The bloom allowances offered to retired advisers by the University are afflicted by the amount of accouterment medical care, by the programs offered by the bloom allowance industry, and by the regulations the federal government mandates for Medicare. Each of these is accountable to change, as is the University’s admission to affair those changes. The absolute which follows represents the authors’ compassionate of the bloom allowances offered to retired advisers in 2012. We achievement this advice will accord you an all-embracing adroitness of the ambit and costs of the University’s retiree bloom program. However, the capacity of that affairs will about absolutely be altered in 2013 and in approaching years.
Unfortunately changes acquire the accident of errors and omissions, and the University, as it has reacted to the rapidly evolving healthcare aldermanic environment, has committed its share. Consequent problems accept included: bounce of accurate claims for agreement due to unannounced changes of annual numbers, overcharging for decree biologic coverage, difficulties ambience up automatic exceptional payments, and confusingly abject documentation. Retirees should be alert and acute for abrupt changes and alien problems, and should not alternate to catechism them.
When you accept in the University’s retiree bloom affairs you will charge to baddest from a cardinal of altered options. Afore you do so you should become absolute accustomed with the advice accessible on the website of the Analysis of Human Resources. In addition, you may acquisition it advantageous to altercate the options with some of your retired colleagues already in the affairs to get their perspectives on the options available.
Health allowances for retired advisers of the University of Pennsylvania currently are agnate to those for abounding time employees. The arbitrary beneath includes advice taken from the afterward sources, which can be accessed on the Penn Analysis of Human Assets website: “Retiring from Penn” (January 2012), “University of Pennsylvania Benefits”, and “Faculty Assets Allowance Plan” (January 2011).
The rules apropos the timing and altitude for acceptance for retiree bloom allowances are absolutely specific and should be advised able-bodied in beforehand of retirement. You charge complete an acceptance anatomy electing or deferring University retiree medical advantage aural the 90-day aeon above-mentioned to your aftermost day of account or accord in the affairs will be assuredly waived. For added abundant and accepted information, amuse accredit to plan descriptions and advice accessible from the Analysis of Human Resources.
The University offers bloom allowances to retired associates of the adroitness who accommodated assertive requirements. As of January 1, 2006 you are acceptable to accept retiree bloom allowances if your age added your years of account absolute at atomic 75, with a minimum age of 55 and a minimum of 15 years of service, or a minimum age of 62 and a minimum of 10 years of service. Account charge be abounding time and continuous. If you met either of the age and account minima by December 31, 2008, you are not appropriate to accommodated the “rule of 75” to be eligible.
Eligible audience accommodate your spouse/same calm accomplice and accouchement up to age 26. The accommodation of accouchement is now unconditional. Note that if a adolescent is disabled, the allowances may be continued accomplished the age of 26. In the accident of your death, your absolute apron may abide to accept medical advantage until remarriage or death.
2. Medical and Decree Biologic Benefits
a. Retirees Beneath Age 65.
Medical – Retirees and their acceptable audience beneath age 65 can accept from the afterward for medical affairs in 2011:
. Keystone / AmeriHealth HMO
. Aetna HMO*
. PENN Affliction / Personal Choice Adopted Provider Organization (PPO)
*This plan is appointed to be discontinued in 2013.
The capacity and allegory of these plans, which are appear by the Analysis of Human Resources, may change from year to year. If you plan to abide alfresco of the Philadelphia area, it is important that you analysis to see which of these affairs will be accessible to you.
Prescription Biologic Advantage – Retirees beneath age 65 who accept medical advantage through Penn will automatically be covered beneath Penn’s decree plan through Caremark. Prescriptions can be abounding at a retail pharmacy or through the Caremark mail account program.
For added advice – For abundant advice about medical and decree biologic benefits, go to the Analysis of Human assets website at www.hr.upenn.edu/benefits/retiring.
b. Retirees Age 65 and Older.
Medicare – All retirees and acceptable audience age 65 and over charge be enrolled in Medicare Parts A and B in acclimation to accept in Penn’s Medicare-eligible retiree medical plans. Medicare Part A covers inpatient stays in the hospital and assertive nursing facilities. Medicare Part B covers doctor casework and assertive added outpatient casework and supplies. You can accept in Medicare Part A, which has no amount to you, any time afterwards extensive age 65. You should plan to accept in Medicare Part B at atomic 90 canicule above-mentioned to your planned retirement date to abstain a accessible gap in your coverage.
Medical – You and your acceptable audience over age 65 may currently accept in the afterward plans:
. Keystone/AmeriHealth 65 Medicare Advantage (HMO)
. Aetna Medicare Plan (PPO)
. Medigap Security 65 Accepted Plan (Medicare Supplement)
. Medigap Security 65 Exceptional Plan (Medicare Supplement)
. Independence Blue Cross 65 Special (Traditional)*
*This plan is not accepting new enrollees and seems acceptable to be phased out.
The capacity and allegory of these plans, which are appear by the Analysis of Human Resources, may change from year to year. If you plan to abide alfresco of the Philadelphia area, it is important that you analysis to see which of these affairs will be accessible to you
Prescription Biologic Advantage – Retirees age 65 and earlier who accept medical advantage through Penn can either accept or opt out of decree biologic advantage through Penn. The accepted plan is provided by SilverScript, a analysis of Caremark, and is a Medicare Part D employer accumulation plan. It has been tailored to alter in several adorable means from a accepted Medicare Part D plan, including an broadcast blueprint and aishment of the “doughnut hole”. If you opt out of Penn’s decree biologic advantage back you retire you will not be accustomed to accept in this plan in the future, and accordingly you may appetite to accept for advantage in alone Medicare Part D. Note that you cannot accept a non-Penn Medicare Part D plan if you accept in a Medicare-Advantage HMO or PPO plan. The University has bent that the decree biologic advantage offered by the University is on boilerplate accepted to pay as abundant as accepted Medicare Part D.
For Added Information
For abundant advice about medical and decree biologic allowances go to the Analysis of Human Assets website at www.hr.upenn.edu/benefits/retiring or alarm the Penn Allowances Center at 1-888-736-6236. For capacity of the SilverScript decree plan go to upenn.silverscript.com . For added advice apropos Medicare decree affairs acquaintance Medicare at 1-800-633-4227 or appointment www.medicare.gov and appeal the handbook advantaged “Medicare and You.”
c. Split Ancestors Coverage.
Split ancestors advantage occurs back one being is beneath age 65 and not acceptable for Medicare and enrolled in a pre-65 medical plan, and one being is age 65 or earlier and is enrolled in a Medicare-eligible plan. Specific rules apply: see the Analysis of Human Assets website for added information.
d. Amount of Coverage.
The move from alive cachet to retiree cachet will change you from an earlier affiliate of a almost adolescent and advantageous accumulation to a adolescent affiliate of a almost old and ailing group. Unfortunately, the costs of accouterment medical casework to this closing accumulation are absolute high. In 2012 the University pays 60% of the exceptional for the atomic cher medical plan and 60% of the minimum exceptional for decree biologic advantage for those assassin afore January 1, 2006 and their dependents; for those assassin afterwards the abutment for audience drops to 30%.
Medical and decree biologic costs are accountable to change from year to year. The costs of premiums to retirees over age 65 for both medical and biologic advantage from the University ambit from $141 to $226 per ages per being in 2012. In addition, the minimum amount for Medicare B in 2012, which is indexed to absolute income, is $99.90 per being per month. Those with assets aloft the beginning for the minimum Medicare B exceptional additionally pay an income-related acclimation for Medicare D. The costs for retirees beneath the age of 65, afore abutment from Medicare is available, are appreciably higher. A complete blueprint of payments to the University can be activate at www.hr.upenn.edu/benefits/retiring. (Choose “Medical and Decree Biologic Benefits” from the menu, again “Cost of Medical and Decree Biologic Coverage.”)
Note that medical allowance premiums paid anon to the allowance carrier on your account by the University are not advised taxable income, admitting premiums paid by individuals are paid with after-tax dollars. Thus the absolute added amount of healthcare advantage afterwards retirement could be substantial, back it will accommodate the exceptional that you will be appropriate to pay to the allowance carrier as able-bodied as the amount of Medicare Part B, both paid with after-tax dollars.
3. Dental Advantage
The Penn Adroitness Practice dental plan is not accessible to retirees.
Vital Savings by Aetna
A dental abatement plan with Aetna has been accessible back January of 2006. If you accept for this advantage and appointment a accommodating provider you will accept an boilerplate abatement of 28%. Acquaintance Aetna at 1-866-368-4825 for added information. Mention that you are a Penn retiree and accord the Promotional Code Cardinal 882016015.
MetLife Adopted Dentist Affairs (PDP)
This affairs provides advantage back you accept analysis from any dentist you wish, but you may save money by application a MetLife adopted dentist. Acquaintance MetLife at 1-800-438-6388 for added information.
When you retire, you may be acceptable to abide your absolute Penn Adroitness Practice or MetLife dental account through COBRA for up to 18 months. For added advice on COBRA, analysis Penn’s online bloom and abundance arbitrary plan description at www.hr.upenn.edu/benefits/ or acquaintance the Penn Allowances Center at 1-888-736-6236.
4. Eyes Advantage
Aetna Eyes One
If you accept in the Vital Savings by Aetna Dental Affairs you will automatically accept admission to the Aetna Eyes One abatement program. You can use eyes providers in about 13,000 accommodating Eyes Centers through this program.
When you retire you may be acceptable to abide your absolute Davis Eyes account through COBRA for up to 18 months. For added advice on COBRA, analysis Penn’s online bloom and abundance arbitrary plan description at www.hr.upenn.edu/benefits/ or acquaintance the Penn Allowances Center at 1-888-736-6236.
1. Activity Allowance
When you retire the University provides you with a activity allowance account of $5,000 at no amount to you. You may additionally catechumen your absolute accumulation activity allowance account at Penn to an alone action provided you administer aural 31 canicule of your retirement date. For added advice about converting your activity allowance advantage acquaintance the Penn Allowances Center at 1-888-736-6236.
2. Pre-Tax Expense Accounts
Participation in the University’s Pre-Tax Expense Accounts ends back you retire. If you incurred acceptable costs while you were actively active you can abide to abide them through the adroitness aeon at the end of that year. For added advice acquaintance the Penn Allowances Center at 1-888-736-6236.
3. Long-Term Affliction Allowance
You and your acceptable ancestors associates can administer for Long-Term Affliction allowance at any time afore or afterwards you retire. For added advice acquaintance John Hancock at 1-800-711-2899.
Coverage beneath Penn’s affliction programs ends back you retire. However, if you are disabled on or afore your retirement date Long-Term Affliction allowances will abide for a defined aeon of time, depending on your age at the time your affliction began. For added advice see the Analysis of Human Assets website at www.hr.upenn.edu/benefits/retiring.
Benefits Beneath the Adroitness Assets Allowance Plan (FIAP)
Faculty who activate retirement with the Adroitness Assets Allowance Plan (see II.B on the aing page) accept the aforementioned allowances as added retired adroitness members. In addition, during the two-year aeon of payments from the FIAP:
1. The costs of dental and eyes allowance are absolutely paid by the University.
2. Activity allowance agnate to your allowances abject is provided by the University
More abundant advice about the allowances provided beneath the FIAP can be activate in a advertisement advantaged “Faculty Assets Allowance Plan” appear by Penn’s Analysis of Human Resources. This advertisement is accessible on the Analysis of Human Assets website at www.hr.upenn.edu/benefits/retirement/FIAP_Benefits_Summary.pdf
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