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Retirement from WSU and Medical/Dental Options Available t hrough PEBB. Presented by: Ann Monroe, Human Resource Services May 2011. Topics. Eligibility for PEBB Retiree Insurance Enrolling in PEBB Plans Deferring PEBB Coverage Medicare and PEBB Options VEBA Resources.

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Retirement from WSU and Medical/Dental Options Available through PEBB

Presented by: Ann Monroe, Human Resource Services

May 2011

slide2

Topics

  • Eligibility for PEBB Retiree Insurance
  • Enrolling in PEBB Plans
  • Deferring PEBB Coverage
  • Medicare and PEBB Options
  • VEBA
  • Resources
slide3

Eligibility for Retiree Medical & Dental Insurance

  • WSURP
    • Age 62 regardless of years of service, no draw required
    • Age 55 with 10 years of service, no draw required
    • Or upon proof of draw from WSURP
  • PERS 1 & 2
    • Must draw from PERS upon separation to be eligible for retiree medical
  • PERS 3
    • Age 55 with 10 years of service, no draw required
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Enrolling in the PEBB Plans

  • Must pursue/defer retiree coverage within 60 days of retirement
    • There will be no break in coverage between the active employee plan and the retiree coverage
    • If you do not enroll or defer at the time of retirement, will not be able to pick coverage back up in the future
  • Coverage under the retiree plans is the same coverage you have as an active employee
  • Must pursue Medicare Coverage if Eligible
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Deferring PEBB Retiree Coverage

  • May defer retiree medical/dental coverage if able to be covered under another group employer plan
    • If spouse/partner has PEBB coverage, able to transfer to their policy
    • May exercise the deferment at a future time, should group coverage become available
  • When other employer coverage ceases, able to remove deferment and activate retiree coverage
  • Coverage is and must be continuous
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Possible Insurance Option

  • COBRA Bridge
  • If not eligible for the retiree coverage at the time of separation, but within 18 months of being eligible
    • Could enroll in COBRA to bridge up to 18 months
    • Then convert the COBRA policy to the Retiree Coverage
medicare social security
Medicare/SocialSecurity

Medicare is a Health Insurance Program for people age 65 or older – www.medicare.gov

For Individuals enrolling in PEBB plan at retirement:

  • Medicare Part A (Hospital) – Must Enroll!
  • Medicare Part B (Medical) – Must Enroll!
  • Medicare Part D (Prescription) – Do Not Enroll!
    • Exception – Medicare Supplement Plan F

Prior to retirement, or while covered under an group employer plan, Medicare will recognize the Employer plan as primary. Many people opt not to enroll in Part B while on an Employer plan.

pebb options and medicare
PEBB Options and Medicare
  • *Group Health - Classic, Value, and Medicare Advantage
  • *Kaiser - Classic, and Senior Advantage
  • *Secure Horizons

(Not available if family member is not Medicare eligible).

  • Uniform Medical Plan (Regence)
  • Medicare Advantage, Classic and Value
  • Medicare Supplement Plan F

(Primarily supplements Medicare services)

All PEBB plans coordinate benefit payments with Medicare (except Supplement Plan F)

*When enrolled in Medicare A & B, you may be required to enroll in Medicare Advantage option.

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VEBA

  • A Medical Expense Account which provides retirees* with tax-free funds to be used to reimburse qualified out-of-pocket health care expenses and premiums.
  • Contributions, earnings and withdrawals are tax free.
  • One-quarter (25%) of eligible sick leave balance is paid into this account.
  • Payout is invested
    • Build your own asset allocation portfolio
    • Select one of four pre-mixed asset allocation portfolios
  • *Note: Teaching and Research Faculty are not eligible to have sick leave cashed-out.
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Resources

  • Human Resource Services
  • hrs.wsu.edu | 509.335.4521 | hrs@wsu.edu
  • Medicare
  • ssa.gov | 800.772.1213 (National) | 877.405.9796 (Lewiston)
  • Health Care Authority
  • hca.wa.gov | 800.200.1004
  • VEBA (Plan Administrator – Meritain Health)
  • veba.org | 888.828.4953 | myvebaplan@meritain.com
  • TIAA-CREF
  • tiaa-cref.org | 800.842.2252
  • DRS
  • www.drs.wa.gov | 800.547.6657 | recep@drs.wa.gov
  • SHIBA
  • www.insurance.wa.gov/shiba | 1.800.562.6900
  • www.doi.idaho.gov/shiba | 1.800.247.4422