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Medical Benefits Options for Retirees
Posted 12/13/2005
The following is a letter that was sent this week to all faculty and staff by Beverly Maksin, vice president for finance and administration.
Dear Colleagues,
As you may know, an important date is approaching with regard to eligibility for retiree medical benefits. With that in mind, I would like to take this opportunity to remind you of the University’s policies on medical benefits for retired employees.
As previously announced, the University of Hartford has made a commitment to provide subsidized medical benefits for retirees who meet the “75-point rule” (age plus completed years of service [minimum 10] equal 75) by Dec. 31, 2005. Employees who meet the criteria by that date are eligible for subsidized medical benefits regardless of when they choose to retire. Employees who do not meet the “75-point rule” by Dec. 31, 2005 will not be eligible for subsidized medical benefits when they retire.
Earlier this year, the Benefits Task Force, working with the University’s benefits broker and insurance carrier, identified several options that will provide additional choice for those employees who will meet the 75-point criteria after Dec. 31, 2005.
Future retirees who meet the criteria after Dec. 31, 2005 and are under age 65 will be able to purchase United Healthcare coverage that is comparable to the coverage they have as active University employees. The University will not subsidize the cost of this coverage, but retirees will have an opportunity to continue their medical benefits regardless of their current health status, and by purchasing the University’s group plan, they can take advantage of our group rates.
When a retiree attains age 65 and Medicare becomes his/her primary insurance, he/she will have the opportunity to purchase unsubsidized supplemental insurance through the University from United Healthcare, again taking advantage of comprehensive coverage at a group rate.
Some employees who retire prior to age 65 – before they become eligible for Medicare – may decide that it is too expensive to purchase their primary insurance through the University's United Healthcare plan. They may seek other alternatives, such as using a spouse's insurance or exploring other individual insurance products. The Office of Human Resources Development (HRD) will discuss these options as well as provide comparison information for retirees upon notification of retirement.
In order to provide maximum flexibility, the University will allow retirees who use other insurance options to return to a University group plan once they become eligible for Medicare. In other words, if an employee retires prior to the Medicare-eligible age and does not elect to participate in the University's United Healthcare plan for their primary insurance coverage, they may still come back to that plan for their Medicare supplement insurance once they attain age 65. Details on how to exercise this option will be explained by HRD at the time of retirement.
These options reflect the University’s desire to provide retirees with as many choices and as much flexibility as possible. If you would like any additional information on this subject, please feel free to contact your HRD Manager.
Sincerely,
Beverly Maksin Vice President for Finance and Administration Chair, Benefits Task Force
Dear Colleagues,
As you may know, an important date is approaching with regard to eligibility for retiree medical benefits. With that in mind, I would like to take this opportunity to remind you of the University’s policies on medical benefits for retired employees.
As previously announced, the University of Hartford has made a commitment to provide subsidized medical benefits for retirees who meet the “75-point rule” (age plus completed years of service [minimum 10] equal 75) by Dec. 31, 2005. Employees who meet the criteria by that date are eligible for subsidized medical benefits regardless of when they choose to retire. Employees who do not meet the “75-point rule” by Dec. 31, 2005 will not be eligible for subsidized medical benefits when they retire.
Earlier this year, the Benefits Task Force, working with the University’s benefits broker and insurance carrier, identified several options that will provide additional choice for those employees who will meet the 75-point criteria after Dec. 31, 2005.
Future retirees who meet the criteria after Dec. 31, 2005 and are under age 65 will be able to purchase United Healthcare coverage that is comparable to the coverage they have as active University employees. The University will not subsidize the cost of this coverage, but retirees will have an opportunity to continue their medical benefits regardless of their current health status, and by purchasing the University’s group plan, they can take advantage of our group rates.
When a retiree attains age 65 and Medicare becomes his/her primary insurance, he/she will have the opportunity to purchase unsubsidized supplemental insurance through the University from United Healthcare, again taking advantage of comprehensive coverage at a group rate.
Some employees who retire prior to age 65 – before they become eligible for Medicare – may decide that it is too expensive to purchase their primary insurance through the University's United Healthcare plan. They may seek other alternatives, such as using a spouse's insurance or exploring other individual insurance products. The Office of Human Resources Development (HRD) will discuss these options as well as provide comparison information for retirees upon notification of retirement.
In order to provide maximum flexibility, the University will allow retirees who use other insurance options to return to a University group plan once they become eligible for Medicare. In other words, if an employee retires prior to the Medicare-eligible age and does not elect to participate in the University's United Healthcare plan for their primary insurance coverage, they may still come back to that plan for their Medicare supplement insurance once they attain age 65. Details on how to exercise this option will be explained by HRD at the time of retirement.
These options reflect the University’s desire to provide retirees with as many choices and as much flexibility as possible. If you would like any additional information on this subject, please feel free to contact your HRD Manager.
Sincerely,
Beverly Maksin Vice President for Finance and Administration Chair, Benefits Task Force
