On August 27, 2012, the Board voted and approved a change to the basic life insurance benefit for retirees. Beginning January 1, 2013, all retiree basic life insurance for those under age 70 will be capped at $25,000, until the retirees turn age 70. At the age of 70, the benefit reduces to $7,500.
For retirees over age 70 there is no change to your $7,500 life insurance benefit. Retirees should maintain current beneficiary information with EBRPSS’ benefits department.
Retired participants of the EBRPSS medical plans and their covered dependent spouses, who reach age sixty-five (65) on or after June 1, 2005, must enroll in Medicare Parts A and B in order for their claims to be paid under this Plan. If a retired participant or covered spouse is eligible for Medicare, but do not enroll for Parts A and B, the claims of the person eligible for Medicare will be denied.
There are three (3) times when retirees can sign up for Medicare Part B:
1. Initial Enrollment Period (when you turn 65),
2. General Enrollment Period (January 1 thru March 31 each year),
3. Special Enrollment Period (waited to enroll in Part B because you were still working full-time with EBRPSS)
Retirees not eligible for Medicare may continue the EBRPSS plan; however, the premium structure in future years will reflect a non-Medicare rate.