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Retired Medical Insurance Coverage

Faculty & Staff – under age 65

Active Plan

If an employee elects to retire under one of the University’s Early Retirement Plans, he or she will receive University medical insurance benefits until the age of 65, on the same basis as if he or she had continued service as an active employee.

The medical insurance benefit will be administered in accordance with applicable medical plan documents.

A retired employee under the age of 65 has the option to continue coverage for eligible dependents: spouse (until he or she becomes eligible for Medicare) and children (until the end of the calendar year in which the child turns 26) in a University medical insurance plan. The retired employee will be responsible for paying the employee cost for dependent coverage.

Should the retiree predecease his or her dependent(s), the eligible spouse and children will be offered COBRA for up to thirty-six (36) months.

When an employee who has elected to retire early under either plan reaches the age of 65, he or she will cease participation in the medical plan for active employees.

Faculty & Staff – 65 or over

Post-Retirement Health Insurance (Medicare Supplement Plan)

Eligibility

Staff: Full-time staff employees hired on or before July 1, 1992 who have been continuously employed since their hire date and retire after turning age 65 or under the Early Retirement Plan for Staff.

Faculty: Continuously employed in a full-time permanent position prior to August 31, 2003 and retire after turning age 65 or under the Early Retirement Plan for Tenured Faculty.

The extent of an employee's coverage under this benefit is a condition of the employee reaching the age of 65, his or her date of hire, and length of continuous service.

This section pertains to retirees who are eligible for Medicare. If taking an early retirement, then refer to Early Retirement Plan section.

Cost for Eligible Retirees

The University places a cost cap on the employer contribution to this benefit for the employee. Once the cost cap is reached, the employee is responsible for any co-payment and the resulting balance.

20 years of continuous service at retirement: Full payment of the monthly premium for the employee is paid by the University until the cost cap ($2,400/year) is reached.

15 years of continuous service at retirement: 66% of the monthly premium for the employee is paid by the University until the cost cap ($1,600/year) is reached.

Eligibility for Full Retirement Benefits for Social Security

Beginning with persons born in 1938, the full retirement age will gradually increase from the age of 65, eventually reaching the age of 67 for persons born in 1960 and later.

For information regarding full retirement age eligibility requirements, please visit the Social Security website.

Enrollment

Pre-65 retirees: Enrollment in the Medicare Supplement Plan will be effective the first of the month the employee turns 65.

Post-65 retirees: Enrollment in the Medicare Supplement Plan will be the first of the month following the retirement date.

If the employee is not participating in the University medical plan for active employees at the time of retirement or chooses to drop the active plan after retirement and wishes to be on the University Medicare Supplement Plan at age 65, the retiree is responsible for notifying Human Resources at least three months prior to their 65th birthday. Failure to do so will eliminate the retiree from eligibility for the Medicare Supplement.

Enrollment - Spouse

If the employee's spouse was covered under the University medical plan at the time the employee retires, then the spouse may enroll in the University Medicare Supplement Plan. The spouse is not eligible to enroll in this plan until the retiree is eligible to enroll. The employee is responsible for the full cost of the premium for the spouse. Should the retired employee predecease his or her spouse, the spouse may continue his or her Medicare Supplement Plan at full cost. In the event that the spouse does not want to continue the Medicare Supplement Plan, termination of spousal coverage following the employee's death will be effective on the last day of the month following the month in which the employee's death occurred. This only applies if the spouse is on the Medicare Supplement Plan. If the spouse is on an active medical plan, then he or she will be offered COBRA for up to thirty-six (36) months.

Post-Retirement Health Insurance

Medicare Part B Supplement

Hartford Plan (retiring on or after 01/01/1993)

Hartford Plan (closed plan, retired before or on 12/31/1992)

Medicare Part D

AARP Prescription Benefit Plan