The New York City Office of Labor and Relations has decided to switch over to a privatized Medicare Advantage plan which will affect upwards of 250,000 New York City retirees.
This means that New York City retirees will be forced out of their fully subsidized Senior Care Supplement plan and into a lower premium Aetna Medicare Advantage plan by September 1, 2023.
Why is this major change happening now?
The Joint Health Insurance Premium Stabilization fund, which is controlled by both New York City and its Unions, is quickly becoming depleted due to rising healthcare costs. They need to cut back on spending, and changing retirees over to the Aetna Medicare Advantage plan will save the city approximately $600 million per year.
What options do NYC retirees have?
The only options currently offered by the city are the new Aetna Medicare Advantage Plan and the HIP VIP Plan.
On September 1, 2023, all Medicare-eligible retirees (and their Medicare-eligible dependents) will be automatically enrolled in the Aetna Medicare Advantage plan (except for retirees already on the HIP VIP Plan).
Keep in mind that you are not obligated to take either of these plans!
Retirees who do not want to be enrolled in either plan must complete a waiver form, submit it back to the NYC Health Benefits Program, AND contact Aetna by June 30, 2023, in order to opt-out.
If you or someone you know will be affected by this transition, be sure to keep any information sent by the city and/or Aetna and make a coverage decision by June 30, 2023.
Remember that Medicare Advantage plans have a doctor network and often require prior authorizations for many services. So, be sure your doctor will accept the coverage before you take it and understand how this new plan will work for you.
Again, you are not obligated to take either of these plans.
If you choose to shop around for a plan on your own, AMAC’s free Medicare Advisory Service is here to help if you need it. Our advisors can tell you which plans cover your doctors and prescriptions at an affordable rate. We are proud to offer plans from multiple companies so you can find coverage that suits your individual needs.
For help with this – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-696-7535 or click the button below.
(Please note that we do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.)
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