Benefits
Download
1 / 19

Benefits - PowerPoint PPT Presentation


  • 243 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Benefits' - Leo


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
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


Retiree medical benefits after medicare eligibility2

CITGO Salaried Plan - 2001

(Non-Network Options)

Retiree Medical Benefitsafter Medicare Eligibility


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

    • Phone: 1-888-443-5707

    • E-mail: [email protected]

    • Fax: 1-918-495-5007


ad