Sadly, covid cases are once again spiking. The seven-day rolling average of new cases is above 60,000 and it appears to be rising. Deaths due to covid have also risen three percent (3%). Which is astounding once you consider that the number of deaths typically rise a couple of weeks after the increase in new cases.
Newsletter
A MEDICAL IDENTIFICATION CARD GUIDE FOR RETIREES WITH UNITED HEALTHCARE COVERAGE.
If you are confused as to which medical identification card to utilize when seeking dental, medical, pharmaceutical or vision card, we have created the following guide for you.
DENTAL BENEFIT INCREASE FOR RETIREES IN THE UNITED HEALTHCARE MEDICARE ADVANTAGE PROGRAM.
As a reminder, effective January 1, 2021, retired participants who are enrolled within the United HealthCare Medicare Advantage Program, have had their annual family dental allowance increased by fifty percent (50%). The new annual family dental allowance is $750.00.
If you seek dental care, make sure that you follow the guide above, and present the MagnaCare card to your dental provider at the time of service.
DECREASE OF THE MONTHLY HEALTH AND BENEFIT OUT OF POCKET EXPENSE FOR RETIREES WHO HAVE OBTAINED THE AGE OF 65 OR OLDER.
Effective, January 1, 2021, the cost of the monthly retiree Health and Benefit Plan’s coverage for retired participants was reduced from $630 a month to $550 a month.
EDUCATIONAL TELECONFERENCE FOR THE UNITED HEALTHCARE MEDICARE ADVANTAGE PROGRAM WITH SUPPLEMENTAL PART D COVERAGE THROUGH SAVRX.
To date there have been five educational teleconferences on the new United HealthCare Medicare Advantage Program with supplemental Part D coverage through SavRx. We thank those who not only attended the previous teleconferences but contributed with their excellent questions and comments.
THE EVER GIVEN AND HRA DEBIT CARDS
It took 18 tugboats, a dredger and over six days, but it got done. The “Ever Given” was finally freed from the banks of the Suez Canal this week.
What does that have to do with your HRA debit card, you ask? Well, if you are willing to admit that you understand as much about liberating golden class container ships from man-made canals as you do about how to properly use the Plan’s HRA debit card, read on! The following tutorial is for you.
VOLUNTARY CONTRIBUTIONS REMINDER
Effective January 1, 2021, participants are permitted to make voluntary contributions into their MPP&T account.
Want to know a little bit more about the voluntary contribution program, read the brief synopsis directly below, or click on the term “Voluntary” under the section titled “Annuity” found on the left side of the Annuity Fund landing page.
NEW SECOND LOAN PROVISION
Effective, April 1, 2021, every Money Purchase Plan and Trust (MPP&T) participant will be permitted to have a maximum of two outstanding loans at any one time. Pursuant to Internal Revenue Service (IRS) regulations, the combined total of any outstanding loans cannot exceed the lessor of: half of the balance of the participants account balance; or $50,000.00.
If I defaulted on a loan previously, will I be able to obtain a second loan?
Perhaps.
NEW SEPARATION OF SERVICE PROVISION FOR MONEY PURCHASE PLAN & TRUST PARTICIPANTS
Effective, April 1, 2021, Money Purchase Plan and Trust (MPP&T) participants who have obtained the age of 59 ½ AND have experienced a separation of service of thirty (30) consecutive days or more, will be permitted to make a once in a lifetime withdrawal of up to half of their MPP&T account balance, not to exceed $100,000.00.
Keep in mind that by law, any withdrawal of pre-tax contributions (employer contributions) will become taxable in the year that the monies are received.
PENSION INCREASE
As previously communicated, effective January 1, 2021,
The maximum benefit accrual rate per Pension credit was increased from $78.50 to $80.75.
Retirees were provided with a 1% increase in their monthly benefit.