2022 iu retiree status & benefits presentation

ROAD TO RETIREMENT

PLANNING YOUR RETIREMENT FROM IN DIANA UNIVERSITY

IU Retiree Status & Benefits

Karen Hill Retiree Benefits Specialist, IU Human Resources

September 23, 2021

n ROAD TO RETIREMENT

SECTION 1

What is IU Retiree Status?

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IU Retiree Status Based on AGE and YEARS OF IU SERVICE

Age at Termination Minimum Years of Active Full time IU Service - -

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Age at Termination Minimum Years of Active Full time IU Service

55 30 61* 18

56 28 62* 16

57 26 63 14

58 24 64 12

59 22 65 10

60* 20

* Employees covered by the PERF retirement plan: Retiree status is reached with at least 15 years of IUservice for employees separating at ages 60, 61, or 62.

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What counts towards “Years of IU Service” Years of IU Service = Full-time appointed service (some periods of leave without pay may not be counted)

• Contact AskHR to inquire about your “Years ofService” calculation for Retiree Status

• Sabbatical leaves and leaves for research ofdistinction are counted

• Years of IU service pro-rated for ages that fallbetween the ages listed in the chart

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Key Retiree Benefits Medical (includes vision) Life Insurance - $6,000 IU Tuition Benefit Other perks/privileges:

• Retain IU email address• Other campus-specific services:

‒ Parking discounts‒ Library, research access‒ Cultural and sporting events‒ IU Retiree Association membership (Retired Faculty and Staff)

‒ Emeriti House (Retired Faculty and Librarians)

‒ IUPUI Senior Academy membership (IUPUI Faculty and Staff)

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SECTION 2

Retiree Medical Plan Options

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Eligibility for IU Retiree Medical Coverage Initial eligibility requires that you:

1. Have IU Retiree Status; and

2. Are covered by an IU-sponsored medical plan as an employee or spouse of anIU employee at the time of separation.

‒ Eligible spouses and children (through age 25) are those covered on an IUmedical plan at the time of separation.

3. Enroll in COBRA or Retiree coverage within 60 days of your retirement date

Continued eligibility requires that you remain continuously covered on an IU-sponsored plan.

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IU Medical Plan Options Under Age 65:

• IU coverage through IU spouse• COBRA (continue current IU plan)• Anthem Under 65 PPO HDHP

Age 65 & Up (Medicare eligible): • IU coverage through IU spouse• IU Blue Retiree Plan

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SECTION 2

Retiree Medical Plan OptionsUnder Age 65

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Advantages of IU Coverage • Premiums not based on age/tobacco use

• Not based on where you live

• Not an HMO or limited network

• Enhanced prescription drug coverage

• Meets continuous enrollment criteria tobridge to IU Blue Retiree plan

• For most, similar/lower premiums andhigher benefits than ACA Marketplace plans

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Monthly Medical Premiums (2021) Under Age 65

COBRA Medical (18 Months)

Anthem U65 PPO HDHP

(until age 65)

COBRA Rates (see hr.iu.edu/benefits/cobra.html) Anthem PPO $500 $942 - $2,830 Anthem PPO HDHP $394 - $1,187 IU Health HDHP $335 - $1,010

Anthem U65 PPO HDHP Rates One Participant $ 393.70 Participant & Child(ren) $ 753.25 Retiree & Spouse $ 1,048.58 Retiree & Family $ 1,187.30

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https://hr.iu.edu/benefits/cobra.html

https://1,187.30

https://1,048.58

Monthly Dental Premiums (2021) Under Age 65

COBRA Dental (18 Months)

COBRA Rates One Participant $ 39.79 Participant & Child(ren) $ 71.65 Retiree & Spouse $ 93.46 Retiree & Family $ 136.31

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SECTION 3

Retiree Medical Plan OptionsAge 65 & Up

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Medicare Website – Medicare.gov I

SognUp l 'l'oo,_can, --Ow,oQ"'-tS C<.>$l$ C.,,.ors

Get key Medicare information fast

Ii ' Find plans Get started

L&-arnabout Fmdhaa1th&drug

Me<;:Uc.,,re OM•


.:. C \ ~ ' ~~ • · .~· .. , ., . . ,r!,

i•i .... a Find care prOYiders Want a new plan Medicare

COm1><1rehospit81$. ..-. nursing homes& Seeifvoue3njoin & Vo u The official U.S. gove,nment l I Medicare handboo k

2021 CJ

14

https://www.medicare.gov/

Medicare Basics

PART A

HOSPITAL

PART B

OUTPATIENT

“Original” Medicare

No premium Professional and outpatient services

(doctor visits, therapy, home healthcare, etc.)

PART C PART D

PRESCRIPTION MEDICARE ADVANTAGE

Private plans approved by Medicare (includes Parts A, B, and often D)

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Medicare Basics • Initial Enrollment Period = 7 month period around your 65th birthday

• If you begin receiving Social Security retirement income (e.g., age 62 or after):‒ You’ll automatically be enrolled in Medicare Part A

‒ Whether actively employed or already retired

‒ When you or your spouse use your Social Security Income benefits

• Special Enrollment Period = 8 month period after employee coverage ends(NO special enrollment after COBRA)

• Penalties apply for enrolling outside enrollment periods

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Medicare Basics OPTION 1: OPTION 2:

ORIGINAL MEDICARE

Part A (Hospital) Part B (Outpatient)

You can also add: You can add:

MEDICARE ADVANTAGE (PART C) PLAN


Plans often include:

Part D (Prescription Drugs)

Additional Benefits (dental, vision, hearing, etc.)

Some plans include: PART D MEDICARE SUPPLEMENT

(Prescription Drugs) (covers some/all costs not covered by Original Medicare)

Part D

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m a

II D

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SECTION 3

Retiree Medical Plan OptionsAge 65 & Up – Original Medicare + Supplement Plan

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IU Blue Retiree Plan For Retirees/Spouses Age 65 & Up

ORIGINAL MEDICARE


You can add: You can also add:

PART D IU BLUE RETIREE PLAN

(Prescription Drugs) (covers Medicare deductibles and copays/coinsurance)

• Coordinates with “Original Medicare” likea Medicare Medigap/Supplement plan

• Pays Medicare deductibles andcopays/coinsurance

• Covers medical expenses globally with nodollar maximums

• Does not include prescription coverage(you must also elect a Part D plan to haveprescription coverage)

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H n ROAD TO RETIREMENT

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IU Blue Retiree Plan Blue View Vision Service In-Network – You Pay Out of Network – You Pay

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Annual comprehensive eye exam $5 copay Costs above a $42 allowance no deductible and refraction

$130 allowance, then 20% off Eyeglass frames* Costs above a $45 allowance (Once every 24 months) any remaining balance

Costs above $40–$80 allowance Standard eyeglass lenses* $20 copay (depends on type of lenses) (Once every 12 months)

Contact lenses* (Once every 24 months)

*Medicare does not generally cover routine routine eye exams for eyeglasses or contact lenses. However, Medicare Part B will cover an annualeye exam if you have diabetes or are at high risk for glaucoma.

Specific allowances and discounts for elective and non-elective contact lenses. Highest level of benefit in-network. Some enhancements are not covered out-of-network.

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IU Blue Retiree Plan Wellness Benefits Service Medicare Pays Blue Retiree Pays Member Pays

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Dental Services $0 $125 Amounts above $125

Hearing Exam $0 $50 Amounts above $50

Annual Physical Exam $0 Up to $150 Amounts above $150

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IU Blue Retiree Plan Silver Sneakers

• No-cost fitness benefit

• Access to 15,000+ fitness locationsnationwide

• Also includes online resources,guidance from fitness staff, signatureclasses, social connections, and more

• Visit silversneakers.com/starthere toget started

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e e 0 -

YOUR KEY TO A FULLER, HEALTHIER LIFE

SilverSneakers~ is a program designed w ith you in mind.

You have the opportunity to j oin a group of like-minded people focused on ma intaining good health and independence.

THE SILVERSNEAKERS EXPERIENCE SilverSneakers is much more than an exercise program - it's a way

for you to achieve your best health in mind, body and spirit.

~ no-cost fitness benefit 'Nith 9 Signature SilverSneakers classes2

access to 15,000+ fitness locations designed for all fitness levels and nationwide1 led by tra ined instrua ors

The abi lity to enroll at multip le 9 SilverSneakers Fl.EX9 c1assesi offered locations at any time outside the traditional gym setting

Guidance from dedicated G The SilverSneakers GO™ app with fit ness staff adj ustable workouts. reminders

and more

Online resources (SilverSneakers

Q Social connections through events On-Demand'., w orkout videos, such as shared meals. holiday fitness location d irectory, articles. celebrations, and class socials and more)

1. Membership inc ludes SilverSneakers instructor-led group fit ness classes. Some locations o ffer members addit ional classes. Classes vary by location.

2. Participating locations (~PL1 are not owned or operated by Tivity Health, Inc. or its affi liates. Use of PL facilities and amenities is lim ited to terms and conditions of PL basic membership. Facilit ies and amenities vary by PL.

covered they could re thiln they thought

possible . .1

fi tness classes, ommunity.1.2

START YOUR ROUTINE

can start slowly. keep it steady to

a healthier lifestyle.

8 a.m. to 8 p.m. ET

ers

~--------,--,--..,,.--,,---,-,,.-,,----,---,.,,,...-,--,---,.,....---,---,---,,::,,--,-,--,--dema rks of Tilli1y Healt h, Inc. SilverSneakers On-Demand and SilverSneakers GO are trademar1c; of Tivity Health, lnc. €1 2018 Tiv ity Health, Inc. All r igh!S reserved_ <ANIU6859MBRFLY1018 l>

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https://tools.silversneakers.com/Eligibility/StartHere

IU Blue Retiree Plan Cost of Coverage

• Retiree pays full cost of premium

• Premiums change annually (up ordown), but not based on age

Calculate Total Cost of Coverage

Medicare Supplement Plan

(IU Blue Retiree)

Part A (No cost) Part B (~ $148 for most)

Coverage Level 2020 2021

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+ + --


One Participant $195.67 $195.67

Retiree and Spouse $390.06 $390.06

Part D ($7–$89, avg. $25)

Your Total Cost

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Commercial Medigap Policy Premium Ratings Other Commercial Supplement Plans

• Pricing of plans:‒ Issue-age-rated (premium based on age at time of enrollment)

‒ Attained-age-rated (premium increases with age each year)

‒ Community rated (premium not based on age)

• “Introductory” discount premium

• After your Special Enrollment Period, you can be denied coverage,have coverage delayed, or have the premium based on health factors.

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SECTION 3

Retiree Medical Plan OptionsAge 65 & Up – Medicare Advantage (Part C) Plans

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Medicare Advantage (Part C) Plans Non-IU Option

MEDIARE ADVANTAGE (PART C) PLAN


Plans often include:

Part D (Prescription Drugs)

Additional Benefits (dental, vision, hearing, etc.)

Some plans include:

• Medicare Part C = alternative to OriginalMedicare (A & B)

• Lower premiums• Higher out-of-pocket costs for services

(copays for office visits, each day in thehospital, prescriptions, etc.)

• IU does not sponsor a MedicareAdvantage plan, but Anthem and IUHealth do sell these types of plans

Part D

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SECTION 4

Election/Premium Examples

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Scenario #1 – Kate and Mike While Kate’s Employed at IU: • Covers herself and spouse on employee medical plan.• Her spouse, Mike, age 63, is a retired principal.

After Kate’s Retirement: • When Kate turns 65 she retires with IU Retiree Status.• Both elect IU Retiree coverage:

‒ Kate: IU Anthem Blue Retiree Plan (for 65+) ‒ Mike: IU Anthem U65 PPO HDHP (for under 65)

• When Mike turns 65 he can switch to the IU Blue Retireeplan—the same plan as Kate.

Mike – Age 63 (Spouse)

Kate – Age 65 (IU Retiree)

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Scenario #1 – Kate and Mike’s Monthly Premiums Plan Kate’s Premium Mike’s Premium

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Medicare A – –

Medicare B $149.00 –

Medicare D (Rx)* $25.00 –

Blue Retiree $196.00 –

U65 Anthem HDHP – $394.00

$370.00 $394.00

*Medicare D plans vary in coverageand premiums ($7 to $89) Total = $764/month

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Scenario #2 – Paul and Janet While Both Employed at IU: • Each covers self on employee medical plan.

After Paul’s Retirement: • When Paul turns 66 he retires with IU Retiree Status.• Janet continues working and enrolls Paul on her employee

plan as a dependent (he delays Medicare).• When Janet retires from IU at age 65, she and Paul each

enroll in Medicare A, B, & D and the IU Blue Retiree plan.(Paul has IU Retiree Status and has been continuouslycovered by an IU plan.)

Paul – Age 66 (IU Retiree)

Janet – Age 62 (IU Employee)

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Scenario #2 – Paul and Janet’s Monthly Premiums Plan Kate’s Premium Mike’s Premium

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Medicare A – –

Medicare B $149.00 $149.00

Medicare D (Rx)* $25.00 $8.00

Blue Retiree $196.00 $196.00

U65 Anthem HDHP – –

$370.00 $353.00

*Medicare D plans vary in coverageand premiums ($7 to $89) Total = $723/month

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Scenario #3 – Dave and Wes While Both Employed at IU:

• Each covers self on employee medical plan.

After Dave’s Retirement: • When Dave turns 66 he retires with IU Retiree Status.• Wes continues working and enrolls Dave on his employee plan as a

dependent (he delays Medicare).• Wes later takes a job with Lilly.

‒ Both could enroll in IU retiree coverage at that time, (since Dave maintained continuous IU coverage), but instead they enroll with Wes’ new employer.

• When Wes leaves Lilly at age 65, neither he nor Dave are eligible for IU-sponsored retiree coverage (Dave has IU Retiree Status but was notcontinuously covered through IU).

Dave – Age 66 (IU Retiree)

Wes – Age 60 (IU Employee)

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SECTION 5

Tools and Resources

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Retirement Checklist Start at the main Benefits navigation at hr.iu.edu/benefits

1

2

Select Retirees

Select Preparing to Retire

I Benefits

New Employees

Current Employees

Fellowship Recipients

Graduate Appointees I Postdoc Fellows

IU Residents

Reti rees

Eligibility for Retiree Status

Retiree Benefits

Preparing to Reti re

Resources & Tools

Federal Notices


IN DIANA UNIVERSITY

RETIREMENT CHECKLIST D HUMAN RESOURCES

YOUR GOAlS. YOUR CHOICES. YOUR RETIREMENT, You ve tlild a Ion&- successful caH!e'f ilt IU an,d now you re th nl<lng about the rie~t phase of your I fe rel rem!!nt It 5 omportalll to plan ahE-.ld to make the trans,t Hln from aclM! employ ment to rel r~ent as se-amless as possob~ You can ret ,1e and beg, n to receive IU Re t, ree beoel ts any time after you becomeelig1ble-that s when you rr>!!i! I the age and servU! requirements for off,c,al ~ U,;1,th,s chec:-J ,st to help prepa,e for t tn mp::,rtan t hie char>geaod na"Y gill!! dee s ~ about your ber:e l ts

Consultation!.W1threarementplannerstromFldehty(andTIM)arefreefore~andRetire6.lt'simportant tha1:,ou meet with an advisor often and have a plan lnplaoe M-fofeyoo retire. Sched!Man appor,tment by callq Fldellty 111 (800) 6'2-1737or l1M at (800)8'2-2252.

1-2 YEARS PRIOR TO RETIREMENT

.Q] Attend a retiremeru: education workShop, presentatioo, and/Of weblnilf to learn aboutret.-ement inrome. linandal planning. andhe.alttlcarecosts11ret1rement. SomPlind thata ttendingmult1plP~or attendinsthe5.11mese!i.siona t d1fferent times lntne process can be helpfu l. Visit be lt1 edu/henrlltstretkeroent-eveot:s html fof a schedule ot EWflts.

Jj Contact lU Htlman Re-souroe:s at as.khdliu.eJ:il or (812) 85£,-123• to discuss your Retiree :status eligibility and learn how to ma:unize)l'CU"" benelitsduring)l'CU"" lastyearsofempbymenL Yoo should also stan:thlnkingabout )'!)Ur healthcare needs in re brement and~;1mmg about the option!; ;;ind cO!it ot Rebree benelits. Visit hriY esi1/hmrtilv'.c:ttlrrs;5:,htrnl to g,et s t.i rted.

.D] If they at'fll' I alre.aidy cOYefedonyour plan. addMiy dependents you want to oover in retrcement to your IU heaithc-are plan(s) theyea,rbeforeyo..1retlre.Depeodentsmust be oow:red ooyouractiveemp~med1eal pl.il n on rou r ret irement date to be ~ble for C011er.ige on rour IU Rl!l:He pl.in .

.QJ Cre.il te a free mySoaatSecumy ac:cou,t to receiw per..ona,l1zed es.tmates of future benefits based on your real earnings, see yourlates.t s.tatemef"IL and review )'!)Ur earnngs history. To get startedVISlt ~

q] TtwikaboulmaxMTiillng)l'CU""Health~s.Ar.cOlSrt (HSA);1ndsupplemental renrement plan contributions. You may also be eligi."ble to make catch-up contnbut1ons. Revll!w HSA i.n1ts ;it hr tu edu&eaettt,/me<Ncnl-olans/hu btrol 11nd anrual retirement SilYmgs contribut JOO lmrts. .ill hr.lu.@du/Mnefits./Retlrement-MaDnum5,.html.

3 - 6 MONTHS PRIOR TO RETIREMENT

:oJ Contact lU Htlman Re:soun:.-es a t ~ or (812) 85£,..~ to rev iew Retiree benefits and learn abotJt )'CllS' retirement 58Ylng5opll0fl!I-

D Remembef. lUdoesn 't offer a dent.al pl.an lor Retirees. Think about your dental needs 11 ret1 rement. aoclstartlieamlngabout the optx>ns andCO!its including COBRA ccwerage :.n::I plans.offered by prn.ilte 1nsur.anceaxnpanes.

DJ ContactJ'l)ur retirement MMl!stment 'lll!ndor(s) to review J'OIX account projectiOOS. leam about t he ncome options available to )IOU 1n retnmenl and request a ret irement apph,c-at lOf\.

IC] PUl:F partlclpanh: Contact LNPRS at (844) 464-6m or usettl9" onlnl! benefit calct.iator {.aYa1lable a t myinpnn,tlrement.org/calculaton/retirement-benefit/perf/) for-an e!it1m;1 teof your PERF retirement benefits.. 'l'bu Cilrl

also complete your ret irement application by logg11g n to your onlme oorount (this can take up to 90days to process).

IC] J.11 o ther IU·spotiwed N!tirement plan 5: Schedule an appo111tment With Fidehty at stlsuklnMC tiOC:itvGOOJ or (800) 642-7131, or TIAA .it (800) 842-2252 .

. QJ Review the~ts Alter Separat.iotl guide (available at be ki ed1ithffieflts/ri'htsOOotlPS•kKlfil! DJrol) ~ learn how yo..reb~ment will affect~ benefits_

D Cont.act the Soaal Security Admrwstrabon at ~m-1213 or VISlt ~ todeterm1ne your el1g,bil1ty lor Social SecLMity..ldMedicare. 'mucMi!ilgn up fo..-Soc1i11Secla"llybefore. afte r, or al the5.ilme tune Iha! )'DLl511gn up ilor!.led1care.

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https://hr.iu.edu/benefits

Anthem Sydney Health App I s sydney

r . - •, Download on the

App Store

..... GETIT ON

, .... Google Play


• Log in easily and securely with youranthem.com credentials.

• Always have your member ID card with you.• Estimate costs so you can plan ahead.• Find a doctor or urgent care and get

directions. View ratings and reviews.• Check copays, deductibles and more.• Review claims.• Securely send and receive messages about

your plan.

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https://anthem.com

I

Internal Medicine )

***** Mia Finkelston, MD

>

>

Lauralee Yalden, MD

>


Live Health ONLINE

•, Download on the

App Store

..... GETIT ON

, .... Google Play

Anthem LiveHealth Online • 24/7 access to board-certified doctors from

a smartphone, tablet, or computer with awebcam

• Receive medical care for things like the flu,rashes, fever, sinus infection, pink eye, more

• Cost around $59 per visit• Doctor can assess your condition, provide

treatment options, and even send aprescription to your pharmacy

• Psychiatry and psychology visits alsoavailable

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Medicare “What’s Covered” App • Quickly see whether Medicare covers your

service in the doctor’s office, the hospital, oranywhere else

• Delivers general cost, coverage and eligibilitydetails for items and services covered byMedicare Part A & B

• Answer your Medicare coverage questions• See information about your costs• Learn about covered items & services• Browse free preventive services

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App Store

..... GETIT ON

, .... Google Play


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Silver Sneakers GO

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App Store

..... GETIT ON

, .... Google Play


• Strength, flexibility and walking programscustomized for beginners, intermediate andadvanced users.

• Schedule workouts and activities, withhelpful in-app reminders.

• Easy workout modifications; users can switchrecommended exercises from easier toharder depending on preferences and ability.

• Provides animated GIFs and videos withstep-by-step instructions on how to performrecommended exercises.

Retiree Organizations • IU Retiree Association iura.indiana.edu

Retired IU Faculty and Staff, Spouses and Partners

• Emeriti House emeritihouse.indiana.eduRetired IU Faculty and Librarians

• IUPUI Senior Academy senioracademy.iupui.eduRetired IUPUI Faculty and Staff

For more information about these

organizations, contact them directly by

visiting their websites.

• Retired Indiana Public Employees Association ripea.orgRetired Staff

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https://iura.indiana.edu/

https://www.emeritihouse.indiana.edu/

https://senioracademy.iupui.edu/

https://www.ripea.org/

I■ ROAD TO ~ ·~RETIREMENT ---~ PLANNING YOUR RETIREMENT • 1 "U FROM INDIANA UNIVERSITY

IU Human Resources

[email protected] | 812-856-1234 hr.iu.edu

https://hr.iu.edu

mailto:[email protected]

I■ ROAD TO ~ ·~RETIREMENT ---~ PLANNING YOUR RETIREMENT • 1 "U FROM INDIANA UNIVERSITY

Thank You!

Questions?

2022 iu retiree status & benefits presentation

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