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HI SB1315
Bill
AI Summary
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Excludes state and county retired employees hired after June 30, 2023, and their spouses from reimbursement of Medicare income-related monthly adjustment amounts (IRMAA) as part of Medicare Part B premium payments.
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Current retirees, vested and terminated employees, and current employees are not affected by this change.
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The State currently reimburses approximately $98,000,000 annually for Medicare Part B premiums, of which approximately $8,500,000 is IRMAA costs.
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Estimated to reduce future state annual required contributions by $400,000,000 over a thirty-year period through elimination of IRMAA reimbursement for new hires.
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Effective July 1, 2050.
Legislative Description
Relating To The Hawaii Employer-union Health Benefits Trust Fund Medicare Part B Premium Reimbursement.
Hawaii Employer-union Health Benefits Trust Fund Medicare Part B Premium Reimbursement
Last Action
Act 041, 06/01/2023 (Gov. Msg. No. 1141).
6/1/2023