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2013 Benefits for MFT Retirees

2013 Benefits for MFT Retirees. Health Insurance Dental Insurance Vision Insurance Life Insurance Health FSA Long Term Care Questions/Contact Info. Health Insurance . Retirees will be eligible to continue health insurance until they become Medicare eligible.

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2013 Benefits for MFT Retirees

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  1. 2013 Benefits for MFT Retirees Health Insurance Dental Insurance Vision Insurance Life Insurance Health FSA Long Term Care Questions/Contact Info

  2. Health Insurance • Retirees will be eligible to continue health insurance until they become Medicare eligible. • Retirees will receive COBRA/Retiree notice from CieloStar. HP Distinctions III Plan I HP Distinctions III Plan II (Single) $628.32 (Single) $581.50 (Family) $1621.80 (Family) $1500.95 Rates are for 2013 only. 3

  3. Dental Insurance • Retirees will be eligible to continue dental insurance for life – as long as premiums are paid on time. • Retirees will receive COBRA/Retiree notice from CieloStar. • Dental Rates: (Single) $24.09 (2013) (Family) $94.57 (2013) Rates are for 2013 only. 4

  4. Vision Insurance • Retirees will be eligible to continue Vision insurance until Medicare eligible– as long as premiums are paid on time. • Retirees will receive COBRA/Retiree notice from CieloStar. • Vision Rates: (Single Standard) $5.92 (2013) (Single Premier) $8.36 (2013) (Family Standard) $16.32 (2013) (Family Premier) $22.95 (2013) Rates are for 2013 only. 4

  5. Retirees and Spouse/Domestic Partner who are Age 65 and Older or Medicare Eligible • Retirees and their spouse/domestic partner will be eligible to participate in a District sponsored plan. • Retirees and their spouse/domestic partner who are 65 and older will have the option of two district sponsored Medicare supplemental plans. • Retirees must have Medicare A and B. Medica Prime SolutionsUCare $242.00 $246.00/$144.00 952-992-2330 612-676-6900 Rates are for 2013 only. 5

  6. Retirees and Spouse/Domestic Partner Age 65 and Older or Medicare Eligible • Retirees and their spouse/domestic partner age 65 and older also have the option of participating in the Public Employees Insurance Plan (PEIP). • PEIP is not a District sponsored plan. • Anyone who chooses to participate in PEIP or any other non-District sponsored plan will not be able to participate in a district sponsored plan in the future. • PEIP - Call Medica at 952.992.2330 for information 6

  7. Retirees and Spouse/Domestic Partner Age 65 and Older or Medicare Eligible Other Supplemental Plans • Medica – 952.992.2330 • Health Partners – 952.883.5000 • Blue Cross/Blue Shield – 651.662.5020 • AARP – 888.687.2277 7

  8. Health, Dental, Vision Insurance and Flexible Spending Plans • Health, Dental, Vision Insurance and Flexible Spending Plan End Dates • If you are retiring before the last day of school: • Coverage ends on last day of month retired • If you are retiring at end of school year: • Coverage ends on August 31 8

  9. Changes • Single and Family Coverage Changes • Changes Allowed during first 18 months • Result of qualifying event or open enrollment • Single to Family • Family to Single • Changes Allowed after first 18 months • Family to Single 9

  10. Life Insurance • Basic Life Insurance continuation at $50,000 cost is $4.08 per month. • Supplemental Life Insurance continuation cost depends on coverage amount and age. • Basic and Supplemental Lifecan be continued for up to 18 months under COBRA. • At the end of 18 months, retirees can convert to an individual policy directly through the life insurance carrier. • You will receive notification and conversion kit from CieloStar. 10

  11. Health Flexible Spending Account • If you have a health Flexible Spending Account (FSA) and would like to continue the benefit for the remainder of the 2013 calendar year, you may do so through COBRA on an after-tax basis. • Claims have to be submitted to CieloStar by 3/31/2014 for any expenses incurred prior to your benefits termination date. 11

  12. Long Term Care Insurance • If you currently have Long Term Care Insurance, you will have the option to switch over to direct billing with the insurance company. • John Hancock Long Term Care Insurance 1.866.735.6268 12

  13. Wellness Pay (June 30, 2013) • Requirements for Wellness Pay. • Retirees must be at be at least 55 years of age or credited with 30 years of services by TRA • If you are eligible, the wellness pay will automatically be deposited into your Post Retirement Health Care Savings Account (PRHCSA) with the Minnesota State Retirement System (MSRS). • No taxes will be deducted. 13

  14. Wellness Pay (June 30, 2013) • The first time the money is deposited into your PRHCSA, MSRS will mail you a Welcome Kit. • Claims must be submitted to MSRS in order to receive reimbursement 14

  15. Wellness Pay (June 30, 2013) • Money in your PRHCSA can only be used for health care related expenses. Some examples are: • Medical Premiums • Dental premiums • Long Term Care (LTC) premiums • Co-pays • Out-of-pocket medical and dental expenses for retiree and eligible dependents 15

  16. Wellness Pay (June 30, 2013) • Your wellness pay will be deposited by October 1, 2013 into your PRHCSA • Refer to the Retiree Reimbursement Section for more details about the PRHCSA • Wellness pay is: • Annual salary divided by 192 contract days $59,256 annual salary divided by 192 contract days $308.63 daily rate of pay 16

  17. How to Calculate Wellness Pay *Note: The formula will apply 192 days and 7.25 hours/day for those retiring prior to the start of the 2012-2013 school year; and the formula will apply 196 days and 7.5 hours/day for those retiring after the start of the 2012-2013 school year. 568 Balance of unused sick leave hours + 80 Plus CTT hours used 1994 through retirement 648 Total sick leave hours (568 + 80) 89 Divide by 7.25 to equal unused sick leave days (648/7.25) 44.5 Divide by 2 to equal 50% of unused sick leave days (89/2) $15,594.14 Multiply 50% of unused sick leave days by daily rate of pay (44.5 X $350.43) - 3,275.20 Subtract CTT dollars paid 1994 through retirement date $12,318.94 Total Wellness amount ($15,594 - $3,275.20) 17

  18. Questions??? Benefits Department – 612 668-0560 Or email benefits@mpls.k12.mn.us 18

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