Rensselaer retirees have experienced double-digit increases in healthcare premiums by as much as 35 percent annually. To address the escalating medical and prescription costs as well as the needs of retirees living outside the Capital Region, Rensselaer partnered with its medical plan providers Capital
District Physicians’ Health Plan (CDPHP), Anthem Blue Cross & Blue Shield, and the federal government to develop three new medical plan options. Premium costs for medical and prescription drug benefits have now been reduced from $12,000 to $0 annually.
“The Division of Human Resources is pleased to extend to eligible retirees an extremely low-cost, comprehensive medical and prescription drug plan and will continue to strive to maintain affordable retiree health programs,” said Curtis Powell, vice president for human resources.
The first option provides comprehensive and affordable medical and prescription benefits to retirees who live in the Capital Region. The second option was designed for retirees residing outside the Capital Region for no more than six months per year. The third option was designed for those retirees who live outside the Capital Region or reside in the state of Connecticut, where Rensselaer’s Hartford campus is located.
First, the Division of Human Resources unveiled a new CDPHP Group Medicare Preferred Provider Organization (PPO) Plan, with a monthly premium of $34.90; this represents a savings of 82 percent for eligible retirees. In addition, Rensselaer retirees receive a subsidy of up to $85 per month, reducing the final cost to $0. The medical and prescription benefits provided are the same as the Group Medicare Choice HMO Plan and are available to eligible retirees who reside in the 24-county Capital Region service area for at least six months during each calendar year.
Second, the cost of the medical and prescription program implemented in 2006 for retirees who reside in the Capital Region was reduced by 47 percent which now provides eligible retirees with comprehensive coverage for hospital, doctor visits, and prescription drugs at a monthly cost of $105.30. The Rensselaer retiree subsidy of up to $85 per month reduces the final cost to $20.05 per month.
Rensselaer’s Group Medicare Choice plans include continued access to CDPHP’s award-winning disease management, health and wellness classes, and the Complementary and Alternative Medicine programs. Also, retirees are eligible to participate in the SilverSneakers® Fitness Program benefit at no additional cost.
Lastly, retirees living permanently outside the Capital Region, or in Hartford, may take advantage of Anthem Blue Cross and Blue Shield, which offers a retiree health plan at a 45 percent reduction in monthly premiums. The Rensselaer retiree subsidy of up to $85 per month reduces the final cost to $215. A retired couple will now save $5,000 a year with this new offering.
For more information, contact Louis Padula, manager of benefits and retirement, at (518) 276-6164.
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