gabreeze webinar cobra & retirement summer 2010. february 2010 2 april 2010 session purpose...
TRANSCRIPT
GaBreeze WebinarCOBRA & Retirement
SUMMER 2010
February 2010 2APRIL 2010
Session Purpose
Topics to Discuss
COBRA
Retirement
February 2010 3APRIL 2010
COBRA
February 2010 4APRIL 2010
COBRA
Employees who Terminate
COBRA is triggered for an employee when a termination event is entered for an employee (PeopleSoft or Employer Web Site)
GaBreeze will send communications to the terminated employee and each dependent
– Confirmation of Terminated Coverage Notice
– COBRA Information and Enrollment Notice
– Conversion/Portability Notice (if applicable)
February 2010 5APRIL 2010
COBRA
Enrollment Process
Participants will enroll in COBRA through GaBreeze
– Employees can enroll online or through the GaBreeze Benefits Center
– Dependents are required to enroll through the Benefits Center
GaBreeze will process the COBRA enrollment and send bills directly to participants; participants will remit payments to GaBreeze
Participants will have 60 days to enroll based on the employee’s termination date
Participants will contact GaBreeze with questions OR to cancel their COBRA enrollment
February 2010 6APRIL 2010
COBRA
Billing
First direct bill for COBRA will be based on the status change (i.e. Termination Date)
– Termination Date is July 15th: First COBRA Direct Bill will start for August coverage
– Termination Date is July 22nd: First COBRA Direct Bill will start for September coverage
Billing address:
State of GeorgiaP.O. Box 0555
Carol Stream, IL 60132-0555
February 2010 7APRIL 2010
Retirement
February 2010 8APRIL 2010
Retirement
Employees who Retire
Benefit Professional enters a retirement status
GaBreeze will mail a Confirmation Kit
– Retiree Dental information and COBRA information (Vision and Health Care FSA) if currently enrolled
– Retiree Dental is automatic; no enrollment form required
– Retiree can enroll in COBRA Vision and/or Health Care FSA
– GaBreeze will direct bill participant and send any premium updates
– Contact GaBreeze to make option/coverage changes
The Confirmation Kit also includes phone numbers to the other vendors for switching coverage to an individual policy
February 2010 9APRIL 2010
Retirement
Life Insurance Options
Retirees have two options in taking the Life Insurance Options: Conversion or Portability
Conversion switches the Life options to a Whole Life policy
– No age reduction in coverage up to age 100
– Acquires a cash value
– Premium increases once to the whole life premium and remains the same: “Converted Level Premium”
Portability keeps the Life options as a Term Life policy
– Coverage reduces based on age (starting at age 65)
– Premium increases every 5 years
– Coverage can be converted to a whole life policy at any time
February 2010 10APRIL 2010
Retirement
Life Insurance Options – Portability Age Reduction
AGE % OF COVERAGE
65 but less than 70 65%
70 but less than 75 43%
75 but less than 80 29%
80 but less than 85 19%
85 but less than 90 13%
90 but less than 95 9%
95 but less than 100 5%
February 2010 11APRIL 2010
Retirement
Accidental Death & Dismemberment Insurance Option
Retirees may take the AD&D option through Portability only
Level premium based on a flat rate and coverage amount
– Maximum coverage: $150,000
Coverage reduction based on age:
AGE AD&D PERMANENT TOTAL DISABILITY
75 but less than 80 50% 20%
80 or more 25% 10%
February 2010 12APRIL 2010
Retirement
Specified Illness Insurance Options
Retirees may take the Specified Illness option(s) through Portability only
Eligibility Requirements
– Had coverage at least 6 months prior to retirement
– Under the age of 70
Premium(s) will remain the same
Coverage reduces by 50% once age 70 is reached
February 2010 13APRIL 2010
Retirement
Long Term Care Insurance Option
Retirees may take the Long Term Care as an individual policy
Premium will remain the same
No coverage reduction based on age
Survivor’s Benefit (if applicable)
February 2010 14APRIL 2010
Retirement
Legal Insurance Option
Retirees may keep the Legal Insurance for the duration of the Plan Year in which they terminate (i.e. December 31st)
Premium will remain the same
February 2010 15APRIL 2010
Reminders
February 2010 16APRIL 2010
Support Avenues for Benefit Professionals(SPA Web Site)
SPA web site online resources
Job Aides:
http://www.spa.ga.gov/employees/flexible_benefits.asp
Click on Employer Reference Materials for GA Breeze to view job aides
– Job Aides are for General information, SMART Forms, and Reports
February 2010 17APRIL 2010
SPA Web Site Job Aides (Screen shot)
February 2010 18APRIL 2010
Support Avenues for Benefit Professionals
The SPA Team
Team will continue to be agencies’ first point of contact
Respond to questions about business rules, business processes
Support use of the Employer Web Site
Answer questions about Employer Web Site reporting
Work with Hewitt to resolve data issues
1-888-968-0490 or 1-404-656-2730Monday – Friday, 8:00 am – 4:30 pm ET
excluding holidays
February 2010 19APRIL 2010
Support Avenues (Employees/Participants)
Benefits Call Center
1-877-3GBreez or 1-877-342-7339
Monday – Friday, 8:00 am – 5:00 pm ETexcluding holidays
Website
www.GaBreeze.ga.gov
Link on Team Georgia Flexible Benefits tab
February 2010 20APRIL 2010
Final Questions and Follow-ups