Healthcare Options after Retirement

1. Healthcare Options after Retirement April 12, 2012 A Road Ahead Information Session The University of Arizona Division of Human Resources Presented by the JP Griffin Group

2. Introduction & Welcome • JP Griffin Group – Jeff Griffin and Kerrin Matousek • The HR Benefits Team • The Road Ahead Project • About Today’s Presentation

3. State of Arizona Health Insurance Plans Optional Retirement Plan participants and Arizona State Retirement System members are eligible for retiree health insurance with: • Arizona Department of Administration (ADOA) • Most of your current plans are available to you as a retiree • Arizona State Retirement System (ASRS)

4. ADOA Health Insurance - Resources • Preparing For University Retirement - Presented by UA Human Resourceshttp://www.hr.arizona.edu/transitioning_to_a_successful_retirement • ADOA website (includes Retiree Benefits Guide) http://benefitoptions.az.gov/ • ADOA Benefit Services Division (602) 542-5008, (800) 304-3687, benefitsissues@azdoa.gov

5. ASRS Health Insurance - Resources • Know Your Insurance - Presented by ASRSFor dates and locations, visit: https://www.azasrs.gov/web/MemberEducation.do • ASRS website (includes Retiree Group Insurance Enrollment Guide) https://www.azasrs.gov/web/HealthInsurance.do • ASRS Member Services (520)239-3100, (602)240-2000, (800)621-3778 askmac@azasrs.gov

6. Other Coverage Options in Retirement • Spouse/partner’s group health plan • Retiree coverage from prior employer • Individual Plan • Medicare

7. Individual Plans • Multiple carrier options and prices • Benefit levels vary • Underwriting considerations • Consider deductibles, pre-existing conditions, provider networks, your health and prescriptions • What happens when I become Medicare- eligible?

8. Individual Plan Resources • Contact insurance companies directly • Online searches • Contact an insurance broker

9. Medicare Options • Part A - Hospital Insurance • Part B - Medical Insurance • Part C - Medicare Advantage Plans • Part D - Prescription Drug Coverage • MediGap - Medicare Supplement Insurance

10. Medicare Components

11. Medicare Part A – Hospitalization Helps cover inpatient care in hospitals, skilled nursing facilities, hospice and home health care.

12. Medicare Part B – Medical • Helps cover doctors’ and other health care providers’ services, outpatient care, durable medical equipment, and home health care • Helps cover some preventive services to maintain your health • If Medicare-eligible, you will need to enroll in Part B (Medical) if you elect the State of Arizona’s retiree plans

13. Medicare Part C – Medicare Advantage Plans A health plan option run by Medicare-approved private insurance companies.

14. Medicare Part C – Medicare Advantage Plans • In addition to the Part B (Medical) premium, a monthly premium is usually charged for the Medical Advantage Plan services • Each Part C Medicare Advantage Plan may charge different out-of-pocket costs • Part C Medicare Advantage Plans are not the same as supplemental coverage

15. Medicare Part D – Prescription Drug Coverage Helps cover the cost of prescription drugs.

16. Medigap – Medicare Supplemental Insurance • Sold by private insurance companies • Works only with Original Medicare • Covers Part A (Hospital) and Part B (Medical) cost sharing (coinsurance, copayments or deductibles)

17. Medicare Enrollment

18. Part A (Hospital) and Part B (Medical): Enrollment with Social Security If you receive Social Security retirement benefits, you automatically receive Part A and Part B starting the first day of the month you turn age 65.

19. Part A (Hospital) and Part B (Medical): Enrollment without Social Security • If you’re 65 or older and not receiving Social Security Benefits you will not automatically receive Part A and Part B • You may sign up: • 3 months before you turn 65 • The month you turn 65 --- or ---- • The 3 months after you turn 65

20. Part A (Hospital) and Part B (Medical): When Does My Coverage Start? Coverage date depends on your birthday and date of enrollment.

21. What Happens If I Do NotSign Up for Part A (Hospital) and/or Part B (Medical)? • You can sign up between January 1st – March 31st each year • Your coverage will begin on July 1st

22. Initial Enrollment Periods for Part C (Medicare Advantage) and Part D (Prescription Drug)

23. How Do I Enroll in a Medicare Part D (Prescription Drug) Plan? • Join a Part D (Prescription Drug) plan that adds drug coverage to Original Medicare • Join a Part C (Medicare Advantage) plan or other Medicare health plan that includes prescription drug coverage

24. When Can I Sign Up?Part C (Medicare Advantage Plan) Part D (Prescription Drug Plan) • Initial Enrollment Period • Open Enrollment Periods • Special Enrollment Period (SEP)

25. Special Medicare Enrollment Period You qualify for a Special Enrollment Period if you were covered under an employer group health plan.

26. Medicare, Group Health and Group Retirement Plans: Who Pays First?

27. Your Medicare Coverage Choices • Original Medicare • Part A (Hospital), Part B (Medical) and Part D (Prescription Drug) • Medigap (Medicare Supplement Insurance) • Medicare Advantage Plan • Part D (Prescription Drug)

28. Medicare Resources • SHIP – State Health Insurance Assistance Program • www.azdes.gov/daas/ship • 1-800-432-4040 • Medicare • Medicare.gov • 1-800-MEDICARE (1-800-633-4227) • Medicare Coordinator of Benefits Contractor • 1-800-999-1118

29. Contact Information Human Resources – Benefits 520-621-3662, option 3 benefits@email.arizona.edu www.hr.arizona.edu/benefits JP Griffin Group 480-257-1500 inquiries@griffinbenefits.com www.griffinbenefits.com