Moving Policies

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Moving Policies

• UNY POLICY NOT YET
• DETERMINED
• Secure two bids from a licensed
• Carrier with replacement cost
• insurance coverage.
• Send bids to Benefits Office
• Purchase Order will be issued
• Retiree does the packing (with some exceptions)

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Moving Policies contd.

• Anticipate a graduated scale of subsidy up to a
  maximum in the range of 2,500.
• Policy will be determined prior to March 1.

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CHANGE OF ADDRESS

• Advise CONFERENCE OFFICE of new address and
  phone ASAP
• Notify GBOPHB on your application forms or by
  phone
• THE ABOVE NOTIFICATIONS WILL ENSURE THAT YOUR NEW
  ADDRESS IS IN THE CORRECT FILES FOR PENSION AND
  HEALTH BENEFITS ADMINISTRATION

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Social Security Medicare

• Earnings Statements and Projections
• Issued each year around birthday
• Provides an estimate of benefits

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When to start benefits?

• Earliest is age 62
• Attaining FRA (Full Retirement Age) increases
  benefit
• Born FRA
• 1940 65 6
  months
• 1941 65 8
  months
• 1942 65 10
  months
• 1943-54 66

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Early Retirement Benefit

• EXAMPLE
• If you were born from 1943-54
• And retire at age You receive
• 62 75
• 63 80
• 64 86.6
• 65 93.3
• Of your full retirement benefit

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Applying for Benefits

• Youll need a certified copy of your birth
  certificate
• May need a certified copy of your marriage
  certificate
• Copy of past years tax return or W-2
• Three months before retirement date contact
  Social Security to apply
• 1-800-772-1213 or
• www.socialsecurity.gov

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Income Taxes

• Benefits are income tax free for the majority of
  beneficiaries
• Partially tax free for all beneficiaries
• SEE PAGE 10 OF THE GUIDE TO SS

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MEDICARE Part A

• Enrollment in Medicare Part A is automatic at age
  65 SSA will send an ID card
• Part A is Hospitalization Coverage
• There is no charge to you for Part A

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MEDICARE Part B

• At retirement, apply for Medicare Part B if over
  age 65
• If you are under age 65 at retirement, apply just
  prior to your 65th birthday or there may be a
  penalty
• Part B covers outpatient services but not
  prescriptions
• Cost of approximately 110 is deducted from your
  Social Security check

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MEDICARE Part D

• HealthFlex participants
• do not apply for Part D
• If you are not in HealthFlex, compare your
  prescription drug costs to the benefit
• it may work for you!
• SEE PAGES 50 AND 58 OF THE SS GUIDE

D
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Health Insurance in Retirement
Benefits and Policies

• HealthFlex Benefit Plans for Retirees
• Over 65 Medicare is primary, BCBS is secondary
  and pays your co-insurance amounts, after
  deductible of 250 per person per year
• Under 65 BCBS PPO plan (the same plan as when
  appointed) remains in affect until age 65 with
  same co-payment schedule

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Benefits contd.

• Prescriptions Continue to be handled by Medco
  with same co-pay schedule and need to utilize the
  Medco By Mail Program for maintenance drugs
• There is a 50 deductible for prescriptions
  filled at the local pharmacy, per person per year

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Benefits contd.

• Vision coverage is elected by CBOP on a
  year-to-year basis. Benefits are the same as
  when active.
• Employee Assistance Program through United
  Behavioral Health is not available for persons in
  the Medicare Companion plan.
• Medical Reimbursement Accounts are not available
  to retirees.

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Policies

• All participants who desire coverage in
  retirement must be enrolled in the Conference
  plan a minimum of five (5) years prior to
  retirement.
• For clergy newly eligible, they must be enrolled
  immediately upon eligibility if retiring within 5
  years.

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Policies

• All persons over age 65 shall be required to
  enroll in Medicare A B, with the Conference
  sponsored health care plan being the secondary
  source of insurance.
• These participants shall NOT enroll in Medicare
  Part D.

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• FUNDING A MOVING TARGET
• Premium formulas are subject to
• change
• All future retirees will be charged a
• minimum premium currently 10.
• Premiums are currently based on age and years
• of service.
• Conference pays based on 3 of premium subsidy
• for each year of service up to 30 years.
• Premium for under age 65 is 752 per month.
• Premium for over age 65 is 398 per month.

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Premium Projections

• An estimate of your health insurance premium in
  retirement will be provided when you request
  Retired Status, or upon request the projection
  will be based on
• Estimated Retirement Date
• Age of you and spouse at that date
• Years of service at that date
• Current retiree premium policies

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