier 4: Non-preferred brandTier 5: Specialty

Oklahoma2020

AARP® MedicareRxSaver Plus (PDP)

AARP® MedicareRxPreferred (PDP)

AARP® MedicareRxWalgreens (PDP)

At a GlanceLow premium, plus coverage

for most common generic drugs

Good value with robustdrug coverage

Lowest premium; Basic coverage. A good plan if you use few or no drugs.

You must use a Walgreen’s pharmacy to receive your highest

level of benefits.

Drug List

Includes most generic drugs covered by Medicare Part D

and many common brand-name drugs

Includes nearly all generic drugs covered by Medicare Part D and most

common brand-name drugs

Includes most generic drugs covered by Medicare Part D and many common brand-name drugs

Annual Deductible $435 $0$0 Tiers 1 & 2

$435 Tiers 3-5*

Monthly Premium $27.20 $74.90 $33.50

Tier 1 Copay $1.00 $5.00 $0

Tier 2 Copay $5.00 $10.00 $5.00

Tier 3 Copay $26.00 $45.00 $40.00

Tier 4 Coinsurance 35% 40% 32%

Tier 5 Coinsurance 25% 33% 25%

PreferredPharmacy Network

Copays as low as $1 when you fill your prescription at a

preferred retail pharmacy

Copays as low as $2 when you fill your prescription at a preferred retail

pharmacy

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*Once you reach the Coverage Gap Stage, you pay copays or coinsurance defined by your plan for all Tier 1 through Tier 5 drugs regardless of whether or not your full deductible has been met.

September 18, 2018

OK Only

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Post-65 Retirees: Prescription Drug Resources

• Read the Medicare & You Handbook

• Find your local State Health Insurance Assistance Program (SHIP) at www.medicare.gov as well as shop and compare tools

• Call 800-MEDICARE (800-633-4227) and say “Agent”

• Contact your local pharmacy and see if they can assist you with comparing Medicare Part D Prescription Drug Plans for your individual prescription needs

• Visit the Administration on Aging web site at www.aoa.gov to learn more about local programs

• Annual enrollment for Medicare Part D is October 15th - December 7th

• REMEMBER! To evaluate your Medicare Part D Prescription Drug Plan every year!!

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Retiree Dental

• ConocoPhillips continues to sponsor a retiree dental plan through United Healthcare

• We encourage you to look at dental offerings from other established providers as well to get dental benefits that best fit your needs

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866-583-2085800-704-8183

800-332-0366

800-422-4234800-996-7563

844-263-8336

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Key Contacts Vendor/ Resource Telephone Number Website

United Healthcare Insurance (800) 568-6404 http://www.aarphealthcare.com

Benefits Center (800) 622-5501 http://resources.hewitt.com/conocophillips

United Healthcare: Dental (800) 996-7563 www.myuhcdental.com

MetLife (800) 638-6420 www.metlife.com

MetLife TakeAlong DentalReferral Code: 105686 (844) 2 MET DEN

Medicare(800) MEDICARE

(800-633-4227)www.medicare.gov

Social Security Administration (800) 772-1213 www.ssa.gov

Veterans Administration (877) 222-8387 www.va.gov

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Key Take-aways

• Sign up for Electronic Funds Transfer (EFT) to pay your premiums

• Protect your Identity

• Shop around for your Medicare Part D plan

• Update your information with the Benefit Center

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This presentation is intended to be accurate, but if there is any discrepancy between these materials or the presentation and the terms of the official plan documents, the official plan documents will control.

In addition, although ConocoPhillips intends to continue these benefit plans, the company reserves the right to amend, change or terminate any of these benefit plans or provisions at any time.

Stuff We Have to Say


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