POST-RETIREMENT HEALTHCARE · VEBA – A voluntary employees beneficiary association (VEBA) plan is...
Transcript of POST-RETIREMENT HEALTHCARE · VEBA – A voluntary employees beneficiary association (VEBA) plan is...
POST-RETIREMENT HEALTHCARE
FOR THE PRE-65 RETIREE (2020)
You’ve Earned It!
MedicalUMR, Choice Plus Network
Choose between 3 plans; monthly premiums change
DentalDelta Dental
Paying same premiums as Active employees
VisionAnthem Blue View Vision
Paying same premiums as Active employees
Life InsuranceBasic Life policy valued at $3,500
Convert existing Voluntary Life policies to personal policies
VEBA AccountAccess to funds formerly known as “Emeriti”.
Use as reimbursement for medical expenses
DePauw HealthRetain access to onsite clinic
Dependents on UMR welcome
Do I still have my choice of medical plan?
Three consumer driven health plans (CDHP) options to choose from.
Level of Coverage Low CDHP 1 Mid CDHP 2 High CDHP 3
Employee Only $83.56 $93.32 $152.24Employee + spouse $191.72 $212.20 $374.94Employee + child $179.08 $197.14 $327.70Employee + Spouse + Child $296.32 $326.56 $558.22Family $409.20 $439.44 $671.10
Monthly medical premiums are calculated using the lowest income-level and multiplying it times two.
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What Happens to My HSA dollars?
Remember, HSA dollars in your account are yours, they go with you into your retirement, and may be used on qualified medical expenses.
You will need to keep your current HSA Bank card as long as you continue to have funds in your account.
Pre-65 retirees who are IRS eligible will still receive DePauw’s annual HSA base contributions of either $250 or $500, based on coverage level.
Retirees and spouses may earn additional incentives up to $750 or $1500, by participating in the wellness incentive program.
DePauw Health Ongoing Access
Schedule appointments online at Hendricks.org/clinic or call 765-658-4555
Campus Wellness Center will continue to be available to pre-65 retirees and their dependents participating on the DePauw University medical plan.
There are no fees for most services provided in the Wellness Center as they are covered through health insurance premium contributions
Services include:• Clinic visits• Mail in Rx Option• Chronic disease management• Health risk assessments• Referrals and care navigation• Lab draws
Can I keep my DENTAL?
Same dental plan as active employees
Ask HR for a Reference card if needed!
Level of Coverage Rates
Employee Only $15.38
Employee + spouse $30.00
Employee + child $40.92
Family $59.42
Can I keep my VISION?
Same vision plan as active employees
Level of Coverage Rates
Employee Only $6.08
Employee + spouse $10.66
Employee + child $11.57
Family $17.67
• Premiums paid directly to DePauw University Business Office.
• Can pay in-advance.
• You may mail in payments or pay your invoice online.
• Make checks payable to “DePauw University”.
• Premiums due by 1st of each month
• Please keep your current insurance cards until you receive new set of ID cards
Important Notes:
Benefit Plan Year (Jan 1 – Dec 31)
Open Enrollment will take place in November, same as active employees
IMPORTANT: Make sure to keep DePauw HR team updated with any email, phone and address changes.
Life Goes On!
You will be enrolled in a full-life policy valued at $3,500.
Your current voluntary Life on Self, Spouse, Child is portable.
See HR for details.
IMPORTANT: Maintain UPDATED BENEFICIARIES with DePauw Human Resources
What about my spouse?
When do they turn 65?
Charlotte retires from DPU at 59. Spouse Dirk is 64. Even though he’s older, Dirk
stays on UMR as “spouse” until Charlotte turns 65.
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Charlotte retires from DPU at 59. Spouse Dirk is 52. Dirk stays on UMR as “spouse” until Dirk
turns 65. Even when Charlotte goes on Medicare, Dirk will stay on UMR, and pay
“Employee Only” rate.
Each step of the way
Retirees should contact DePauw’s HR office THREE months before they turn 65.
1.Reminder to sign up for Medicare – A & B only (not Part D)2.Review Post-65 plan (Medicare Supplement)3.Return enrollment / auto-draft form4.Ensure beneficiary designation is current
GO LIVE – first day of month you turn 65
Don’t forget your VEBA funds!
VEBA – A voluntary employees beneficiary association (VEBA) plan is a tax-free post-retirement medical expense account used by retirees and their eligible dependents to pay for any eligible medical expenses. It’s a type of trust used to fund health care ahead of it being needed.
• Eligible expenses include medical, dental, vision, orthodontia and other eligible items
• See Section 213(d) of the Internal Revenue Code
How to Access VEBA Dollars?
VEBA Funds held at Charles SchwabAdministered by Nyhart
VEBA.NYHART.COM
Retirees will have the option to manually file claims for reimbursement or set up for automatic reimbursement.
Your Retirement Savings
You may access your 403(b) account on tiaa.org/depauw. Schedule a one-on-one meeting via tiaa.org/schedulenow-depauw to meet with a TIAA representative and see what option is right for you:
• Withdrawal of all or part of your funds,• Roll your funds into another retirement account, or• Leave your funds in your TIAA account
Vacation Time Payout (Staff only)
An eligible staff member who retires, giving sufficient notice, will receive the balance of his/her earned vacation time.
Sick Time Bonus
For full time, hourly (non-exempt) employees
The employee must be considered an official retiree from DePauw University by meeting the criteria specified in the University Retirement Policy. The sick time bonus at retirement of the employee will be based on the employee’s accumulated sick time balance as of the date of retirement.
Sick Time Balance Bonus
800 or more hours $5,000
800-799 hours $4,000
500-699 hours $3,000
300-499 hours $2,000
200-299 hours $1,000
Less than 200 hours $0
So what now?
Once you have decided on a retirement date,submit a letter of intent to retire to your supervisor and
human resources
CELEBRATE!