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Medical Insurance Plan for Retirees in HQ (RMIP) - Enroll or Add a Dependent

Summary

The Retiree Medical Insurance Plan (RMIP) provides worldwide comprehensive health, dental, and prescription drug insurance to eligible staff and retirees, and their eligible family members for medical plans.

  • Eligibility
  • Enroll yourself and/or eligible family members for medical plans into RMIP
  • Add eligible family members for medical plans to your RMIP after the initial 60 days from the start of RMIP due to Life Events

Eligibility

RMIP is a medical insurance plan for:

  • retirees who were enrolled in the Active Medical Insurance Plan (AMIP) prior to their retirement.
  • staff who otherwise meet the criteria for RMIP (rule of 60 – age + pension service) even if previously not enrolled in the AMIP. They have to submit proof of other coverage for the three year period prior to RMIP effective date when enrolling.
  • eligible family members for medical plans who were enrolled while the staff member was in the active plan, AMIP. The eligibility for family members follows the same rules as the Active MIP.
  • new eligible family members for medical plans acquired after the staff member’s retirement due to marriage, birth, or legal adoption, reported and enrolled within 60 days of the event.

Note:

Within 60 days of the life event, you must also report any event that reduces the number of covered eligible family members for medical plans, such as divorce, death, or child reaching age 26.

  • the surviving spouses or registered domestic partners in the case of death of a retiree participating in the RMIP:
    • Subsidized coverage continues under RMIP in effect at the time of death automatically, if the surviving spouse or registered domestic partner is eligible for survivor pension.
    • Unsubsidized coverage is available for up to 36 months under RMIP in effect at the time of death, via MIP Continuation, if the surviving spouse or registered domestic partner is NOT eligible for survivor pension.
  • the surviving eligible children of retirees. Subsidized coverage continues until the last day of the month that the child reaches age 26.
  • the surviving spouses or registered domestic partners in the case of death of a retiree who had elected to defer RMIP enrollment.
    • Subsidized coverage is available as long as the spouse or registered domestic partner is the same spouse or registered domestic partner to whom the individual was married, or registered domestic partnered at the time of termination.
    • Coverage can commence on the day the deceased individual would have been age 50 or older. Proof of medical insurance coverage for the three years prior to RMIP enrollment is required.

RMIP Options
Your RMIP option depends on your age and length of pensionable service under the Bank Group Staff Retirement Plan (SRP) on your date of separation from the Bank Group as well as in which pension plan you participated while an active staff member.

Retiree Plan 1
You are eligible for the Retiree Plan 1 if you were a participant of SRP on or before April 14, 1998 and upon retirement from the Bank Group you are of age:

  • reached your Normal Retirement Age (NRA).
  • are at least 55 years of age, but less than your NRA with 10 or more years of pensionable service
  • 50 but less than 55 and your pensionable service when added to your age equals 75 or more.

Note:

If you meet any of these three conditions above, you are not eligible to elect Retiree Plan 2.

Staff on Disability

Staff whose claim for long-term disability under Staff Rule 6.22, Disability Insurance Program, has been accepted are eligible for Retiree Plan 1. RMIP 1 coverage is provided during long-term disability without member premium, but members will still be responsible for deductibles, coinsurance and copays. Otherwise, Retiree Plan 1 coverage cannot start prior to age 50. When long-term disability ends, eligibility and premiums for RMIP for the former staff member (or surviving spouse or registered partner) are based on pensionable service and the age of the former staff member on the date that long-term disability ends.

Retiree Plan 1 Buy up
You are eligible for either Retiree Plan 1 at a higher contribution rate than if you were eligible under Section 14.02 or Retiree Plan 2 if you were a participant of SRP on April 14, 1998 and:

  • are age 50 or more; and
  • have at least five years of pensionable service with the Bank Group; and
  • your pensionable service on your last day of service, when added to your age, equals 60 or more; and
  • you are not eligible for Retiree Plan 1 under the provisions above.

    Retirees who elect to buy up to Retiree Plan 1 (or their surviving eligible family members for medical plans) may revert to Retiree Plan 2 effective January 1 of any calendar year as long as the application for such a plan change is made prior to that January 1. Such a reversion decision is irrevocable and irreversible; any retiree (or survivor) who has reverted to Retiree Plan 2 cannot later re-enroll in Retiree Plan 1.


Retiree Plan 2
You are eligible for Retiree Plan 2 if you became a participant of SRP on or after April 15, 1998 and, upon your last day of active service (or long-term disability coverage) in the Bank Group:

  • you have at least five years of pensionable service with the Bank Group; and
  • your pensionable service on your last day of active service, when added to your age, equals 60 or more.

    Retiree Plan 2 coverage cannot start prior to age 50.

Enroll yourself and/or eligible family members for medical plans into RMIP

If you were covered under the AMIP, that coverage ends on the last day of the month in which your service with the Bank Group ends. You must apply for RMIP coverage (if you are eligible) on or before your last day of active service.

You can continue to cover the eligible family members for medical plans you covered under the AMIP. If you acquire an eligible family member for medical plans after you retire, for example through marriage, birth, or legal adoption of a child, you must enroll these new eligible family members for medical plans without submitting medical evidence of good health within 60 days of the marriage, birth, or legal adoption.

Effective January 1, 2011, RMIP members are permitted to cover biological or legally adopted children under age 26 of the retiree, or the current spouse or domestic partner (that is, a step-child) that is registered with the Bank Group.

Note:

Deferral into RMIP

Staff who met the RMIP eligibility criteria prior to their last day of active service may elect to defer the start of their RMIP coverage. Deferral election is the default RMIP enrollment election when a request for immediate RMIP coverage is not received prior to the last day of active service.

The deferral option does not apply to those retirees who retired prior to April 15, 1998.

Step

Action

 

Action by Staff

01

Determine your eligibility by accessing myHR Self-Service and reviewing the benefits:

  • RMIP 1:

Aetna Retiree MIP Plan 1 Summary (may be selected by U.S. and non-U.S. members)

Cigna Retiree MIP Plan 1 Summary (may only be selected if your pension address is outside the U.S.)

  • RMIP 2:

Aetna Retiree MIP Plan 2 Summary (may be selected by U.S. and non-U.S. members)

Cigna Retiree MIP Plan 2 Summary (may only be selected if your pension address is outside the U.S.)

Also, see:

 

02

Complete Form 16 which is personalized and provided as part of your Ending Employment package from HR Operations.

03

Send the completed form to HR Operations before your last day of active service.

04

Pay the premium amount confirmed by HR Operations headquarters.

This is how it works:

  • If you are receiving a pension or annuity from SRP, your RMIP contribution will be deducted from your pension each month.
  • If you are not receiving a pension or annuity from SRP, you must pay your RMIP contribution on a monthly basis via Aetna Direct Billing services. HR Operations will send you instructions for this upon notification that pension deduction is not applicable to your enrollment.

05

Receive a system confirmation email from HR Operations confirming your RMIP election.

06

Receive New RMIP identification cards provided by the insurance administrator you selected within 7 to 10 business days after the effective date of your RMIP.

  • If you elect immediate coverage under the RMIP, it begins automatically from the first day of the following month.
  • If you had deferred the start of your RMIP coverage, your coverage begins on the first of the month following the date the Bank Group receives your request to begin coverage and confirms your proof of other medical insurance coverage during the prior three-year period.

Add eligible family members for medical plans to your RMIP after the initial 60 days from the start of RMIP due to Life Events

Step

Action

 

Action by Staff

01

Contact HR Operations to register new eligible family members for medical plans within 60 days of the life event; birth, marriage.

 

Action by HR

02

If the eligible family members for medical plans is eligible for RMIP coverage, they will be added to your household record and your RMIP premium will be adjusted if the new eligible family members for medical plans moves you to a different coverage level; single to dual or dual to family.

Payment of premiums:

  • If your premiums are deducted from your monthly pension, this change will be recorded automatically.
  • If you pay your RMIP premiums through insurance administrator Aetna, if required, HR Operations must notify Aetna Direct Billing of the change in dependents and any change to your premium.

03

Receive the medical and prescription cards that include the new family members.