b"Subsidy ProgramHealth Insurance PremiumExample: If your Medicare Part B Premium cost (after CTPF retirees whose final teaching service was with thededucting non-reimbursable fees) is $100 and the Chicago Public, Charter or Contract Schools may qualify forapproved subsidy percentage is 60%, CTPF adds $60 to a partial subsidy of their insurance premiums.your pension benefit. You must make your Part B payment A member receiving a survivor's pension may also directly to Medicare. qualify for a subsidy. The amount CTPF can spend on annuitant healthSubsidy for CTPF Medicare Plansinsurance is limited by state law. Each year, the CTPFIf you are enrolled in a CTPF Medicare health insurance Board of Trustees sets a premium subsidy amount. Theplan, your share of the monthly plan cost is deducted from subsidy for plan year 2024 is 60% of the total premiumyour pension benefit. cost (certain limitations may apply). The subsidy is subject to change at the discretion of the Board.Example: If your monthly premium is $300, and the Premium cost for dependent coverage is not eligible forapproved subsidy percentage is 60%, CTPF deducts $120 the subsidy. from your monthly pension for the premium cost, and Subsidy for Medicare pays the remaining $180 on your behalf. Outside Rebate Subsidy for Non-CTPF provides a premium subsidy for Medicare Part B and Part D coverage. Members with a pension benefitCTPF Health Insurance Planseffective date prior to July 1, 2016, also receive a subsidyMembers enrolled in non-CTPF health insurance plans for Medicare Part A (for members who must pay aand/or Medicare may be eligible for a subsidy, subject to premium).maximum reimbursement amounts published annually. Costs Not Subsidized The maximum reimbursement amount will be based on CTPF does not subsidize Medicare penalties orCTPFs least expensive Medicare health insurance (medical adjustments. If you are disenrolled from Medicare forand prescription coverage) plan option.any reason, CTPF may recoup any overpaid premiumAn application is mailed in the spring to eligible members subsidy from your pension check.who are not enrolled in a CTPF health insurance plan. The subsidy is paid out retroactively for the year prior in Paying for Medicare Part A an annual payment. Premium payment documentation Annuitants enrolled in a CTPF Medicare health insuranceis required and is explained on the application. If all plan who must also pay a premium for Medicare Partsupporting documentation is received and the member A must enroll in CTPFs MedPay Program. Under thisis entitled to a payout, the applications are processed program, CTPF makes Medicare Part A, Part B, andapproximately 90 days after receipt. Payouts are Income-Related Monthly Adjustment Amount (IRMAA)performed at the end of each month. Be sure to look Part B premium payments on your behalf, and deductsfor the webinar notifications to assist in completing the your share (after the applicable premium subsidy) fromnecessary application and supporting documentation. your pension benefit. See Medicare Premium Payment section for more information. New deadline this year: The application and supporting Paying for Medicare Part B documentation are due by July 31 steach year.Medicare will bill you for your Part B Premium unless you receive a Social Security benefit or qualify for and enroll in CTPFs MedPay program. If you make Part B payments directly to Medicare, CTPF provides a subsidy by adding 60% of the premium cost to your pension benefit. CTPF 2024 MEDICARE HEALTH INSURANCE HANDBOOK CTPF 2024 MEDICARE HEALTH INSURANCE HANDBOOK 11"