Welfare Notes - September 2014

September, 2014


To Do List Before Retirement

Check with the SUP Welfare Plan Office with regard to your health plan coverage and the SIU-PD Pension Plan for detailed application requirements.

Your active medical and dental coverage will terminate when you retire.  As an example if your shipping time has given you active plan eligibility through April 2015 and you retire effective December 01, 2014, your active eligibility terminates December 1, 2014.

If you are 65 years old or older, you should already be enrolled for Medicare Part A.  Medicare Part A covers in-patient hospitalizations after a deductible.  For most people, a premium is not required for Medicare Part A coverage.

Since active plan coverage will terminate when you retire, you should also visit the Social Security/Medicare office to inquire about Medicare Part B and Medicare Part D.  The Plan office will help you complete forms for your enrollment.     

Medicare Part B covers Medicare eligible physician services, outpatient hospital services, certain home health services, and durable medical equipment.  Medicare Part D is the Medicare Prescription Drug Plan.  Medicare can advise you of the plans available and the cost.  

The cost of the Medicare Part B premium (currently $104.90 per month) can be reimbursed to Pensioners on their pension check with proof of premium. The amount of the Medicare Part B premium is then deducted from the Pensioners’ Annual Allowance.        

The cost of the Medicare Part D premium and cost of co-payments for medical services covered by Medicare Part B and prescription co-payments covered by Medicare Part D can be submitted as claims to the Pensioners Annual Allowance.      

If your spouse is not eligible for Medicare or you have other dependents you will need to inquire about other health care options available for them when your active coverage terminates.  It would also be in your best interest to inquire about additional supplemental plans for yourself.