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State board’s decision to move retiree pharmacy coverage to Medicare Part D prompts protests from retirees
Summary
The Employee Benefits Division board approved shifting Medicare‑eligible retirees onto Medicare Part D to address a projected plan deficit; retiree representatives said the change was poorly communicated, will raise out‑of‑pocket costs for some beneficiaries and eliminate a federal rebate, and urged alternatives including premium adjustments. The change is scheduled to take effect Jan. 1, 2021.
The Employee Benefits Division (EBD) defended a board decision to move Medicare‑eligible retirees (65+) from the state’s pharmacy plan to Medicare Part D as part of a package of changes the board says are necessary to address a projected roughly $49 million deficit for plan year 2021. The action, approved by the board in August, affects about 13,845 Medicare‑eligible retirees, officials said.
EBD Director Chris Hallett and DFA officials said they reviewed reserves, actuarial projections (Milliman), program initiatives and potential employer‑side changes…
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