State Of Il Employees Health Insurance

State Of Il Employees Health Insurance – The 2023 Medicare Advantage drug enrollment open period will run from November 1 to November 30, 2022.

The State of Illinois offers pension programs to retirees, annuities, and survivors (the State Employees Group Insurance Program (SEGIP), the Teacher Retirement Insurance Program (TRIP), and the College Insurance Program (CIP)). health called Total Retiree Advantage Illinois (STAZA). ). This program provides Medicare-eligible members and those covered by health insurance and prescription drugs through TRAIL Medicare Advantage Prescription Drug Plans (commonly referred to as “MAPD”).

State Of Il Employees Health Insurance

State Of Il Employees Health Insurance

Early Enrollment (IE): This is offered to all Medicare retirees and those who are eligible for Medicare within 60 days of their 65th birthday (the youngest enrollee). Early registration is a one-time offer.

Is Health Insurance Pre Tax? A Guide For Small Businesses

Open Enrollment (OE): the annual enrollment period held in the fall of each year. This enrollment period is open to eligible Medicare retirees, survivors, and dependents to change their options, or anyone who previously left or canceled coverage to re-enroll.

During both enrollment opportunities (IE & OE), retirees and survivors eligible for the TRAIL MAPD program will receive

By mail, informing them of their eligibility and a request to enroll or opt out of coverage, during the TRAIL MAPD open enrollment period.

Note: Members currently registered with TRAIL MAPD, you do not need to take any action during open registration. However, if you want to add, drop, or change your current TRAIL MAPD coverage for the 2023 plan, you can complete your change online at or by contacting MiBenefits ( toll free) 844-251-1777 during open enrollment through November. No voting will be allowed before November 1 or after November 30 during the open registration period.

Total Retiree Advantage Illinois (trail) Program

This program provides health, prescription, vision and dental insurance benefits to seniors receiving monthly or annual benefits from the State University Retirement System (SURS) who are employed at an Illinois community college. before they retire.

This program provides health, prescription, vision, dental, and life insurance to certain government officials and elected state employees under their jurisdiction, as well as to retirees, annuities, and survivors of former employees of the House. state services, boards, committees and universities. .

This program provides health insurance and prescription insurance benefits to those receiving monthly benefits or annuities through the Teachers Retirement System (TRS) who are employed by Illinois school districts prior to retirement. There is another state employee benefit that is wreaking havoc on the budget in Illinois: free and substantial health insurance for retired state employees, teachers and college employees.

State Of Il Employees Health Insurance

Over the next 38 years, Illinois spent a total of $168 billion on health insurance for retired employees, according to a new state actuarial report.

Largest Health Insurance Companies Of 2023

State officials say Illinois would need to have $68 billion set aside and invested today to meet the $168 billion in debt in the future. The problem is that the state politicians have not delivered anything.

That $68 billion gap is another financial time bomb. So far, the Illinois legislature has completely ignored it. Unpaid health insurance claims have increased 70 percent since 2007 and are playing a major role in Illinois’ overall pension crisis.

Instead of fully funding future health insurance premiums for retirees, the state pays only the annual premiums earned under the so-called “pay-as-you-go” system. Government payments for claims will grow from $1.3 billion today to nearly $6 billion over the next few decades. Illinoisans can expect those rising prices to strain other state and local government budgets.

Since the state handles SEGIP grants each year, it is on the hook for the entire SEGIP reduction, or $40 billion.

Guide To Labor Laws For Remote Employees

The state accounts for about 57 percent of TRIP’s annual funding, with school districts accounting for the remainder. That means the country is on the hook for more than half of its $26 million passenger service.

The state also pays about 50 percent of CIP’s annual costs, while other colleges pay. That means the state is on the hook for about half of CIP’s $2 billion in debt.

In total, the state is on the hook for $56 billion in retiree health care costs, while community colleges and school districts are responsible for $12 billion.

State Of Il Employees Health Insurance

The new federal accounting rules, GASB 74 and GASB 75, which became effective in 2018, now require state employees to share responsibility for health insurance costs among affected employees based on their share of contributions. age.

State Level Trends In Employer Sponsored Health Insurance (esi), 2014 2018

“GASB 75 states that an employee’s expected long-term contribution efforts are taken into account in determining the employee’s pro rata share… Note that shares will be included pro rata of NOL (Net OPEB Liability) to each individual. the employer’s balance sheet and the pro rata share of OPEB income will be on the individual employer’s financial statements. This is a significant change known as compared to GASB 43 and 45. In those reports, there are no fees or expenses for reporting the financial statements of the individual employee to be calculated.”

Government employees with 20 or more years of service receive free health insurance during retirement. (SEGIP gives government employees a 5 percent discount on their retirement health insurance for each year of service, up to 100 percent for 20 years of service. Retirees who retired before 1998 get free health insurance after only 8 years.)

According to a 2011 study by Mercer on behalf of the Commission on Government Forecasting and Accountability (COGFA), most SEGIP members receive free insurance: “About three-quarters of current retirees have at least twenty years of service so they don’t have. to pay a gift.”

Also analyzed the 2018 State Employees Retirement Database and found that 73 percent of State Employees Retirement System (SERS) members worked the required years to receive free retiree health insurance.

Types Of Employee Benefits You Should Offer Your Staff

The current value of that benefit for service workers ranges from $200,000 to $500,000 for a retiree, depending on the retirement level and the employee’s age, according to a 2016 FOIA obtained by the governor’s office.

Free retiree health insurance provided entirely at an employee’s expense is a rare benefit in the public sector and almost unheard of in the private sector.

A Mercer study found that, on average, state, county and local governments across the country provide retiree benefits that pay only half of their workers in retirement.

State Of Il Employees Health Insurance

Mercer also found that many small and medium-sized employers in the private sector do not offer health benefits to retirees. And 25 percent of large employers (500 or more employees) that offer health insurance benefits for retirees pay, on average, only half the cost of the insurance.

Disability Impacts All Of Us Infographic

TRAP and CIP members receive different benefit packages, less generous, but still receive insurance subsidies of up to 50 to 75 percent of their premiums – subsidies paid for by taxpayers.

Because Illinois operates on a pay-as-you-go basis for retiree health insurance, Illinois is far from paying required contributions, or ARCs, for health benefits. The ARC is a fund that the state says it needs to pay to pay off the current year’s debt and pay off some unpaid bills.

By 2008, the government deficit had reached $42 billion. But instead of paying ARC that year’s $3 billion, Illinois provided only $700 million — the amount needed to pay just that year’s benefits.

The same level of non-payment has continued ever since. Illinois paid retiree health care costs about $3 billion annually between 2008 and 2016 — the most recent year ARC data is available. (The new federal accounting rules, GASB 74 and 75, were fully implemented in 2018. The new rules no longer require actuaries to provide ARCs.)

New Employee Benefits Guide: Plan Year 2016, State Agency Employees

Those annual premium cuts, along with recent accounting changes, have boosted Illinois’ retiree health insurance deficit to $68 billion.

A growing discount is important because annual health care costs for retirees are rising rapidly. By 2027, the cost will be $3 billion annually, with the state responsible for paying more than $2.5 billion of that cost.

Costs are expected to rise in 2047, with the state responsible for paying $4.5 billion of the $5.7 billion in health insurance costs.

State Of Il Employees Health Insurance

Overall, payroll costs will grow by 4.6 percent annually through 2047, putting continued pressure on Illinois’ budget.

Employer Health Insurance Plans For Medium Sized Businesses

Illinois is not alone in treating retiree health care as a fee. Nineteen states have nothing set aside to pay for retiree health care. More than a dozen of them have less than a quarter of their required funds, according to S&P’s 2019 report.

But the level of unemployment is high in Illinois. That’s especially true when you compare the cost of free retiree health care for everyone in Illinois versus our neighboring states.

According to Moody’s Investors Service, as of 2018, each Illinois household is on the hook for more than $11,700 in unpaid retiree health benefits, sixth in the nation (Moody’s uses Illinois’ official without payment of 57 billion dollars). That amount is more than double the national average and six times that of Kentuckians. And that’s many, many times more than what people in states like Wisconsin and Indiana carry.

Illinois’ pension crisis is already the worst in the nation. Keep free health insurance with great savings

State Regulated Health Benefit Plans