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Moving Policies

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). Moving Policies – cont’d.

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Moving Policies

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  1. 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)

  2. Moving Policies – cont’d. • Anticipate a graduated scale of subsidy up to a maximum … in the range of $2,500. • Policy will be determined prior to March 1.

  3. 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

  4. Social Security & Medicare • Earnings Statements and Projections • Issued each year around birthday • Provides an estimate of benefits

  5. 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

  6. 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

  7. Applying for Benefits You’ll need a certified copy of your birth certificate May need a certified copy of your marriage certificate Copy of past year’s tax return or W-2 Three months before retirement date contact Social Security to apply 1-800-772-1213 or www.socialsecurity.gov

  8. 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

  9. 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

  10. 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

  11. 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

  12. Health Insurance in Retirement • 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 Benefits and Policies

  13. Benefits – cont’d. • 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

  14. Benefits – cont’d. • 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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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