100 likes | 215 Views
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.
E N D
Retiree Medical Insurance PlanFinancial 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 * Cost of Savings from Medicare is paid directly to retirees
May 29, 2009 Plan Funding & Participation Plan Participation
May 29, 2009 RMIP Cost Per Retiree 2004 - 2008
RMIP Financial Trends Contribution Rate Increase History • Why no Bank increase in 2009? • RDS Medicare subsidy • New pharmacy contract (7% savings)
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
RMIP Medicare Savings Calendar Year 2008 RMIP Medicare Savings Number of participants enrolled in Medicare: 3,000
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
Financial Health of the Plan Questions?