RETIREMENT
Retiree Medical
The Eaton Retiree Medical Plan offers medical benefits for eligible retirees and their eligible dependents. The Plan offers coverage for a wide range of medical services from routine and preventive services to certain hospital services, emergency services, specialized treatment facilities and surgical services. Additionally, the plan offers a Prescription Drug Program, which covers charges for medically necessary drugs requiring a physician’s written prescription.
You can choose from several retiree medical plan options, depending on your dependents’ Medicare eligibility. To learn more about what is covered under each option, review the plan comparison chart or visit https://retiree.uhc.com/eatonmapd.
Eligibility and Enrollment
Generally, to be eligible for retiree medical coverage, you need to have at least 10 years of service and be at least 55 years old. When you first become eligible for retiree medical coverage under the Plan, the Eaton Service Center at Fidelity will provide you with a Personal Fact Sheet indicating the Retiree Medical Plan options available to you and your monthly contribution for each.
If you are participating in Eaton employee medical coverage immediately prior to becoming eligible for retiree benefits, you and your covered dependents will be automatically enrolled in Eaton retiree medical coverage. You will have until the 45-day enrollment deadline shown on your Personal Fact Sheet to make the following changes to that coverage:
- Elect a different retiree medical plan
- Add or remove eligible dependents
- Elect to have no medical coverage
If you are not participating in Eaton employee medical coverage immediately prior to becoming eligible for retiree benefits, you will need to enroll in Eaton retiree medical coverage if you wish to have coverage for yourself and your eligible dependents. You will have until the 45-day enrollment deadline shown on your Personal Fact Sheet to enroll in coverage.
Note: If you are a Medicare-eligible retiree and do not enroll within 45 days of becoming Medicare eligible, or if you cancel coverage later, you and your dependents will not be able to re-enroll and participate in the Eaton post-Medicare plans.
Cost of Coverage
You are required to contribute to the cost of your Plan coverage. The Eaton Service Center at Fidelity bills you monthly for the cost of retiree medical coverage, or you can arrange to have contributions automatically deducted from a bank account or from your Eaton pension plan payment, if applicable.
Your cost for retiree medical coverage depends on a variety of factors including:
- The Plan option you choose,
- Your coverage level,
- Your Medicare eligibility and that of your covered dependents, and
- Eaton’s contribution, if any, to the cost on your behalf. For certain eligible employees generally hired before 2002, Eaton may provide a subsidy toward the cost of coverage based on your years of service, the type of plan you select, and your and your dependents’ eligibility for Medicare. Contact Fidelity if you have questions about whether you are eligible for subsidy.
For more information, review the checklist on the Pre-Retiree or Retiree page or read these Retiree Benefits Highlights.
2024 Retiree Contributions: Non-Medicare-Eligible
| PLAN DESCRIPTION | RETIREE/SURVIVING SPOUSE | SPOUSE/DOMESTIC PARTNER |
|---|---|---|
| UHC Retiree Standard 80/20 PPO | $1,372.00 | $1,372.00 |
| UHC Retiree Standard 80/20 Indemnity | $1,372.00 | $1,372.00 |
| UHC Retiree Low 80/20 Indemnity | $1,274.00 | $1,274.00 |
| UHC Retiree Standard 80/20 MAPD | N/A | N/A |
| UHC Retiree Low 80/20 MAPD | N/A | N/A |
2024 Retiree Contributions: Medicare-Eligible
| PLAN DESCRIPTION | RETIREE/SURVIVING SPOUSE | SPOUSE/DOMESTIC PARTNER | PER CHILD (UP TO 3) |
|---|---|---|---|
| UHC Retiree Standard 80/20 PPO | N/A | N/A | $1,372.00 |
| UHC Retiree Standard 80/20 Indemnity | $565.00 | $565.00 | $1,372.00 |
| UHC Retiree Low 80/20 Indemnity | $432.00 | $432.00 | $1,274.00 |
| UHC Retiree Standard 80/20 MAPD | $134.19 | $134.19 | $134.19 |
| UHC Retiree Low 80/20 MAPD | $107.44 | $107.44 | $214.88 |
Turning 65 and still working?
Turning age 65 is considered a milestone for several reasons, one of which is becoming eligible for Medicare. You have the option to enroll in Medicare as early as 90 days prior to your 65th birthday or you can delay enrollment until you retire if you are planning to continue employment beyond age 65. While you remain a current employee, you do not need Medicare coverage as long as you are enrolled in an Eaton active employee medical plan and you remain employed by Eaton. Please consult with your local Social Security office to determine if enrolling in Medicare is the right option for you while you are still actively working.
Go to the Pre-Retiree or Retiree page to find out what you should know and what steps you should take.
Planning on retiring or already retired?
Are you thinking about your retirement, or already retired? See the Pre-Retiree or Retiree page to review the steps you may want to take in the months leading up to your last day worked, and information on what you can expect when you head into retirement and receive your benefits.