9 CTPF 2027 NON-MEDICARE HEALTH INSURANCE HANDBOOK Health Insurance Premium CTPF retirees whose final teaching service was with the Chicago Public, Charter or Contract Schools may qualify for a partial subsidy of their insurance premiums. A member receiving a survivor's pension may also qualify for a subsidy. The amount CTPF can spend on annuitant health insurance is limited by state law. Each year, the CTPF Board of Trustees sets a premium subsidy amount. The subsidy for plan year 2027 is 55% of the total premium cost (certain limitations may apply). The subsidy is subject to change at the discretion of the Board. Premium cost for dependent coverage is not eligible for the subsidy. Subsidy for CTPF Non-Medicare Eligible Plans If you are enrolled in a CTPF Non-Medicare health insurance plan, your share of the monthly plan cost is deducted from your pension benefit. Example: If your monthly premium is $1,000, and the approved subsidy percentage is 55%, CTPF deducts $450 from your monthly pension for the premium cost, and pays the remaining $550 on your behalf. Subsidy for Chicago Public, Charter, and Contract Schools COBRA If you are enrolled in CPS COBRA continuation coverage, CTPF automatically applies the premium subsidy to your pension benefit. The necessary authorization forms must be on file with CTPF. Notify CTPF immediately if you terminate COBRA coverage to ensure CTPF ceases the premium subsidy. Any premium subsidy paid after termination of COBRA will need to be repaid to CTPF. If you are enrolled in COBRA through a Charter or Contract School, you will be eligible for the annual Outside Rebate Subsidy program (see next section for more details). Outside Rebate Subsidy for Non- CTPF Health Insurance Plans Members enrolled in non-CTPF health insurance plans may be eligible for a subsidy, subject to maximum reimbursement amounts published annually. The maximum reimbursement amount will be based on CTPF’s least expensive Non-Medicare health insurance plan option. An application will be mailed early next year to eligible members who are not enrolled in a CTPF health insurance plan. The subsidy is paid out retroactively for the year prior in an annual payment. Premium payment documentation is required and is explained on the application. If all supporting documentation is received and the member is entitled to a payout, the applications will be processed approximately 90 days after receipt. Payouts are performed at the end of each month. Be sure to look for the webinar notifications to assist in completing the necessary application and supporting documentation. New this year: The application and supporting documentation are due by June 30th each year. Subsidy Program
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