What to do when leaving - Cedars

Transcription

WHAT TO DO WHEN
LEAVING CEDARS-SINAI
THANK YOU
TABLE OF CONTENTS
FOR YOUR SERVICE WITH CEDARS-SINAI.
CHECKLISTS
We hope you’ve found your time at Cedars-Sinai to be a
Leaving Cedars-Sinai Checklists .................................................. 2
valuable and rewarding step on your career path.
Retiring Now?
Be sure to read the section starting on page 16 for
Retirement Checklist...................................................................18
This summary gives you an overview of what you need to
know and do as you wrap up your Cedars-Sinai employment
and prepare for your next job or next stage in life.
What you need to know and do when leaving:
As you read this document, feel free to print it and write on it,
Written Notice................................................................................ 3
Termination Paperwork................................................................ 3
Check-Out....................................................................................... 4
Final Paycheck................................................................................ 4
When coverage ends and what you need to know and do
about continuing your benefits or taking them with you:
Healthcare: Medical/Dental/Vision.............................................. 5
HealthFund..................................................................................... 8
Flex Spending Accounts................................................................ 9
Life and AD&D Insurance............................................................10
Disability Insurance.....................................................................11
MBC HR/Benefits Help Desk
1
Legal Plan......................................................................................11
Fax: 206-299-3158
403(b) Plan....................................................................................13
Email: [email protected]
Web: Cedars-Sinai.MyBenefitChoice.com
DB Plan..........................................................................................14
Open: M-F 6 AM – 5 PM PT
(Closed major holidays)
Disponible también en Español
Healthfund
Preparing for Retirement............................................................16
Resources and useful information............................................17
403(b) Plan................................................................................19
DB Plan......................................................................................20
DC Plan......................................................................................21
Social Security..........................................................................22
Medical Benefits
Silver Passport.........................................................................24
Medicare...................................................................................25
Pet Insurance................................................................................11
Paid Time Off................................................................................12
Healthcare
RETIREMENT
MetLife Auto & Home..................................................................11
Phone: 888-302-3941
Administrative
Matters
applying for Cedars-Sinai retirement benefits, Social Security
Income Replacement (Retirement) Benefits
EMPLOYEE BENEFITS
As always – get personal assistance from the
on sources of income and healthcare during retirement,
and Medicare basics and where to go for more information.
ADMINISTRATIVE MATTERS
take notes and highlight questions.
information that applies only to retirement. It touches
DC Plan..........................................................................................15
FSA
Life & Disability Legal/Auto/Pet
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
LEAVING CEDARS-SINAI CHECKLISTS
You’ll need to take care of the following administrative matters to complete your Cedars-Sinai
employment and receive your final paycheck. Read pages 2-4 for details.
MANDATORY – ADMINISTRATIVE CHECKLIST
Turn in written notice to your supervisor/department
EMPLOYEE BENEFITS CHECKLIST
You may be able to continue some of your current healthcare and insurance benefits on a
self-pay basis. Read pages 5-15 for details about your options.
The week before your last day* if you want to increase or decrease your
403(b) Plan contribution from your last paycheck, make the change online at:
Complete the check-out sheet provided by your department manager
Return the check-out sheet to your department manager
Update your address by completing a New Name or Address Form from the
Cedars-Sinai intranet (Home > Administrative > Human Resources > Employee Services >
HR Forms). Click Electronically Submit to send the form by Outlook or CSMC webmail.
The form must be sent using your Cedars-Sinai email.
Cedars-Sinai.Prepare4MyFuture.com or by calling 800-584-6001.
*Contribution changes made with Voya Financial before 1:00 PM Pacific Time Fridays (when the markets
are open) are updated to the Cedars-Sinai payroll system each Monday morning. Depending on the
timing of your last day with Cedars-Sinai, your final paycheck and the routine processing of the biweekly
Cedars-Sinai payroll, there is a possibility that your contribution change for your final paycheck might
impact your last regular paycheck as well.
Within 30 days of leaving – apply to continue or convert the following insurance:
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Basic Life Insurance
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Voluntary Life Insurance for Employee, Spouse/Domestic Partner and Child
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Voluntary Accidental Death & Dismemberment Insurance.
Apply for replacement healthcare coverage
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What’s Included in Your Last Paycheck:
Medical/Rx, Dental, Vision, Health Care Reimbursement or HealthFund, or
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Vacation/Holiday account payout.
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Approved Leave Pay bank payout only in the following situations:
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Within 60 days of the COBRA election notice date – apply for COBRA to continue:
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You are age 55 or older
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You are laid off after 20 or more years of service (as of the date of layoff)
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You are laid off and you are a past recipient of a President’s Award
−−
You die as an active employee (paid to your estate).
ASAP (deadlines vary) for medical coverage through another source:
health insurance marketplace, your spouse’s job or a private insurance policy.
By the next Sept. 28 – submit HealthFund claims for healthcare expenses you had anytime
after your initial HealthFund participation started to ConnectYourCare.com.
Your 403(b) Plan contribution is the only benefit deducted from your final paycheck; other
benefit deductions are not taken from your final paycheck.
By the next Sept. 28 – submit FSA claims for the current benefit year to
ConnectYourCare.com:
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Health Care Reimbursement Account
−−
Dependent Care Reimbursement Account.
Ongoing – Keep tabs on your 403(b) Plan and/or DC Plan accounts. Be sure to
keep your address up to date with Voya Financial so you’ll continue to receive statements.
If you’re retiring, you have an additional retirement checklist on page 18.
Contact Voya Financial if you want either account rolled over or distributed at
Cedars-Sinai.Prepare4MyFuture.com or by calling 800-584-6001.
Ongoing – Keep tabs on your DB Plan benefit online at
Cedars-Sinai-MyRetirement.com or 866-296-5034. Be sure to keep your address up to date
with the DB Plan Pension Center so you’ll receive important notices.
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Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
1 – WRITTEN NOTICE
WHAT YOU NEED TO KNOW:
■■
WHAT YOU NEED TO DO:
Your department and the HR Records Department must have written documentation that
Provide written notice to your department that you’re leaving, preferably at least
you’ve resigned.
2 weeks before your last day (4 weeks for management). Your resignation can be by letter
or email.
2 – TERMINATION PAPERWORK
Your department completes and sends your termination paperwork to the
HR Records Department.
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To ensure your final paycheck is ready by 4 PM on your last day, your manager or director
To change your federal and/or state income tax withholding, download the forms
must submit the electronic Personnel Action Form (ePAF) and other documents no later than
from the Cedars-Sinai intranet. Complete the forms and give them to your department
noon, 2 weekdays before your last day (for instance, by noon Tuesday if Thursday is your
management to submit with your termination paperwork at least 3 weekdays before your
last day).
last day (for instance, by Monday if your last day is Thursday).
When you leave Cedars-Sinai employment, you’ll receive the value of your paid time off
To increase or decrease your 403(b) Plan contribution from your last paycheck, make
benefits, as described on page 2.
the change online at: Cedars-Sinai.Prepare4MyFuture.com or by calling 800-584-6001.
If your final paycheck includes a large amount of paid time off benefits:
−−
You may want to increase your federal and state income tax withholding so next April 15
you’re not surprised to find out you owe more taxes than expected.
−−
−−
Contribution changes made with Voya Financial before 1:00 PM Pacific Time Fridays (when
the markets are open) are updated to the Cedars-Sinai payroll system each Monday
morning. Depending on the timing of your last day with Cedars-Sinai, your final paycheck
and the routine processing of the biweekly Cedars-Sinai payroll, there is a possibility that
You may want to take advantage of tax-deferred retirement savings and increase your
your contribution change for your final paycheck might impact your last regular paycheck
403(b) Plan contribution from your final paycheck.
as well.
If you’d rather have the cash than increased 403(b) Plan savings, you may want to
To be sure you receive your annual W-2 tax filing and retirement plan or other
decrease or stop your 403(b) Plan contribution.
important statements on time, update your address by completing a New Name or
Address Form on the Cedars-Sinai intranet. Click Electronically Submit to send the form by
Outlook or Cedars-Sinai webmail. The form must be sent using your Cedars-Sinai email.
Forms Posted on the Cedars-Sinai Intranet
Home > Administrative > Human Resources > Employee Services > HR Forms
3
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
TERMINATION PAPERWORK (Continued)
WHAT YOUR DEPARTMENT MANAGEMENT MUST DO:
■■
3 days before your last day, go into the KRONOS system and edit the time you will be
credited for working on your last 3 days. Be sure to save the changes/edits. (At this time you
must stop badging your time in and out.)
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Personnel Action Form (ePAF) Deadline
To ensure your final paycheck is ready by 4 PM on your last day,
your manager or director must submit the ePAF and other documents
no later than noon, 2 weekdays before your last day
Submit the electronic Personnel Action Form (ePAF) to the HR Records Department
(for instance, by noon Tuesday if Thursday is your last day).
electronically, with the following documents as attachments:
−−
Copy of your resignation letter
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Printout of your saved KRONOS record or time sheet for the pay period
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State or federal income tax forms (if any).
3 – CHECKOUT
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Completing the check-out sheet is almost like a scavenger hunt, but instead of using the
check-out sheet to collect items, you’ll use the sheet to give back items, such as badges, keys,
pagers, parking passes, etc.
■■
Get the check-out sheet from your department.
Complete the check-out sheet and return it, along with your final paycheck
acknowledgement form and badge, to your department manager (or if you are working
Each department will sign off on the items you return. If there are items on your check-out
with HR consulting services instead of your manager, the HR consultant).
sheet that don’t apply to you, your department manager can enter Not Applicable (N/A) and
sign off on those items. (If your department manager marks N/A and it is found that
you were issued but did not return that item, your department will be charged for that
■■
missing item.)
Your Final Paycheck
To receive your final paycheck, each item on the check-out sheet must be signed-off
Your manager can pick-up your final paycheck from the Payroll Satellite Office
and the sheet must be returned to your department manager (or if you are working
(in the Ray Charles Cafeteria, Suite 1631 C) between 4:00 PM and 4:30 PM on your last day.
with HR consulting services instead of your manager, the HR consultant). Along with the
Your manager will either give you the paycheck in person, or upon your request, mail it to you
check-out sheet, you must sign and return an acknowledgement form verifying you received
at the address you specify.
your final paycheck. Your department (or the HR consultant) must forward your badge to the
Security Department and send the completed check-out sheet and department file to the
Your last paycheck will be a hardcopy check; it will not be direct deposited by Cedars-Sinai.
HR Records Department.
■■
To leave a campus parking garage after you’ve turned in your badge, press the assistance
button at the exit and tell the person over the intercom that it’s your last day and you’ve
already turned in your badge.
4
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
MEDICAL, DENTAL + VISION
COBRA RATES – MONTHLY
Your (and your dependents’) Cedars-Sinai medical, dental and/or vision coverage continues
through the last day of the month your employment ends.
July 1, 2015 –
June 30, 2016
If you won’t be covered by a new employer’s health plan, you have several options for
Medical
purchasing replacement health insurance and it would be wise to shop around. Options to
consider include:
Coverage area:
COBRA or Silver Passport.
California only
■■
Your state or the federal health insurance marketplace or a private healthcare exchange.
Blue Cross PPO
■■
Directly from an insurance company or through an insurance broker.
Coverage area:
Your spouse’s employer plan.
California only
WHAT YOU NEED TO KNOW…
Vivity Premier HMO
…COBRA:
Orange Counties only
Coverage area: LA and
What it is. A federal law, called COBRA for short, gives you and any covered family member
BlueCard PPO
the right to continue coverage under the healthcare plans you are enrolled in on your last day
Coverage area:
at Cedars-Sinai (medical, dental, vision and/or HealthFund coverage, and in limited situations,
Outside California
Health Care Reimbursement Account) on a self-pay basis (you pay the full cost plus a
Dental
2% administrative fee). Your covered family members have the right to enroll in COBRA even if
you don’t enroll in COBRA.
Employee +
Spouse/
Partner
Employee +
Children
Employee +
Family
$478.32
$1,052.28
$860.98
$1,482.79
$836.37
$1,840.02
$1,505.47
$2,592.75
$500.95
$1,102.10
$901.71
$1,552.95
$550.60
$1,211.33
$991.09
$1,706.88
$63.93
$112.80
$126.85
$179.72
$18.49
$31.74
$31.97
$46.06
$9.51
$19.04
$20.37
$32.56
Blue Cross HMO
■■
■■
Employee
Only
Delta Dental PPO
Coverage area:
Nationwide
How long coverage can last. Usually up to 18 months.
DeltaCare USA
What it costs. See the table to the right.
Coverage area:
Enrollment deadline. 2 to 4 weeks after your Cedars-Sinai employment ends, you’ll receive a
California only
COBRA election notice from our COBRA administrator, EBMS. You must elect COBRA coverage
Vision
within 60 days following the date of the COBRA Election Notice; if you miss the deadline,
Vision Service Plan
you lose your right to elect COBRA coverage. You cannot enroll in COBRA before you leave
Coverage area:
Cedars-Sinai because a record of your employment ending and COBRA eligibility must be
Nationwide
transferred from HR/Benefits to EBMS first. You don’t need to worry about a lapse in coverage
because once your COBRA premium is paid, coverage is retroactive to the date your employee
Please note the coverage areas in the COBRA Rates table above. The medical plans and
coverage ended.
DeltaCare USA plan have limited service areas. If you move outside your current plans’ service
Where to find more information: COBRA election notice or Department of Labor website
area, you will need to switch to a plan with a service area covering your new home.
COBRA page: DOL.gov/dol/topic/health-plans/cobra.htm
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Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
…PRIVATE HEALTHCARE EXCHANGES:
Buying Healthcare Today
The Affordable Care Act (ACA) has redefined many of the rules about purchasing health
insurance. As you start your search for new coverage, you should know:
■■
Medical coverage is mandatory – The ACA requires most Americans to have health
insurance (covering the “minimum essential benefits”). If you go without qualifying coverage
−−
for more than 3 months, you may have to pay an individual shared responsibility payment
−−
on your federal income tax. See HealthCare.gov (fees and exemptions) for details.
■■
No more pre-existing conditions exclusions – Insurance companies cannot deny you or
any family member health coverage or charge you more based on a pre-existing condition.
(However, they may use age-based rates.)
GetInsured.com
eHealthInsurance.com
If you might be eligible for a premium subsidy, leave the private exchange website and go to
your state or the federal healthcare marketplace to verify your premium subsidy and apply for
coverage.
How long coverage can last. Usually until age 65 (or Medicare eligibility).
What it costs. Premiums are based on age, where you live and the health plan you choose.
…THE HEALTH INSURANCE MARKETPLACE:
What it is. The Affordable Care Act (“Obamacare”) created health insurance marketplaces
to give people a way to purchase health insurance if they don’t have coverage through their
job. It’s possible that marketplace premiums will be lower than COBRA premiums or that you
qualify for a premium subsidy for marketplace coverage, depending on your income.
Enrollment deadline. Private exchanges often mirror the state/federal healthcare
marketplace’s special enrollment and open enrollment periods. However, if you miss those
deadlines they may still sell you a health insurance policy.
…OTHER HEALTH COVERAGE OPTIONS:
How long coverage can last. Until age 65 (or Medicare eligibility).
Other options for health plan coverage that may be available to you include:
What it costs. Premiums are based on age and the health plan you choose (for instance, if it
covers 90% or 80% or 70%, etc. of expenses) and household income. Premium subsidies are
available for low-income individuals (depending on your income during a look-back period).
Silver Passport – If your employment ends and you are 55 or older and have 20+ years at
Cedars-Sinai, you may continue your Cedars-Sinai medical coverage on a self-pay basis until the
Enrollment deadline. The marketplace has limited times during which you can enroll. Certain
life events (such as losing employer sponsored coverage) qualify you for a 60-day-special
enrollment period. (You have 60 days to contact the marketplace, report the qualifying event,
provide documentation and enroll.) If you miss your special enrollment period, you’ll have to
wait until the marketplace’s next open enrollment (held Nov. to Jan.) to enroll, and you could
end up with no health coverage in the interim. You may apply for marketplace coverage before
your Cedars-Sinai coverage ends so that you don’t have a lapse in coverage.
Spouse’s Employer Coverage – Usually employer health plans allow an employee or eligible
family member to enroll within 30 days of losing other healthcare coverage. If your spouse
has a job with medical benefits, this may be a coverage option for you. To find out, ask your
spouse’s employer.
Where to find more information about the California Health Insurance Marketplace:
CoveredCA.com. To find a link to another state’s exchange (or to use the federal marketplace if
your state does not have an exchange): HealthCare.gov.
6
What it is. Companies with online health insurance comparison-shopping portals allowing you
to quickly estimate eligibility for premium subsidies on the government sponsored Healthcare
Marketplace, and if not eligible, compare plans and purchase private health coverage. Private
exchanges that contract with the Centers for Medicare & Medicaid Services include:
Administrative
Matters
Healthcare
Healthfund
FSA
month before turning 65. See page 24 for details.
Through a Broker or Insurance Company – Some brokers sell health insurance policies, or you
could skip the middleman and contact a health insurer (such as Anthem or Kaiser) licensed to sell
health plans in your state. To find brokers and companies selling private individual and family
health plans, contact your state insurance commissioner. (In California visit Insurance.ca.gov.)
If purchasing a policy through a private exchange, broker or insurance company,
be sure the policy covers the ACA’s “minimum essential benefits.”
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
Be Careful – Limited Enrollment Periods Apply
■■
Because both COBRA and the marketplace have limited enrollment periods, keep the following
around to find the best coverage for your situation.
in mind when considering which coverage is best for you:
■■
Shop around – You have several options for replacement coverage. It would be wise to shop
When you shop for healthcare insurance consider: How long will you want the coverage
If you enroll in COBRA and you stop paying your COBRA premium or cancel COBRA before
– just a few months or several years? Is it medical only or does it cover dental or vision
you have used up your entire 18 months of coverage, you will not be eligible for marketplace
benefits? Does the plan cover the ACA’s minimum essential benefits? Is your doctor in the
special enrollment. You would have to wait until the marketplace open enrollment to apply
plan’s network? Are your medications covered? When comparing costs, be sure to consider
for coverage starting the next Jan. 1.
deductibles, co-payments and co-insurance, in addition to the premiums. For assistance
■■
If you are covered by COBRA and drop it, you cannot get it back.
■■
If you enroll in a marketplace plan, you cannot change your mind and apply for COBRA.
COBRA is offered only during the 60-day enrollment period after your employment ends.
weighing your options, you can contact a Department of Labor Health Benefits Advisor
electronically at AskEBSA.DOL.gov or call 866-444-3272.
■■
If electing COBRA:
−−
Complete the COBRA election form and return it to EBMS within 60 days after you
receive the COBRA notice from EBMS. If you don’t complete and return the election form
by the due date, you lose your right to COBRA coverage.
−−
You have 45 days from the time you elect COBRA to make your first premium
payment covering all the months since your employment ended. There will be no lapse
in coverage. Continued coverage through COBRA begins when Cedars-Sinai employee
benefits end, even if retroactive processing and payments are required. After the first
payment, premium payments are due by the first day of the month for that month’s
coverage. For example, the premium for June’s coverage is due June 1.
■■
If purchasing health coverage through the marketplace:
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You have 60 days from the day your Cedars-Sinai coverage ends to contact the
marketplace, report the qualifying event, provide documentation and enroll.
■■
If becoming covered under your spouse’s employer coverage:
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Usually (but not always) employer health plans will allow an eligible family member to
enroll within 30 days of losing other healthcare coverage.
7
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
HEALTHFUND
EXAMPLE HEALTHFUND PARTICIPATION AND CLAIMS TIMELINE
■■
Your healthcare payment card will be turned off soon after your last day at Cedars-Sinai;
however, eligible healthcare services you receive or purchase between your HealthFund
July 2014
S
M T W T
participation start date through the last day of the month your Cedars-Sinai employment
ends are eligible for reimbursement.
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4
6
7
8
9
10
11
12
13
14
15
16
17
18
Sept. 28 is forfeited.
19
20
21
22
23
24
25
Your HealthFund participation is tied to your medical coverage. If you continue medical
26
27
28
29
30
HealthFund
participation starts
coverage through COBRA, you have the option to also continue HealthFund participation.
Any eligible
In this case, healthcare expenses you incur will be eligible for HealthFund reimbursement
healthcare expense
until the day your medical coverage through COBRA ends. Contact EBMS at 866-512-9270 for
HealthFund COBRA rates.
To continue HealthFund participation (if you continue your medical coverage through
M T W T
1
2
F
3
S
4
5
6
7
8
9
10
11
after you receive the notice).
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13
14
15
16
17
18
Submit claims for expenses you incurred while you were a HealthFund participant by
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20
21
22
23
24
25
26
27
28
29
30
COBRA), complete the COBRA election notice and return it to EBMS by the deadline (60 days
the HealthFund claims due date (see below) to ConnectYourCare.com, our HealthFund
administrator.
HealthFund
HealthFund Claims Due Date
Send to: ConnectYourCare
90 days after the end of the benefit year during
S
M T W T
F
2
3
4
877-292-4040
which your Cedars-Sinai employment ends.
866-879-0812
Claims due by:
6
7
8
9
10
11
ConnectYourCare.com
If your employment ends:
5
Web: July 1, 2015 – June 30, 2016
Sept. 28, 2016
July 1, 2016 – June 30, 2017
Sept. 28, 2017
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14
15
16
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31
FSA
reimbursed from
your HeathFund
S
1
Fax: Healthfund
Cedars-Sinai
employment ends
(example employee)
HealthFund
participation ends
Phone: Healthcare
these dates can be
September 2016
HealthFund Claims
Administrative
Matters
incurred between
April 2016
S
8
S
3
5
You have until the next Sept. 28 after your employment ends to submit claims for
reimbursement to ConnectYourCare (see below). Any money left in your HealthFund after
■■
1
F
2
Time Off
403(b) Plan
HealthFund claims
due date
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
HEALTH CARE REIMBURSEMENT ACCOUNT (HCRA)
■■
Although your healthcare payment card will be turned off soon after your last day at
To continue HCRA participation (if eligible), complete the COBRA election notice and
Cedars-Sinai, eligible healthcare services you receive or purchase between July 1 of the
return it to EBMS by the deadline (60 days after you receive the notice).
current benefit year (or the date your HCRA participation starts, if later) through the last day
of the month your Cedars-Sinai employment ends are eligible for reimbursement.
■■
The HCRA benefit year runs from July 1 to June 30 each year. You have 90 days (until
Submit claims for expenses you incurred while you were an HCRA participant by the
FSA claims due date (see below) to ConnectYourCare.com, our Flex Spending Account
administrator.
Sept. 28) after the end of the benefit year to submit claims for reimbursement to
ConnectYourCare. Any money left in your account after Sept. 28 is forfeited.
■■
Depending on the amount you’ve elected for the year and the claims paid so far, you may be
eligible to continue HCRA participation until Dec. 31 through COBRA. If you qualify and want
■■
to continue participation, you must keep contributing the same amount – but on an after-tax
Flex Spending Accounts (HCRA + DCRA)
basis, plus a 2% administrative fee. You send your HCRA contribution to EBMS, Inc. (the
FSA Claims
FSA Claims Due Date
COBRA administrator).
Send to: ConnectYourCare
90 days after the end of the benefit year:
If you’re eligible to continue HCRA participation through COBRA, about 3 to 4 weeks after
your Cedars-Sinai employment ends, you’ll receive a COBRA election notice from EBMS. (You
cannot enroll in COBRA before you leave Cedars-Sinai because a record of your employment
Phone: 877-292-4040
Fax: 866-879-0812
Web: ConnectYourCare.com
■■
July 1, 2015 – June 30, 2016 expenses
– due by Sept. 28, 2016
■■
ending and COBRA eligibility must be transferred from HR/Employee Benefits to EBMS first.)
July 1, 2016 – June 30, 2017 expenses
– due by Sept. 28, 2017
DEPENDENT CARE REIMBURSEMENT ACCOUNT (DCRA)
■■
■■
You can use your DCRA funds for dependent care services received from July 1 through the
Submit claims for expenses you incurred while you were a DCRA participant by the
last day of the month your employment ends.
FSA claims due date (see above) to ConnectYourCare.com, our Flex Spending Account
The DCRA benefit year runs from July 1 to June 30 each year. You have 90 days (until Sept. 28)
administrator.
after the end of the benefits year to submit claims for reimbursement to ConnectYourCare.
Any money left in your account after Sept. 28 is forfeited.
■■
9
COBRA continuation is not available for the DCRA.
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
LIFE INSURANCE + AD&D INSURANCE
■■
■■
■■
■■
Cedars-Sinai paid life and accidental death & dismemberment (AD&D) insurance and
To continue (port) or convert life and/or AD&D insurance coverage, you must apply
voluntary life and AD&D insurance coverage continues through the last day of the month
and pay the first premium by the due date stated in the continuation information sent to
your Cedars-Sinai employment ends.
your home.
You may continue (port):
−−
Cedars-Sinai paid life insurance
WHAT’S THE DIFFERENCE?
−−
Cedars-Sinai paid AD&D insurance
Continue (Port) Group Coverage
−−
Voluntary life insurance (for you and covered family members)
−−
Voluntary AD&D insurance (for you and covered family members).
■■
Your premiums are the same as the voluntary life/AD&D insurance plans offered to
Cedars-Sinai employees; however, you’ll be covered under a different group policy and
the benefits may be different.
You may convert to an individual policy:
−−
Cedars-Sinai paid life insurance
■■
No health questionnaire required.
−−
Voluntary life insurance (for you and covered family members).
■■
The amount you may continue cannot be more than:
−−
Your current Cedars-Sinai paid and voluntary life and AD&D coverage
insurance will be mailed to your home from the Cedars-Sinai HR/Benefits Department or
−−
5 x base annual pay of life insurance
Unum (the insurer). If you have questions call Unum at 866-220-8460.
−−
$500,000 of AD&D
−−
$1 million in combined life and AD&D insurance.
Shortly after your employment ends, information about continuing or converting your
■■
If you continue your coverage, you may also continue your spouse/domestic partner’s
or children’s insurance, up to the amount of coverage they had on your last day at
Cedars-Sinai.
■■
Your spouse may continue coverage upon divorce or your death; your children may
continue coverage upon your death.
Convert To Individual Policies
■■
The benefits may be different and the premiums will be different (most likely higher) from
the Cedars-Sinai group policy rates.
■■
No health questionnaire required for up to $10,000 in coverage.
■■
You can convert up to your coverage amount on your last day at Cedars-Sinai with a
health questionnaire and insurer approval.
10
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
LONG TERM DISABILITY (LTD) INSURANCE
■■
LTD insurance ends on your last day of Cedars-Sinai employment.
■■
You cannot continue LTD coverage after leaving Cedars-Sinai.
Nothing.
LEGAL PLAN
■■
The legal plan coverage ends on your last day of Cedars-Sinai employment.
■■
When you leave Cedars-Sinai, the legal plan will cover fees for covered legal services that
Nothing.
were opened and pending when you were enrolled; no new matters may be started after
your last day of Cedars-Sinai employment.
■■
You cannot continue legal plan coverage after leaving Cedars-Sinai.
METLIFE AUTO & HOME INSURANCE + PET INSURANCE
■■
If you have any personal insurance coverage through MetLife and pay your premiums
To continue these personal policies, contact MetLife at 800-438-6388 to make new
through your paycheck, your last premium will be paid from your second to last paycheck
payment arrangements.
(benefit premiums are not deducted from your last paycheck).
11
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
VHT OR VACATION PAYOUT
■■
When you leave Cedars-Sinai employment, you’ll receive the value of your VHT or Vacation bank.
■■
Approved Leave Pay banks are paid out upon leaving Cedars-Sinai only in the following
situations:
To change your federal and/or state income tax withholding, download the forms from
the Cedars-Sinai intranet. Complete the forms and give them to your department manager
to submit with your termination paperwork at least 3 weekdays before your last day (for
instance, by Monday if your last day is Thursday).
−−
You are age 55 or older
−−
You are laid off after 20 or more years of service (as of the date of layoff)
Forms Posted on the Cedars-Sinai Intranet
−−
You are laid off and you are a past recipient of a President’s Award
Home > Administrative > Human Resources > Employee Services > HR Forms
−−
You die as an active employee (paid to your estate).
To increase or decrease your 403(b) Plan contribution from your last paycheck, make
■■
Payout of time off benefits will be added to your last paycheck.
the change online at: Cedars-Sinai.Prepare4MyFuture.com or by calling 800-584-6001.
■■
Payout options – If your final paycheck will include a large payout of time off benefits:
Contribution changes made with Voya Financial before 1:00 PM Pacific Time Fridays (when
−−
You could increase your federal and state income tax withholding so next April 15 you’re
not surprised to find out you owe more taxes than you expected.
−−
You could take advantage of tax-deferred retirement savings and increase your
403(b) Plan contribution from your final paycheck.
−−
the markets are open) are updated to the Cedars-Sinai payroll system each Monday
morning. Depending on the timing of your last day with Cedars-Sinai, your final paycheck
and the routine processing of the biweekly Cedars-Sinai payroll, there is a possibility that
your contribution change for your final paycheck might impact your last regular paycheck
as well.
If you’d rather have the cash than increased 403(b) Plan savings, you could decrease or
stop your 403(b) Plan contribution.
Calculating Your Payout
Your payout will be equal to your hourly pay amount multiplied by the number of time off
benefits hours eligible for payout.
12
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
403(b) PLAN
■■
■■
If you participate, your 403(b) Plan contribution is deducted from your last paycheck.
If you leave your 403(b) Plan account balance in the plan
If you are eligible for matching contributions, your contributions will be matched through
−−
Keep track of your account online at Cedars-Sinai.Prepare4MyFuture.com
the end of the quarter before your employment termination date. If retiring at 65, you’ll
−−
Keep your contact information up to date with Voya Financial so you receive statements
earn matching contributions through your last day at Cedars-Sinai.
■■
You can leave your account balance in the Cedars-Sinai 403(b) Plan if your account
balance is more than $1,000:
−−
and don’t miss important notices.
To take your 403(b) Plan account balance now, request a distribution or rollover from
Voya Financial:
−−
You may apply to have it distributed any time before age 70½. (If you don’t take a
Call Voya Financial: 800-584-6001
−−
minimum required distribution by age 70½, you may have to pay a 50% excise tax on the
Apply online: Cedars-Sinai.Prepare4MyFuture.com
−−
Voya Financial verifies your Cedars-Sinai employment has ended before paying out or
amount not distributed as required.)
−−
transferring your account balance.
Until you request a distribution, you’ll continue receiving investment earnings (or losses)
and quarterly statements from Voya Financial.
■■
You can take your account balance with you:
−−
If you have an outstanding loan – Immediate Action Required!
−−
Your loan is due when your employment ends
−−
If you don’t repay the loan or make repayment plans with Voya, the loan balance
becomes taxable. You’ll owe regular income taxes, and if you’re under age 59½, in most
To continue to save for retirement and defer income taxes on this money, roll over the
situations you’ll owe an additional 10% penalty tax on the loan balance.
money to a rollover IRA or, if available, your new employer’s eligible retirement plan.
−−
You may have your account paid to you in a lump sum, less 20% withholding.
−−
You may have it paid as an annuity. See page 19 for more information.
−−
We recommend you wait 6 months before requesting an account payout or rollover.
−−
Find out about loan repayment options: call Voya Financial at 800-584-6001.
If retiring, also read page 19 for more information about payment options.
It takes about 3 to 4 months after the end of your last quarter at Cedars-Sinai to finalize
and make matching contributions. If you take the money from your account before then,
you could end up with a small balance remaining in your 403(b) Plan account.
■■
■■
LEGACY 403(b) PLAN PROVIDERS
If your account balance is less than $1,000, the plan will automatically distribute it to you
If you have a 403(b) account with any of our former 403(b) providers (prior to July 2000),
(less 20% federal tax withholding) during the first quarter of the next year.
contact them directly for account and/or distribution information.
If you have an outstanding loan, it will be due soon after you leave Cedars-Sinai. Please
check with Voya Financial for details on repayment.
403(b) Distributions Are Taxed (Unless Rolled Over)
AXA/Equitable
Lincoln National
TIAA-CREF
800-628-6673
Lincoln Financial Group
800-842-2776
AXA-Equitable.com
800-454-6265
800-842-2252
LincolnLife.com
TIAA-CREF.org
Distributions are taxable income when received, unless rolled over to an IRA*or another
eligible retirement plan. If you are under age 59½, you will most likely owe an additional 10%
early withdrawal penalty tax.
*Unless rolled over to a Roth IRA, in which case the rollover amount is taxable the year of the rollover.
13
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
DEFINED BENEFIT PLAN (DB PLAN)
■■
The DB Plan pays monthly pension payments starting when you retire. If you leave
Cedars-Sinai with a vested DB Plan benefit before retiring, usually your money stays in this
plan until you retire and start payments.
■■
If you leave Cedars-Sinai before retirement
−−
Keep track of your DB Plan pension benefit online at Cedars-Sinai-MyRetirement.com
−−
Keep your contact information up to date with the DB Plan Pension Center so you receive
DB Plan benefits vest after 5 years of service (or at 65 if you’re still working for Cedars-Sinai);
a final statement and don’t miss important notices.
if you leave before vesting, you forfeit the DB Plan benefit.
■■
If you are currently earning DB Plan benefits, your DB Plan benefit is calculated based on
To apply for your pension payments to start, contact the DB Plan Pension Center:
your earnings at the end of each quarter. It takes about 3 to 4 months after the end of
−−
Call: 866-296-5034
your last quarter at Cedars-Sinai to finalize your final DB Plan accrued benefit. Because
−−
Apply online: Cedars-Sinai-MyRetirement.com.
this benefit does not grow after you leave Cedars-Sinai, you’ll receive one final quarterly
benefit statement to save for your records.
You must apply for DB Plan benefits when you want to retire and start payments.
If retiring, also read page 20 for information about payment options.
Keep the following in mind when deciding when you want payments to start:
■■
■■
If you leave Cedars-Sinai before age 65, your payments must start by age 65.
You can apply for an early retirement benefit as early as age 55 if you have 10 or more years
of service when you leave Cedars-Sinai; payments that start before age 65 will be reduced
because of the likelihood they will be paid out over a longer period. For details, see page 20.
■■
14
If you do not qualify for early retirement, you must wait until 65 to start payments.
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
DEFINED CONTRIBUTION PLAN (DC PLAN)
■■
If you are currently earning DC Plan benefits, you earn Cedars-Sinai contributions through
the last day of the quarter before leaving Cedars-Sinai (because you must be an active
participant on the last day of the quarter to receive a contribution for that quarter).
■■
If you leave your DC Plan account balance in the plan
−−
Keep track of your account online at Cedars-Sinai.Prepare4MyFuture.com
−−
Keep your contact information up to date with Voya Financial so you receive statements
Cedars-Sinai DC Plan benefits vest over a 5-year period; if you leave before your
and don’t miss important notices.
DC Plan benefit is 100% vested, you’ll forfeit the unvested portion of your benefit.
To take your DC Plan account balance now, request a distribution or rollover from
Years of
Eligible Service
DC Plan Benefit
Vested Percentage
■■
0
1
2
3
4
5
0%
0%
25%
50%
75%
100%
You can leave your account balance in the Cedars-Sinai DC Plan (if your vested account
balance is more than $1,000), and apply to have it distributed any time before age 70½.
(If you don’t take a minimum required distribution by age 70½, you may have to pay a 50%
excise tax on the amount not distributed as required.) Until you request a distribution, you’ll
Voya Financial:
−−
−−
−−
If retiring, also read page 21 for information about account payouts.
continue receiving investment earnings (or losses) and quarterly statements.
■■
You can take your vested account balance with you:
−−
To continue to save for retirement and defer income taxes on this money, roll over the
money to a rollover IRA or, if available, your new employer’s eligible retirement plan.
−−
■■
You can have your account paid to you in a lump sum (less 20% withholding).
■■
and make contributions to your DC Plan account. If you take the money from your account
DC Plan Distributions Are Taxed (Unless Rolled Over)
before then, you could end up with a small balance remaining in your DC Plan account.
If your account balance is less than $1,000, the plan will automatically distribute it to you
eligible retirement plan. If you are under age 59½, you will most likely owe an additional
(less 20% federal tax withholding) during the first quarter of the next year.
10% early withdrawal penalty tax.
15
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
PREPARING FOR RETIREMENT
Sources of Retirement Income
■■
Where will my income come from?
■■
Will I need to continue working?
■■
How long might I live?
■■
What would I like to do during retirement and how will I fund it?
■■
How is my health?
■■
How will I pay for medical care?
We generally expect that about one-third of your retirement
income will come from Social Security, one-third from
employment retirement plans (like the DB Plan and
Employer
Retirement
Plans
Social
Security
DC Plan) and a one-third from your personal savings,
like the 403(b) Plan. These are general rules. Your
personal situation, such as living expenses, extra
Does thinking about such questions make your head spin? When embarking on a new journey
money for retirement goals like traveling and how long
Personal
Savings
as big as retirement, it can be hard to know where to start. This section of the booklet will help
you consider your future needs and sources of retirement income and healthcare coverage.
you expect to live will determine how much retirement
savings you’ll need.
It may not answer all your questions, but will give you a good head start down the path.
You may also consider getting financial advice
(see below) or visit the online resources listed on
the next page.
GETTING FINANCIAL ADVICE
Many people struggle when it comes to understanding
■■
■■
Know what you are hiring the financial planner to do.
financial advisers, some sell insurance or other financial
Financial planning can mean preparing for retirement,
professional assistance. If that sounds like you, here are some
products, some take commissions, some are paid a
setting up wills and estates, advising on taxes, saving for
tips for finding a financial planner:
percentage of assets and others are paid hourly. For
a home or college or budgeting. A good adviser looks at
financial advisers who don’t charge an hourly fee, have
every aspect of your financial situation, because doing
them calculate how they’ll be paid and explain to you
something in one area will affect the others. If you hire
how it will affect your investments. Advisers who receive
someone, consider asking them to look at the big picture.
■■
Know their qualifications. How much training and
experience does your financial planner have? Look for
these designations: Certified Financial Planner (CFP),
Chartered Financial Consultant (ChFC) or Personal Financial
Specialist (PFS). Even if they have one or more of these
designations, be sure to check references and interview
them before you start.
16
Know how they will be paid. There are many types of
spreadsheets and finances and can benefit from a little
Administrative
Matters
Healthcare
a commission might favor one investment over another
and may be required to use their commissioned products
instead of the wider universe of available investment
options. In some cases, an hourly fee may be less
expensive in the long run.
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
ONLINE RETIREMENT RESOURCES
Choose To Save
ChooseToSave.org/asec/
Sponsored by the American
Savings Education Council
■■
■■
Voya Financial
Retirement Plans
Find retirement and other financial calculators (from a variety of sources such as AARP,
American Institute of Certified Public Accountants, Motley Fool).
These calculators can help you estimate your expenses at retirement and how much you’ll
need to save.
Cedars-Sinai.Prepare4MyFuture.com
Cedars-Sinai’s 403(b) Plan and
DC Plan record keeper
DB Plan Pension Center
■■
Your 403(b) Plan account balances
■■
Your DC Plan account balances.
Cedars-Sinai-MyRetirement.com
■■
Social Security
Administration
Estimate your monthly DB Plan payments at different retirement dates.
SSA.gov
■■
See your Social Security statement
■■
Estimate your Social Security income at retirement
■■
Find out the details about Social Security
■■
Apply for Social Security benefits:
SocialSecurity.gov/myaccount
SocialSecurity.gov/estimator
SocialSecurity.gov/planners.
Medicare
Medicare.gov
■■
■■
■■
AARP Support for Those 50+
Register and enroll online
Find articles and calculators for retirement income planning
Get the details about what’s covered and the cost for Medicare Parts A, B, D,
Medicare Advantage, etc.
at AARP.org/work/retirement-planning.
Find out about Medicare Supplement (Medi-gap) plans.
In addition, AARP has a broad offering of educational
materials about other retirement considerations, such as
Department of Labor
DOL.gov/ebsa/publications/nearretirement.html
Taking the EBSA Mystery
Out of Retirement Planning
■■
A retirement planning brochure you can print or read online.
where to live, whether or not to work, or how to spend your
■■
You’ll find links to additional retirement planning websites at the bottom of this web page.
time. AARP also has member discounts and sells Medigap and
Medicare Drug Plan policies. For more information:
17
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
■■
AARP.org
■■
888-687-2277
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
APPLYING FOR RETIREMENT BENEFITS
Cedars-Sinai sponsors the DB Plan, DC Plan and 403(b) Plan to provide sources of income when you retire; payment options vary by plan and by your age when you apply.
For our long-time employees, Cedars-Sinai also offers continued dental and life insurance through the Silver Passport program.
It’s a good idea to start planning at least 6 months before you want to retire. Here’s a high-level checklist to get you started. You’ll find more detailed checklists under each of the retirement plans.
RETIREMENT CONSIDERATIONS CHECKLIST
Visualize Retirement. Start envisioning how you want your retirement to look. Consider:
Determine where you’ll get healthcare coverage after employee coverage ends.
Possible options are described on page 5-8.
−−
At what age do I want (or can I afford) to retire?
−−
What do I want to do during retirement?
−−
Where will my retirement income come from?
−−
Will I continue to work?
−−
Where will I live?
−−
How is my health and how long can I expect to live based on genes and
−−
Birth certificates – required for Cedars-Sinai benefits
family history?
−−
Additional documentation are required for Social Security and Medicare
How will I pay for medical care?
−−
It can take several months to obtain certified copies of birth certificates – your benefits
−−
Figure out when you should enroll in each part of Medicare (for instance, Part A,
Part B, etc.) Read pages 25-30 for details. When you enroll is important because if you have
a gap in coverage, your Medicare premiums could be higher for the rest of your life.
Gather documentation – for you and your spouse (or joint annuitant):
Decide how you want your Cedars-Sinai retirement benefits paid.
−−
A lump sum? (the DC Plan can only be paid as a lump sum)
−−
Periodic payment/annuity? (the DB Plan can only be paid as an annuity)
−−
Payments that continue to your spouse or domestic partner if you die first?
−−
Read pages 19-21 to find out 403(b) Plan, DB Plan and DC Plan payment options.
could be delayed if you leave this to the last minute
−−
See Sources For Birth and Marriage Records on page 23.
Apply for Social Security and/or Medicare – 3 months before you want benefits to start:
Decide when you want to receive your benefits (and other sources of retirement income).
−−
Social Security – See page 22
−−
Medicare – See page 25.
Apply for Cedars-Sinai retirement benefits – 2 months before you want payments to start:
−−
403(b) Plan – See page 19
−−
Before age 65? Which reduces the monthly payments from the DB Plan and Social Security
−−
DB Plan – See page 20
−−
After age 65? Which increases the monthly payments from the DB Plan and Social Security
−−
DC Plan – See page 21.
−−
After you pay off your mortgage (or meet other financial goals)?
−−
Before or after you stop working? You may take money from the 403(b) Plan after age 59½
and the DC Plan or DB Plan after age 60 – even if you are still working at Cedars-Sinai.
18
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
APPLYING FOR 403(b) PLAN BENEFITS
After leaving Cedars-Sinai, your account may be paid in any of the following ways:
Gather documentation – if you select an annuity or periodic payment option:
403(b) PLAN PAYMENT OPTIONS*
■■
■■
Single Lump-Sum Payment – Less 20% withholding for federal income tax.
Single Life Annuity – Monthly payments for your lifetime; when you die, payments stop.
Joint and Survivor Annuity – Monthly payments for your lifetime; if you die before your
100%) continues for their lifetime.
Installment Payments – You can have your account paid out in monthly, quarterly,
semiannual or annual installments.
■■
See Sources For Birth and Marriage Records on page 23 for details.
Do you have an outstanding loan? Contact Voya Financial at 800-584-6001 to find out
about loan repayment options and potential tax penalties.
spouse or the person you designate (joint annuitant), the chosen percentage (50%, 75% or
■■
Birth certificates or other proof of age – for you and your spouse (or joint annuitant)
−−
−−
No payment is made to a survivor or beneficiary.
■■
−−
Rollover – To an Individual Retirement Arrangement (IRA) or a new employer’s retirement
plan (if permitted by your new employer).
■■
Decide how you want your account paid. See your options to the left.
Apply for your 403(b) Plan benefits – 2 months before you want payments to start:
−−
Apply by calling Voya Financial: 800-584-6001
−−
−−
Applications for annuity/periodic payments must be submitted within 90 days before
payments start; if Voya has to return the forms to you because they are incomplete or
If your balance is less than $1,000 you will automatically receive a lump sum.
Under all options, the payment period cannot be longer than your life expectancy or your
and your joint annuitant’s combined life expectancy.
late, you may have to start the process over again or your payments may be delayed
−−
*If you are married, you cannot select a different person to be your joint annuitant or a payment type other
than a 50%, 75% or 100% joint and survivor annuity without your spouse waiving his or her right to the
benefit. Your spouse must consent to your election by signing the waiver on the payment election form
(or other form acceptable to Voya Financial), with the signature witnessed by a notary.
Apply for other 403(b) Plan benefits (if applicable). If you have a legacy 403(b) Plan
account with AXA/Equitable, Lincoln National or TIAA-CREF, be sure to contact them to
receive those benefits (see page 13 for contact information).
403(b) Distributions Are Taxed (Unless Rolled Over)
19
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
APPLYING FOR DEFINED BENEFIT PLAN (DB PLAN) BENEFITS
■■
Benefit payments do not start automatically; you must apply.
Decide how you want your DB Plan pension benefit paid, see your options below.
■■
Pension benefits usually start at age 65 and last throughout your lifetime.
−−
■■
You can start your monthly pension payments earlier – anytime between age 55
Cedars-Sinai-MyRetirement.com or from the DB Plan Pension Center (866-296-5034)
−−
and 65 – if you have left Cedars-Sinai with at least 10 years of eligible service
Gather documentation – for you and your spouse (or joint annuitant):
The benefit formula calculates your benefit as a Single Life Annuity starting at
age 65. If you start payments before 65 and/or you select a payment option that
−−
reduced. This is because the benefit will likely be paid over a longer period of time.
−−
Early retirement – The longer the expected payment period, the smaller the monthly
payment amount.
−−
Birth certificates or if one was never issued, other proof of age (such as a passport or
valid state driver’s license)
continues the benefit to a joint annuitant, the monthly payment amount will be
−−
Be sure to provide the name and age of a joint annuitant; if you don’t, you’ll receive only
estimated payments for a single life annuity and none of the other payment options.
(5 years if you were a DB Plan participant before July 1, 2003).
■■
Get estimated benefit payment amounts under the different payment options on
−−
See Sources For Birth and Marriage Records on page 23 for details.
The age of your joint annuitant – Your benefit must be paid over your or your joint
Apply for your DB Plan payments – 2 months before you want payments to start:
annuitant’s lifetime; the younger your joint annuitant, the smaller the monthly payment
−−
Apply by calling the DB Plan Pension Center: 866-296-5034
−−
Apply online: Cedars-Sinai-MyRetirement.com
−−
Applications for annuity/periodic payments must be submitted within 90 days before payments
amount.
Early Retirement Benefit Reduction Schedule
If Payments Start At This Age
64
63
62
61
60
You Receive This Percent Of
Age 65 Payment
93.33%
86.67%
80.00%
73.33%
66.67%
If Payments Start At This Age
59
58
57
56
55
You Receive This Percent Of
Age 65 Payment
63.33%
60.00%
56.67%
53.33%
50.00%
start; if the Pension Center has to return the forms to you because they are incomplete or
late, you may have to start the process over again or your payments may be delayed.
DB PLAN PAYMENT OPTIONS*
■■
Single Life Annuity – Monthly payments for your lifetime; when you die, payments stop.
No payment is made to a survivor or beneficiary.
■■
Single Life Annuity with 60 or 120 Months Guaranteed – Monthly payments for your
life; if you die before receiving 60 or 120 monthly payments (whichever you elect), the
remainder goes to the person you designate (a joint annuitant).
■■
Joint and 50%, 75% or 100% Survivor Annuity – Monthly payments for life. If you
die before your spouse or the person you designate (a joint annuitant), the chosen
percentage of your payment continues to that person for their lifetime.
*If you are married, you cannot select a different person to be your joint annuitant or a payment type other
than a 50%, 75% or 100% joint and survivor annuity without your spouse waiving his or her right to the
benefit. Your spouse must consent to your election by signing the waiver on the payment election form
(or other form acceptable to the DB Plan Pension Center), with the signature witnessed by a notary.
20
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
APPLYING FOR DEFINED CONTRIBUTION PLAN (DC PLAN) BENEFITS
You can apply to have your vested account balance distributed any time after leaving
To take your DC Plan account balance, request a distribution from Voya Financial:
Cedars-Sinai employment (at any age).
−−
■■
Your vested account balance will be paid as a lump-sum distribution.
−−
■■
You can continue to defer taxes on this money if you roll over the account to an Individual
−−
■■
Retirement Arrangement (IRA) or a new employer’s retirement plan (if permitted by your
new employer).
■■
and make contributions to your DC Plan account. If you take the money from your account
before then, you could end up with a small balance remaining in your DC Plan account.
DC Plan Distributions Are Taxed (Unless Rolled Over)
21
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
SOCIAL SECURITY
The Social Security program was established in 1935 to provide a base of financial protection
■■
Your monthly income, is called your Primary Insurance Amount (PIA). PIA is based
to workers and their families when earnings are lost due to retirement, disability or death.
on your earnings during your working life, and assumes you start payments at your “full
In addition to providing retirement income, Social Security also pays benefits for disability or
retirement age” (the age at which you are eligible for 100% of the Social Security benefit).
death, and to spouses and children. This summary covers only retirement benefits for workers.
■■
■■
Your monthly payment is determined by your age when you start Social Security
payments. Payments may start between ages 62 and 70. If you start payments before or after
While you work, you pay Social Security taxes (“payroll taxes”) and earn credits toward Social
your full retirement age, your monthly benefit will be reduced or increased. The earlier you
Security benefits. Generally, you need 40 credits (or 10 years of work) to qualify for Social
retire, the greater the reduction; the later you retire, the greater the increase, as shown in the
Security retirement benefits.
following table. (Find the column with your birth year and read down.)
Go to SocialSecurity.gov/myaccount to:
ESTIMATING YOUR SOCIAL SECURITY BENEFIT
■■
Find out if you qualify for Social Security
■■
See your estimated Social Security benefits
■■
See your earnings record used to calculate your benefits.
■■
Social Security retirement benefits are designed to replace only about one-third of the
Year of Birth
1943 1954
1955
1956
1957
1958
1959
1960 +
later
Full
Retirement Age
(Years + Months)
66
66+2
66+4
66+6
66+8
66+10
67
Age Soc. Sec.
Starts:
income of an average worker. That’s why employment-based retirement plans and
personal savings are necessary to maintain your preretirement lifestyle. The table below
62
75%
74.16%
73.33%
72.5%
71.66%
70.83%
70%
shows the approximate amount of annual salary replaced by Social Security if retiring at full
63
80
79.16
78.33
77.5
76.66
75.83
75
64
86.66
85.55
84.44
83.33
82.22
81.11
80
65
93.33
92.22
91.11
90
88.88
87.77
86.66
retirement age (66) in 2015:
SOCIAL SECURITY REPLACEMENT RATIOS
Preretirement Annual Pay
Percentage of pay Social Security replaces
66
100
98.88
97.77
96.66
95.55
94.44
93.33
$20,000
57%
67
108
106.66
105.33
104
102.66
101.33
100
$45,000
42%
68
116
114.66
113.33
112
110.66
109.33
108
$72,000
35%
69
124
122.66
121.33
120
118.66
117.33
116
$117,000
28%
70
132
130.66
129.33
128
126.66
125.33
124
■■
■■
EST. PERCENTAGE OF PIA BASED ON AGE BENEFITS START
Social Security pays a monthly income that starts when you retire and lasts for your lifetime.
You may continue to work and still get Social Security benefits.
−−
If you are younger than your full retirement age, there are limits on how much you can
earn without reducing your benefit amount.
−−
Once you reach your Social Security full retirement age, Social Security benefits are not
reduced by work earnings.
22
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
SOCIAL SECURITY – WHAT YOU NEED TO DO:
DOCUMENTS FOR SOCIAL SECURITY
Here is a list of documents you might need to apply for Social Security and/or Medicare
benefits. When you apply, the Social Security Administration will let you know if other
Research your options.
−−
If you want to talk to someone about your options, visit your local Social Security office.
Find the address in the blue pages of your phone book or online at:
documents are needed.
socialsecurity.gov/locator.
The SSA needs original documents or copies certified by the issuing agency. The SSA will
make copies and return the originals to you.
−−
Phone:
−−
800-772-1213 or 800-325-0778 (TTY)
Web: SocialSecurity.gov
Social Security number
Determine the best age for you to retire. Find out the amount of your Social Security
Birth certificate
benefit based on your age when you retire.
W-2 form(s) or self-employment tax return from last year
Determine the best time to start payments. Will you continue to work after starting
Spouse’s birth certificate, if spouse is applying for benefits on your work record
Marriage certificate, if spouse is applying for benefits on your work record
payments? Consider if you will be penalized if your income is too high.
Gather any documents needed. It can take up to 6 months to have a birth certificate
or marriage license re-issued; plan ahead if you don’t currently have originals of the
Military discharge papers, if you had military service
documents.
Children’s birth certificates, if they are applying
Determine when to apply. Apply about 2 months before you want payments
Proof of US citizenship or lawful alien status, if you (or a family member applying) were
not born in the US
to start.
Apply for Social Security. You must file an application with the Social Security
Your bank name and account number, so your benefits can be directly deposited into
your account.
Administration (SSA) for benefits to start. To apply:
−−
Go online: SocialSecurity.gov/applyonline
−−
Call the SSA: 800-772-1213 or 800-325-0778 (TTY)
Sources For Birth and Marriage Records
■■
Department of Health or Department of Vital Statistics in state or country of birth
■■
National Center for Health Statistics website lists where to write for US birth and
marriage records: CDC.gov/nchs/w2w.htm
■■
23
Vitalcheck.com (online service).
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
SILVER PASSPORT
Cedars-Sinai provides a way to continue or extend some benefits for long-time employees
upon retirement. You’re eligible for the Silver Passport program if, when your Cedars-Sinai
employment ends:
■■
−−
You are between ages 55 and 64 with at least 20 years of Cedars-Sinai employment, or
−−
You are 65 or older with at least 15 years of Cedars-Sinai employment.
If you qualify for Silver Passport, soon after you leave Cedars-Sinai employment a Silver
Passport enrollment packet will be mailed to your home.
■■
You must enroll to be covered by Silver Passport.
−−
Continued medical coverage – under age 65 (mostly self-paid)
−−
Medicare subsidy – age 65+
−−
Continued dental coverage (Cedars-Sinai paid).
You must return the completed enrollment form by the due date stated in the
enrollment packet to the MBC HR/Benefits Help Desk.
−−
If upon retiring you enroll in Silver Passport, then later return to Cedars-Sinai in a non-benefit
eligible position, you can continue Silver Passport participation.
This will be your only opportunity to enroll in these Silver Passport healthcare
benefit programs
−−
Life insurance and the other benefits are provided automatically.
SILVER PASSPORT BENEFITS
Continued Medical Coverage – Under Age 65
Continued Dental Coverage
Life Insurance
■■
For you and your eligible family members
■■
For you and your eligible family members
■■
Must be covered under a Cedars-Sinai medical plan when
■■
Must be covered under a Cedars-Sinai dental plan when
retiring from Cedars-Sinai*
■■
■■
Cedars-Sinai pays for up to $10,000 in term life insurance
(or a smaller amount once you reach age 70).
retiring from Cedars-Sinai*
Cedars-Sinai currently pays $15 a month toward your
■■
Cedars-Sinai currently pays the premium.
premium and you pay the rest
■■
Can be covered through the last day of the month before
turning 65.
Medicare Subsidy – Age 65+
■■
Other Benefits and Gifts through Silver Passport
Cedars-Sinai provides an annual $180 payment to help
■■
defray your Medicare premiums and other out-of-pocket
Examples include a gift from the O.C. Tanner catalog and
continuing use of Cedars-Sinai facilities
medical expenses.
■■
Benefits may change from time to time.
*Medical and dental plan options may not be the same plans you had when employed at Cedars-Sinai.
Silver Passport benefits are not vested benefits. Cedars-Sinai reserves the right to amend or terminate any of these benefits at any time for any reason.
24
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
MEDICARE
WHAT YOU NEED TO KNOW…
■■
Medicare is a federal healthcare insurance program for people age 65 and older (or with
certain illnesses or disabilities).
■■
Medicare Parts A and B (together referred to as “Original Medicare”) are available anywhere
in the US and you can go to any doctor or hospital that accepts Medicare patients. Original
Medicare generally does not cover prescription drug costs.
Medicare helps pay for healthcare costs, but it does not cover the costs of most long-term
care (like nursing home care). This summary covers only Medicare for retirees.
START
Medicare has several different “Parts,” each providing different elements of medical coverage.
Step 1: Decide how you want to get your coverage.
Depending on where you live, you might be able to enroll in a Medicare Advantage (MA) plan
Usually you will have to enroll in Parts A, B, D and a Medigap policy.
or
ORIGINAL MEDICARE
Part A
Hospital Insurance
…MEDICARE PROGRAMS (OR “PARTS”):
MEDICARE ADVANTAGE PLAN
(like an HMO or PPO)
Part B
Medical Insurance
Combines Part A, Part B and
usually Part D
(also called “Part C”), which is one plan that contains all the parts.
…HOSPITAL INSURANCE (PART A):
■■
Helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital
stay), some home healthcare and hospice care.
■■
Usually has no monthly premium – As long as you have worked enough hours to qualify
(about 10 years) and enroll during your initial or special enrollment periods; otherwise you
must pay a monthly premium.
Step 2: Decide if you need to add drug coverage.
Part D
Prescription Drug
Coverage
Part D
Prescription Drug Coverage
(if not already included)
■■
…MEDICAL INSURANCE (PART B):
■■
If you join a Medicare Advantage Plan,
you don’t need and can’t be sold a
Medigap policy.
Has a monthly premium that is based on annual income. In 2015:
Income Individual/Married Filing Jointly
END
■■
Medigap
(Medicare Supplement
Insurance policy)
Helps pay for physicians’ services, most outpatient hospital services and other medical
services and supplies not covered by Part A.
■■
Step 3: Decide if you need to add
supplemental coverage.
Has co-payments for hospitalizations and some services.
Approximate Premium/Person
−−
If less than $85,000/$170,000 Then $105/month
−−
If more than $85,000/$170,000
Then $150/month to $336/month
Has an annual deductible – You pay the first $147 of the charges each calendar year before
the medical plan starts paying.
■■
After you’ve paid the deductible, you pay 20% co-insurance – 20% of the charges for most
healthcare services.
END
25
Administrative
Matters
Healthcare
Medicare can start the first day of the month you turn 65. You must enroll in each
part to be covered.
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
MEDICARE – WHAT YOU NEED TO KNOW (CONTINUED)
…MEDICARE DRUG PLANS (PART D):
…MEDICARE ADVANTAGE (MA) PLANS (PART C):
■■
Helps pay for prescription drugs (when not hospitalized).
■■
Optional alternative to Part A and Part B (Original Medicare).
■■
Sold by private companies (that have Medicare approval)
■■
Medicare pays private insurance companies to offer MA plans.
−−
When you enroll, you choose from the Part D plans offered in your area
−−
Medicare D covers prescriptions only from in-network pharmacies.
−−
−−
■■
Part D has a monthly premium – Based on income and plan selected
−−
Part D also has deductibles and co-insurances, according to the following schedule
■■
■■
2 – Co-insurance
■■
■■
■■
3 – Donut Hole
■■
4 – Co-insurance
■■
■■
■■
Plan Pays $0
You pay up to $320
Some MA plans have extra benefits (such as extra hospital days, chiropractic) and charge
a monthly premium (in addition to Part B premiums).
Plan pays 75% until reaching $2,960 in Rx costs
You pay 25% until paying up to $660 more
Plan pays 0% until reaching $6,680 in Rx costs
You pay 100% until paying up to $4,700 more
Plan pays 95%
You pay 5% minimum $2.65/generic or $6.60/brand
…MEDIGAP POLICIES (ALSO CALLED MEDICARE SUPPLEMENT POLICIES):
■■
To join an MA plan, you must be enrolled in both Medicare Part A and Part B and must
continue to pay the Part B premiums.
(once you’ve paid the “up to” amount, you move to the next level):
1 – Deductible
MA plans can be HMOs, PPOs, special needs plans etc.; some MA plans cover only
network doctors and providers.
Average premium – $32/month (range from $12.60 - $70.80).
■■
■■
If you choose a MA plan, you are still on Medicare and can switch back to Part A and
Part B during future enrollment periods
Medigap policies help pay some of the healthcare costs (“gaps”) that Part A and Part B
■■
If you enroll in a MA plan, you do NOT need a Medigap policy.
■■
If you enroll in a MA plan, you might need Medicare Part D. Some MA plans have
prescription drug coverage and some don’t; if you choose a MA plan that doesn’t cover
prescription drugs, you need to enroll for Part D.
■■
The 2015 estimated monthly MA plan (with prescription drug coverage) premiums are about
the same as Part B monthly premiums ($105-$336/month); some plans have additional
premiums for the extra coverage for vision, dental, etc. ranging from an estimated
$10-$50/month.
don’t cover (like co-payments, co-insurance and deductibles).
■■
Sold by private companies; the Medigap policy must follow federal and state laws and be
clearly identified as “Medicare supplement insurance.”
■■
Medigap policies have a monthly premium.
−−
In most states (except MA, MN and WI) you choose from standardized Medigap
policies identified by letters A through N
■■
−−
All plans with the same letter must offer the same benefits
−−
Cost is the primary difference between Medigap policies with the same letter.
2015 estimated cost at age 65 for someone in the Medical Center’s zip code (90048)
is $45-$372 per month.
26
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
MEDICARE – WHAT YOU NEED TO KNOW…
You will receive a Medicare information packet about 3 months before your 65th birthday.
You Must Enroll in Each Medicare “Part”
…MEDICARE DRUG PLANS ENROLLMENT PERIODS + DEADLINES
■■
Initial Enrollment Period – 3½ months before and after your 65th birthday.
■■
If you don’t enroll during your Initial or Part D Special Enrollment periods, you pay
higher premiums for life.
Each Medicare “Part” has a different enrollment deadline – if you miss the enrollment deadline,
you pay higher premiums.
−−
Late enrollment penalty = at least 1% per month for every month after age 65 or after
losing coverage as a working employee (or COBRA).
…MEDICARE PART A ENROLLMENT PERIODS + DEADLINES
■■
■■
you continue to be covered by a medical plan as a working employee or the spouse of a
If you started receiving Social Security retirement benefits before 65, you will
working employee.
automatically be enrolled in Part A (and Part B).
■■
If you started Social Security retirement income at or after 65 you must enroll
in Part A to receive benefits (it does not start automatically).
■■
You can delay signing up for Part D (and not pay the late enrollment penalty) as long as
−−
Coverage through COBRA IS considered coverage as a working employee
−−
You must enroll in Part D within 60 days of losing coverage as a working employee
(during your special enrollment period).
We recommend you sign up for Medicare Part A when you turn 65, during your initial
enrollment period – even if employed. As long as you’ve worked at least 10 years, there is no
…MEDIGAP PLANS ENROLLMENT PERIODS + DEADLINES
premium for Medicare Part A.
■■
Medigap open enrollment periods, which are
…MEDICARE PART B ENROLLMENT PERIODS + DEADLINES
■■
If you don’t enroll during your Part B Automatic, Initial or Special Enrollment periods,
you pay higher premiums for life.
−−
Late enrollment penalty = additional 10% a year premium for every 12-month period you
■■
sign up after age 65 or after losing coverage as a working employee.
■■
Medigap insurers must sell you a policy regardless of your health status ONLY during
You can delay signing up for Part B (and not pay the late enrollment penalty) as long as
−−
Within 6 months of enrolling in Part B
−−
Some states have additional Medigap open enrollment periods.
If you don’t enroll during a Medigap open enrollment period, an insurer may:
−−
Charge higher premiums
−−
Deny coverage based on health status.
you continue to be covered by a medical plan as a working employee or the spouse of a
working employee.
−−
…MA PLANS ENROLLMENT PERIODS + DEADLINES
Coverage through COBRA or Silver Passport IS NOT considered coverage as a working
employee
−−
You must enroll in Medicare Part B within 8 months of losing coverage as a working
■■
You must enroll in Medicare Part A and Part B, and then select a Medicare Advantage plan in
place of Part A and Part B.
employee (during your special enrollment period).
Medicare’s Automatic, Initial and Special Enrollment periods are described
on the next page.
27
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
MEDICARE ENROLLMENT PERIODS AND DEADLINES: (Continued)
PENALTY-FREE MEDICARE ENROLLMENT PERIODS
GENERAL MEDICARE ENROLLMENT PERIODS (PENALTIES APPLY)
Automatic Enrollment
You may enroll during the following general enrollment periods if you miss your penalty free
If you started receiving Social Security retirement benefits before 65, you will automatically
enrollment periods. Keep in mind:
be enrolled in Part A and Part B (with the option to decline Part B) with no penalty. You will
■■
You pay higher premiums.
receive a Medicare information packet 3 months before your 65th birthday.
■■
The longer you go without coverage, the higher the premiums.
Part A, Part B or Part C
Initial Enrollment
−− Coverage starts July 1
If you are turning 65, you can enroll without penalty during the 7 month period that begins
3 months before the month you turn 65, includes the month you turn 65, and ends
3 months after the month you turn 65.
You will not automatically get a Medicare information packet; you must contact Social
Security to request it and sign up.
−− Each year from Jan. 1 to March 31
Part D
−− Each year from Oct. 15 to Dec. 7
−− Coverage starts Jan. 1
Medigap
−− No general enrollment period; You can apply anytime, but
Medigap insurers can deny covering you based on health
status or charge you higher premiums
Special Enrollment
You do not need to enroll in Medicare at 65 if you or your spouse/domestic partner are
working and you are enrolled for employer-sponsored coverage (this does not include
COBRA, Silver Passport or retiree coverage).
Once employer-sponsored coverage ends, to avoid late penalties you have:
■■
8 months to enroll in Parts A and B or C
■■
60 days to enroll in Part D.
Medigap Open Enrollment
To avoid late penalties, you have a 6-month period starting the day you enroll in Part B to
enroll in any Medigap policy sold in your state, even if you have health problems, for the
same price as people with good health; some states may have additional open enrollment
rights under state law.
If you apply later, there is no guarantee an insurance company will sell you a Medigap policy
if you don’t meet their medical underwriting requirements.
28
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
MEDICARE – WHAT YOU NEED TO KNOW…
…IF WORKING AFTER 65:
■■
■■
…ABOUT COBRA:
You may keep your Cedars-Sinai medical coverage as long as you are working 20 or more
Although you could be covered by both COBRA and Medicare, there are drawbacks to enrolling
hours a week in a benefit-eligible job.
in COBRA if you are eligible for Medicare:
You may be covered by a Cedars-Sinai medical plan (as a working employee) and
■■
you enroll in Part B after your 65th birthday (initial enrollment period), you will be
Medicare at the same time.
■■
penalized with a lifetime of higher Part B premiums.
You’ll need to decide if double coverage is worth the cost:
−−
−−
■■
If enrolling in Medicare after electing COBRA, your COBRA coverage can be terminated.
You pay your share of your Cedars-Sinai medical plan premiums plus your Medicare
When you turn 65, the COBRA Administrator (EBMS) will send you a form asking about other
Part B premiums (there is usually no premium for Part A), even if you don’t use the
coverage. If you respond you are covered by any part of Medicare, your COBRA coverage will
benefits
be canceled; otherwise, COBRA benefits will continue through your 18th month of coverage.
Your Cedars-Sinai plan and Medicare coordinate benefits so that the total payment
■■
(from both plans) equals the benefit from the plan with the richer benefits. Cedars-Sinai
an active employee.
healthcare bills first; Medicare pays only if Medicare covers a higher percentage of the
service than the Cedars-Sinai plan. You still pay the co-payments and co-insurance
(or uncovered amounts).
Enrolling in Medicare is a qualified life event; you may drop your Cedars-Sinai coverage
If enrolling in Medicare before electing COBRA, double coverage is permitted. In this
situation, you have to enroll in Medicare while covered by the Cedars-Sinai medical plan as
plan is primary (for the working employee, but not spouse) which means it pays your
■■
Coverage through COBRA is NOT considered coverage as a working employee, and if
■■
You pay both COBRA premiums and Medicare premiums.
■■
If you enroll in both COBRA and Medicare and you’re retired, Medicare is primary and pays
first, and COBRA is secondary.
within 30 days after Medicare coverage starts.
−−
If you miss the 30-day deadline, you’ll have to wait until the next Annual Enrollment to
drop your coverage (effective July 1)
−−
If you drop your coverage during your 30-day qualified life event period, covered
family members may continue their coverage on a self-pay basis through COBRA;
if you drop coverage during Annual Enrollment, covered family members will not be
eligible for COBRA.
For Medicare Parts A and B Special Enrollment
– neither COBRA nor retiree coverage count as being covered
To qualify for Medicare special enrollment your medical coverage must be based on current
employment. COBRA (or Silver Passport or retiree coverage) is NOT considered coverage
based on current employment for Medicare Parts A and B enrollment. If you delay enrolling
in Medicare (past your initial enrollment period) because you have healthcare coverage
through COBRA or an employer’s retiree plan, you will be charged a higher monthly
premium.
For Medicare Part D, the late enrollment penalty does not apply if enrolling in a Medicare drug
plan following COBRA coverage, as long as your prescription drug coverage is considered
“creditable coverage” and you enroll within 60 days of losing prescription drug coverage
through COBRA. (The prescription drug coverage under Cedars-Sinai medical plans is
creditable coverage.)
29
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare
WHAT TO DO WHEN
SIGNING UP FOR MEDICARE – WHAT YOU NEED TO DO:
At least 6 months before you want to enroll, start researching your Medicare options.
■■
■■
Gather any documentation needed to enroll.
Medicare has an easy-to-understand, but long, handbook, which they mailed to you about
If you enroll during your special enrollment period, you’ll need to provide evidence that
3 months before your 65th birthday. You can download this booklet at Medicare.gov
you’re not enrolling late and you’re eligible for lower premiums.
(search Medicare & You).
−−
Contact Anthem for a Certificate of Creditable Coverage (Medical)
Visit Medicare’s website: Medicare.gov.
−−
Because Rx benefits aren’t through Anthem, you can request a personalized Certificate of
Creditable Coverage to enroll in a Medicare drug plan from the MBC HR/Benefits Help Desk.
■■
Personalized Medicare Assistance
You can get personalized assistance deciding when to start Medicare and which options
are best for you (if you still have active employee medical coverage).
Medicare may ask you to complete their Request for Employment Information
In California – Health Insurance Counseling and Advocacy Program (HICAP):
(and covered) by Cedars-Sinai, let the representative know your anticipated last day of
−−
Phone:800-434-0222
−−
Website: employment.
Medicare counseling. Contact Medicare to find the SHIP office for your state:
−−
Phone: 800-633-4227 (Medicare)
−−
Website: Medicare.gov/contacts Search SHIP-State Health Insurance Assistance Programs and your state.
If you have questions about Medicare Supplement (Medigap), Medicare Advantage
−−
818-355-7186
−−
[email protected]
■■
Web: Medicare.gov
■■
Phone:
800-633-4227 (Medicare)
800-772-1213 (Social Security)
Enroll in Medicare Part A. If not starting Social Security payments at 65, sign up for
Medicare Part A during your initial enrollment – even if you are still employed and covered
by a Cedars-Sinai medical plan. If you’re covered by both Medicare and a Cedars-Sinai
medical plan (as an employee), the Cedars-Sinai plan will be primary and pay first.
Enroll in Medicare Part B.
Determine the best time to enroll to make sure your benefits start when you want.
Enroll in a Medicare drug plan/Part D or a Medicare Advantage Plan (Part C) during
your initial enrollment period or special enrollment period (defined on page 26). Depending
−−
It takes a few months for your application to be processed.
−−
If nearing 65 (or older), you may want to enroll a few months before you retire so your
Medicare coverage starts the first day of the month after your Cedars-Sinai coverage ends.
If you enroll during or after the month you turn 65, your Medicare coverage start date
will be delayed up to 3 months.
−−
Enroll Online at Medicare.gov or
Visit Your Local Social Security Office:
or Part D policies and want to talk to a local Anthem Field Representative, contact
Lysa Crawford:
−−
[email protected] for help completing the form. If you’re still employed
CaHealthAdvocates.org
Outside California – State Health Insurance Assistance Programs (SHIP) offer personalized
■■
form (CMS-L564). Contact the MBC HR/Benefits Help Desk at 888-302-3941 or
You should also consider when you plan to stop working and when you will lose your
on where you live, you may be able to enroll in a Medicare Advantage plan during your
initial enrollment period, or you may have to enroll in Parts A, B and D, and then switch to a
Medicare Advantage plan during Medicare’s annual election period, Oct. 15 – Dec. 7
for coverage starting Jan. 1.
Enroll in a Medigap policy, as long as you’re not enrolling in a Medicare Advantage Plan.
coverage as an active employee (your Cedars-Sinai healthcare coverage ends the last day
of the month you leave), to avoid penalties for late enrollment.
30
Administrative
Matters
Healthcare
Healthfund
FSA
Time Off
403(b) Plan
DB Plan
DC Plan
Retirement
Soc Sec &
Medicare

What to do when leaving - Cedars

Transcription

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