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Retiree Medical Information Forum Open Enrollment 2015
Retiree Medical Information ForumOpen Enrollment 2015
The institute’s goal is to offer current and future retirees a sustainable, viable, and quality medical program
Challenges
The current plan posed the following challenges for the Institute and retirees:• Limited plan choices and flexibility• Rising plan costs• Cumbersome administration and billing
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Our Approach
Redesign the retiree medical plan to:• Continue to support you during retirement• Control health costs for the Institute and current
and future retirees• Create a flexible health program that allows you
maximum choice and high-quality care• Simplify plan administration for you
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A closer look…
Open Enrollment is November 10 to December 7
New Retiree Medical Plan
What’s NOT Changing• Caltech will continue to
help you pay the cost• Caltech will continue to
provide Institute-sponsored plans– Including current
Kaiser plans
What’s Changing• New Defined Dollar Credit• Aetna replaces Anthem• More medical plan options• Dental and vision options
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Considerations
The Institute carefully evaluated our current program and explored a variety of options, considering: • Our goal to offer a sustainable, viable, and
quality medical program• How to best align with the needs of the majority of
retirees • How to minimize disruption for retirees (doctors
and Rx)
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What You Can Expect
More choices
More flexibility
Better pricing
Enhanced service
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Your Options
Institute-Sponsored Plans
• Aetna• 1 HMO option• 3 PPO options
• Kaiser• HMO option
Health Reimbursement Account (HRA)
• Use to purchase a non-Institute-sponsored plan
• Pay other eligible health care expenses
Waive Participation
• No Caltech coverage
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Grandfathered Retirees
If you are a grandfathered retiree age 65 or older, you and your spouse will continue to be eligible for a medical plan at no cost to you — Kaiser HMO for 2015
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Defined Dollar Credit
Age 65 and Older
Your monthly Defined Dollar Credit =$125 x years of service* ÷ 12 months
rounded to the nearest dollar
Under Age 65
Your monthly Defined Dollar Credit =$275 x years of service* ÷ 12 months
*Up to a maximum of 25 years. If you are a grandfathered retiree, Caltech will give you the maximum Defined Dollar Credit based on the maximum 25 years of service.
rounded to the nearest dollar
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Spouse Defined Dollar Credit
Eligible spouses may receive a Defined Dollar Credit that is equal to a percentage of the retiree Defined Dollar Credit:
• In 2015, the spouse’s Defined Dollar Credit will be equivalent to 90% of the retiree’s Defined Dollar Credit
• The Defined Dollar Credit for spouses will decrease incrementally to 50% of the retiree Defined Dollar Credit by 2020
• Eligible children will still have access to medical coverage but no monetary credit will be provided
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Health Reimbursement Account
• Defined Dollar Credit will be available to you through a Health Reimbursement Account (HRA):• If you choose the HRA instead of an Institute-sponsored plan• If you have any Defined Dollar Credit left beyond the cost of any
Institute-sponsored plan you choose
• You can use your HRA to pay:• Premium costs for other medical and prescription drug coverage• Medical, dental, and vision care expenses not already paid for
by your insurance
• Unused HRA dollars roll over from one year to the next
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Special Rules
• Spouse eligibility• Your spouse as of January 1, 2015 or at the time of
retirement• Future spouses (who you marry after January 1, 2015
or who you marry after you retire) will be eligible for the plan and no monetary will be provided
• Two-year rule for joining the Caltech retiree medical plan
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What You Need to Do
• Nothing if you’d like to stay with the automatic option for 2015:
• If you’d like to elect a different option, enroll through Aetna Marketplace, online or by phone, Nov 10 – Dec 7, 2014
Current Option New 2015 OptionKaiser HMO Kaiser HMOAnthem HMO Aetna HMOAnthem PPO Aetna PPO that most closely matches
your current planPremium Reimbursement Program HRAWaive Caltech program Waive Caltech program
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Individual Consultations
• Members of the Campus and JPL Benefits teams, as well as representatives from Aetna and Kaiser, will be available to answer your questions and help you enroll
• Appointments available November 10 – 21
• Conveniently located on Campus
• Schedule your appointment at hr.caltech.edu/retirees
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For More Information
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Enrollment Packet
• Watch for your enrollment packet prior to November 10• Medical plan options available in 2015• Your Defined Dollar Credit amount• Your grandfathered status• How to contact the Aetna Marketplace for
assistance and to enroll
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Your Benefits Office
Campus• [email protected]• (626) 395-6443
JPL• [email protected]• (818) 354-3760
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The Institute expects and intends to continue the Caltech benefits program but reserves the right to amend, modify, suspend, or terminate it, in whole or in part, at any time and for any reason.
Aetna Marketplace
• Specially trained benefits professionals and licensed agents
• They know the Caltech plans and how they work• They are best suited to help you choose a medical plan
that best meets your needs
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Aetna and your new medical plan options…
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Aetna and our new Medical plan Options…
Looking Ahead
• The health care landscape will continue to change
• The Institute expects and intends to continue offering a retiree medical program
• We will strive to meet this goal, but it may be necessary to make additional changes to the program in the future
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Questions?
Thank you!
