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Benefits. Valerie Smith Benefits Administration CITGO Petroleum Corporation. Post-Retirement Life Insurance Reduction Example. Before Retirement. Initial Reduction. 1st Anniversary. 2nd Anniv. 3rd Anniv. 4th Anniv. 5th Anniv. and Beyond. Dental Coverage. Same as active employees

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benefits

Benefits

Valerie Smith

Benefits Administration

CITGO Petroleum Corporation

post retirement life insurance reduction example
Post-Retirement Life InsuranceReduction Example

Before Retirement

Initial Reduction

1st Anniversary

2nd Anniv.

3rd Anniv.

4th Anniv.

5th Anniv. and Beyond

dental coverage
Dental Coverage
  • Same as active employees
  • May continue to age 65
  • Coverage ends at age 65
    • May continue dental for dependents under 65
    • COBRA coverage available
retiree medical benefits eligibility
Retiree Medical Benefits Eligibility

10 Years Continuous Plan Participation

AND

  • Age plus Service equals 70 points

OR

  • Retire under Company retirement plan

OR

  • Age 55 or older and eligible to retire from the Pension Plan
retiree medical benefits eligibility1
Retiree Medical Benefits Eligibility
  • Can waive and re-enroll later
    • No pre-existing condition exclusions
    • Enroll at Annual Election or Change in Status
  • Other coverage primary
retiree medical benefits not medicare eligible
Retiree Medical BenefitsNot Medicare Eligible
  • Same as active employees
  • May continue in managed care plan
  • Prescription drug program
  • HMO (where available)
terms
Terms

Carve-Out

Supplement

Coordination of Benefits (COB)

Crossover or Rollover

Coinsurance

retiree medical benefits after medicare eligibility
Retiree Medical Benefitsafter Medicare Eligibility
  • Medicare becomes primary payor
  • Medicare carve-out
  • Not eligible for managed care plan
  • Prescription drug program
retiree medical benefits after medicare eligibility1
Retiree Medical Benefitsafter Medicare Eligibility
  • Medicare carve-out
  • Generally, no CITGO plan payment until deductible and out-of-pocket maximum met
  • Prescription coverage not subject to deductible or out-of-pocket limit
retiree medical benefits spouse coverage
Retiree Medical BenefitsSpouse Coverage
  • Retiree becomes Medicare eligible before spouse
    • Not eligible for managed care plan
    • Coverage changes to 80% in options I or II
  • Spouse becomes Medicare eligible before retiree
    • Coverage remains the same
    • Medicare becomes primary payer
  • Retiree dies before spouse
    • Coverage continues
    • Eligibility for managed care depends on spouse’s age
medicare
Medicare

2001 Medicare Deductibles/Coinsurance

Part A (hospital)

Days 1 - 60 $792

Days 61 - 90 $198/Day

Days 91 - 150 $396/Day

Part B (doctor) $100 annually

CITGO plan assumes you have enrolled in Medicare if you are eligible

example deductibles not met
Example:Deductibles Not Met

MedicareCITGO Plan

Approved $500 Approved $500

Part B Ded. 100 Deductible 500

Payment 320 Benefit 0

Patient Resp. $ 80 Balance $ 0

Net Patient Resp. $180

Applied to Plan ded. 500

Applied to OOP 0

example deductibles met
Example: Deductibles Met

MedicareCITGO Plan

Approved $500 Approved $500

Payment 400 Plan Benefit 400

Patient Resp. $100 Less Medicare -400

Net Plan Ben. 0

Net Patient Resp. $100

Applied to OOP 100

example deductibles and oop met
Example: Deductibles and OOP Met

MedicareCITGO Plan

Approved $500 Approved $500

Payment 400 Plan Benefit 500

Patient Resp. $100 Less Medicare -400

Net Plan Ben. $100

Net Patient Resp. $0

example part a without deductible
Example: Part A without Deductible

MedicareCITGO Plan

Part A ded. $792 Approved $792

Payment balance 80% Benefit 634

Patient Resp. $792 Net Patient Resp. $158

Applied to OOP $158

prescription drug coverage
Prescription Drug Coverage
  • Retirees have same coverage as actives
    • 70% at retail
    • $25 generic mail copay
    • $50 brand name mail copay
  • No Network/No Rx Option does not have prescription drug coverage
annual election
Annual Election
  • Each year
    • About two weeks
    • 1st part of November
  • Change options, waive or re-enroll
  • Critical that you read annual election material
communications
Communications
  • CITGO Benefits Bulletin
  • The Spearhead
  • Benefits HelpLine
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