Important 2007 Benefit Program Enrollment Reminder !
Folks We Hear Your PAIN!
Scroll To Bottom Of Page For Enrollment Tips From Vi Springer!
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Overthehillcarpeople.com members....rest assured we are doing everything we can to get more assistance with the decisions you must make by November 2, 2006.
From Vi Springer - October 23, 2006
Besides the message
currently on the Discussion Board, I understand that Jack has received a
multitude of other messages in this regard. Thus, I will attempt to simplify
what you received in your package (from my perspective only, no opinion,
and no direction).
Pages 1-3: This is the required notification (per the US Government) for those
eligible for Medicare. It tells you that the General Motors drug coverage is a
good as standard Medicare Prescription Drug Plan and is called "Creditable
Coverage." Your drug coverage with GM will continue if you do NOT join a
Medicare Prescription Drug Plan. If you do join a Medicare Prescription Drug
Plan, you will no longer have GM Prescription Drug coverage. You should
investigate the cost/benefits of both the GM Prescription Plan and the Medicare
Prescription Plan for your personal perspective. One may be better for you than
the other, especially if your income and resources are limited.
You should keep this notice in your files so that if you decide to enroll in
the Medicare coverage after December 31, 2006, you will not be required to pay a
higher premium because you waited. You may need to provide a copy of this letter
to Medicare at the time you decide to enroll with them.
This is all because your existing GM coverage is , on average, as good as the
standard Medicare drug coverage. You will have an opportunity to review whether
you want to stay with the GM coverage or move to the Medicare coverage each
year. If you decide to move to Medicare, beware that you may have a waiting
period and take that into consideration.
The letter goes on to explain the various reasons you may want to make that
consideration and unfortunately, it repeats the same thing in a variety of
different ways, thus causing confusion.
The second page3 is "YOUR PERSONAL FACT SHEET". This page simply
reiterates the coverage for which you are currently enrolled and what it is
costing you. If you are satisfied with this page, you do not need to do
anything except file it in your personal files for future reference.
Page 4 gives you instructions for enrollment "in the event you want to
make changes" as well as costs for coverages you might incur in that event.
Page 5: The first section gives you medical plan quality information for
you to consider if you make changes.
The second section (if you are Medicare eligible) tells you that you have a
special benefit of $76.20. This is the amount of your Medicare Premium that GM
reimburses you for on each monthly retirement check.
The third and fourth sections detail dental and vision coverage and the costs
there of.
Page 6: Talks about Dependent Information. You should review this
carefully to determine if your dependents are listed correctly. Use the
information on this page to make changes if your dependents are not listed
correctly.
Finally on Page 6 are the terms and conditions of the Plans listed in your
packet.
The 2007 Benefit Enrollment-GM Salaried Retiree Benefits. This is a wonderful
overview of your benefit package.
The only "special" item I would note for you here is covered on pages 5 and 13.
BE AWARE THAT ON JANUARY 1, 2017, (slightly more than 10 years away), your BASIC
LIFE INSURANCE (that covered by GM) will be reduced by one half of its current
value (i.e., if you currently have $90,000 of basic life insurance based on your
wages when you last worked, you will then have only $45,000). You should read
this section carefully to determine how it might affect you and what actions you
might wish to take about life insurance after that point in time.
This might also be a good time to review your beneficiaries for all of your GM
benefits (life insurance, stock savings, etc.) and ensure your assets will go
where you want them to in the event of your demise.
I hope this helps somewhat. Please understand that unless I know what your
questions are, I cannot be more specific. I did find that it was beneficial to
read and highlight as I read followed by a rereading a second time. Please feel
free to come back to me if you have some specific questions. Feel free to email
me at vispringerathome@yahoo.com
for private responses. If I see a commonality, I will post information in this
forum.
Reminder:
some packages may vary from mine due to certain eligibilities, so
read your own very carefully. Vi
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