ICUBA Retiree Medical Insurance Benefits

Presented by Mark Weinstein, President & CEO

andRobin Donovick, Chief Operating Officer

March 22, 2011

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You must be employed at your institution for at least five years.

Years of service + your age must equal 65.

You must have ICUBA medical coverage at least three months before retiring.

You must be “Actively at Work” on the day prior to your retirement.

How do I know if I qualify for the ICUBA Retiree Medical Plan?

Note: You must be enrolled in medical coverage in order to enroll your spouse and/or dependents.

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May I add Dependents at the time I retire?◦ No, you can only elect retirement coverage for

those eligible dependents covered under your plan at the date of your retirement.

May I add a Dependent to my retirement coverage once I am already on the retiree plan?◦ You can only add a dependent acquired after the

date your retiree coverage goes into effect if you acquire the dependent child due to a life status change such as marriage, birth or adoption.

Dependents

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Notify your Human Resources (HR) Department that you plan on retiring and when.

Your HR Department will notify ICUBA of your retirement date. A Retiree Election Package will be mailed to you. The package will detail your available medical, dental, and vision

options along with the associated costs. You will have up to 30 days after your retirement date to make

your election (Note: Your deductible amount will not reset if you choose an ICUBA Retiree Medical Plan).

Once your election form is received, you will be sent billing coupons and the option to elect Electronic Funds Transfer (EFT).

There will be an annual open enrollment period in which you may change your elections.

Once you cancel your retiree medical insurance, you are unable to reinstate in the future.

I qualify for the ICUBA Retiree Medical Plan. What’s next?

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Risk/Reward Blue Options Risk/Reward Blue Choice PPO 70 Blue Options PPO 70 Blue Choice PPO 80 Blue Choice Prescription Drug coverage is

included with all medical plans Humana Dental Advantica Eyecare for vision Election options are Retiree only,

Retiree + Spouse, and Family coverage

You will be given the option to elect the ICUBA Retiree Medicare Supplemental Plan once you attain age 65

ICUBA Retiree Medicare Supplemental Plan

Risk/Reward Blue Choice PPO 70 Blue Choice Prescription Drug coverage is

included with all medical plans Humana Dental Advantica Eyecare for vision Election options are Retiree

only, Retiree + Spouse, and Family coverage

What benefits will I be eligible for when I retire? Until you reach 65, you will be eligible for the same benefits as active employees.

Under age 65 at retirement Over age 65 at retirement

Note: The only difference between the Blue Choice and BlueOptions plans are the network of providers and cost.

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You and/or your spouse must be at least 65 years old

You and/or your spouse must be enrolled in a Medicare Part A and Part B, which is done at the time of attaining age 65 or upon your retirement

Medicare Part D is not needed because the ICUBA Retiree Medicare Supplemental Plan includes an enhanced Medicare Part D prescription drug plan

What are the requirements for the ICUBA Retiree Medicare Supplemental Plan?

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The plan will pay for the balance of approved Medicare health expenses once you meet your Medicare calendar year deductible

You only have to meet the $155 deductible once

Premium costs are lower You may be subject to higher

copays and in some instances, coinsurance, for your Prescription Drugs

Enrollment is done in the fall to co-inside with the Medicare enrollment period

After Medicare you will be responsible for paying 20% or 30% of the remaining balance *

You would need to meet the Medicare deductible and the deductible of your chosen plan

Premium costs are higher Prescription Drug copays are

the same as active employees Open Enrollment is done the

same time as the active employees

I and/or my spouse elected Medicare. What will be the benefit of switching to the ICUBA Medicare Supplemental Plan vs. staying on the ICUBA Retiree Medical Plan?

ICUBA Medical Supplemental Plan

ICUBA Retiree Medical Plan

*The percentage would depend on the plan you have chosen.

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Age Band Monumental Life 2011 Premium Rates

65-67 $400.03

68-70 $425.27

71-74 $462.83

75+ $496.48

How much will my monthly insurance cost be if I elect the ICUBA Retiree Supplement Plan?

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How much will my monthly insurance cost be if I elect the ICUBA BCBS RETIREE PLAN?

Rate Tier PPO 80 PPO 70 Blue Choice Risk/Reward Blue Choice

 

Employee (65+) $762 $595 $495

EE + Sp (EE 65+; Sp 65+) $1,525 $1,164 $990

EE + Sp (EE 65+; Sp <65) $1,667 $1,199 $986

EE + Sp (EE <65; Sp 65+) $1,667 $1,199 $986

EE + Ch (EE 65+) $1,474 $1,077 $887Family (EE 65+; Sp

65+) $2,287 $1,746 $1,485Family (EE 65+; Sp

<65) $2,400 $1,694 $1,377Family (EE <65; Sp

65+) $2,400 $1,694 $1,377

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If you predecease your dependent and they are a covered dependent, they will be offered 36 months of continuous coverage through COBRA as long as they notify ICUBA within 60 days from the date of death.

What would happen to my Dependent’s insurance if I die

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The person that is over 65 will have the option of choosing one of the ICUBA Retiree Medical Plans or the ICUBA Retiree Supplemental Medical Plan.

The person that is under 65 will have the option of choosing one of the ICUBA Retiree Medical Plans. When they attain age 65, they will have the option of switching to the ICUBA Retiree Supplemental Medical Plan.

What if I am over 65 and my spouse is under 65 or I am under 65 and my spouse is over 65?

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HRA contributions are given by your employer while you are an active employee. When you retire, contributions will end.

You will have access to your remaining balance as long as you are vested.

If vested, you will have the ability to use your ICUBA Benefits Mastercard®

A monthly administration fee of $10.60 will be deducted from your HRA balance until funds are depleted.

Medicare will deplete your available HRA balance before paying any medical claims.

HRA money can be used to pay retiree premium. If you are not vested, you will have 90 days after retirement

to submit reimbursement for eligible medical expenses.

My Health Reimbursement Account

Note: You are vested if you have been on an ICUBA HRA Eligible Medical plan for at least 36 months.

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You do not pay an administration fee

Your coverage will continue until you cancel it

You will have an annual open enrollment period

You will have the option of electing the ICUBA Medicare Supplemental Plan

You will pay a 2% administration fee

Your coverage will end in 18 months

You will not have the option of electing an ICUBA Retiree Medical Plan once COBRA coverage ends

You will not have the option of electing the ICUBA Medicare Supplemental Plan, regardless of age

What is the difference between electing an ICUBA Retiree Plan and electing COBRA to continue my medical insurance?

ICUBA Retiree Medical Plan Medical Insurance thru COBRA

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ICUBA has currently chosen to adopt all provisions required in Health Care Reform, such as, removal of Lifetime Limits, inclusion of wellness doctor visits to the free benefits, and coverage of dependent children up to the age of 26.

What about Health Care Reform

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For the description of the Retiree Plan Summary , go to http://icubabenefits.org

For the Medicare Fee Schedule, go to http://www.cms.hhs.gov/FeeScheduleGenInfo/

For information regarding your retiree Premium billing and elections, call 1-866-377-5102.

For information on Medicare, go to http://www.Medicare.gov

Where do I go for Questions