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New Options for Retiree Medical Benefits
Posted 2/4/2005
The Benefits Task Force has been working diligently to find alternatives for faculty and staff who will not be eligible for subsidized medical benefits when they retire. This week, the task force announced new options for those employees.
The university 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 December 31, 2005.
Under the new option identified by the Benefits Task Force, future retirees who meet the 75-point rule after December 31, 2005, will now be able to purchase United HealthCare or ConnectiCare coverage that is comparable to the coverage they currently 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.
In addition, the Benefits Task Force recommendations will allow retirees who use other insurance options to return to a University group plan for Medicare supplement insurance once they turn 65.
Read the letter from Benefits Task Force Chair Beverly Maksin reporting on the task force's work with regard to medical benefits for retired faculty and staff.
The university 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 December 31, 2005.
Under the new option identified by the Benefits Task Force, future retirees who meet the 75-point rule after December 31, 2005, will now be able to purchase United HealthCare or ConnectiCare coverage that is comparable to the coverage they currently 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.
In addition, the Benefits Task Force recommendations will allow retirees who use other insurance options to return to a University group plan for Medicare supplement insurance once they turn 65.
Read the letter from Benefits Task Force Chair Beverly Maksin reporting on the task force's work with regard to medical benefits for retired faculty and staff.
