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AFA US Airways MEC E-Line - "Staying Informed" |
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Dear Members, FYI... for future retirees who are planning their retirement and deciding whether to accept USAirways retirement medical covered in our ratified collective bargaining agreement using your sick bank to offset premium, OR deciding to cash in your bank, and take COBRA for 18 months, there is some distinction on what medical plan qualifies for HCTC. For the purpose of distinction on the difference with what to choose and how it will benefit your situation or not, if you accept the company's medical benefits in our CBA, utilizing sick bank to apply toward the premium, YOU WILL NOT QUALIFY FOR HCTC, as USAirways is not a "qualifying plan". AFA Legal is still investigating on whether USAirways retirement medical qualifies, and if not, why? In order to take advantage of the HCTC tax credit, the medical plan must be a "qualifying plan" under the guidelines of the IRS. COBRA is one of the plans that is considered to be an HCTC "qualifying plan", and selecting COBRA, you may participate in the HCTC according to the IRS. AFA's is not giving advice on either selection, we are just providing you some information that may help you make the right decision for your individual circumstances. Below is a letter from Vice President John Hedblom regarding benefits for retirees. Please read it carefully. Teddy MEC President, AFA-CWA Per John Hedblom, Employee Relations Vice President: IMPORTANT NOTICE TO RETIREES If you are already retired and want to continue medical coverage under COBRA after March 1, 2005, there is no need for you to contact US Airways at this time. Please do not call the Benefit Center now if you plan to elect COBRA coverage. This will give active IAMAW and Non-Union employees who are considering retirement by March 1, 2005, an opportunity to have their calls answered on a more timely basis. You will receive a COBRA notice regarding the US Airways COBRA medical coverage and you will then have the opportunity to accept or reject that COBRA coverage. Once you receive the COBRA notice, you can begin the process of applying for the Health Coverage Tax Credit (HCTC) to reduce your monthly costs. If you expect to elect COBRA coverage, you should review information regarding the HCTC at the following web site: http://www.irs.gov/individuals/article/0,,id=109915,00.html If you believe that you will not elect COBRA coverage, you should look into other medical coverage (not offered by US Airways) now so that you do not have a break in coverage after March 1, 2005. :-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:
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