HOW IS MEDICARE REIMBURSEMENT CALCULATED?
Empire requires school districts to reimburse retirees with health insurance for the cost of medicare.
Retirees have different contribution rates depending on your contract that was in effect when you retired.
The basic cost of medicare in 2014 was $104.90 each month, and is deducted from your social security check. In recent years, if your income is higher, you may pay more for medicare than someone else. The district will reimburse the total amount the retiree pays, less the portion of your health insurance. If you pay an additional cost for medicare due to your higher income please see notice on website. Medicare will be paid for individual or individual and spouse.
Checks will vary from year to year and from retiree to retiree.
- The Empire rate changes every year.
- The Federal Government may change the Medicare cost.
- What contribution rate for health insurance was in effect when you retired?
- Different bargaining units have different rates;
- Your income may be higher than your fellow retiree which would provide a larger check since you may have paid more for medicare.
- Do you have individual or family insurance?
- When did your pension deduction begin and for what month?
- If you have family are you and your spouse on medicare? Only one of you?
- What month did you turn 65?
Basically you will only be reimbursed for what you paid for medicare, minus what you owe the Herricks School District for your health insurance. The health insurance amount is included on the notice of Monthly Empire Rates sent to each retiree every year.Every retiree is a unique calculation.