Overview

Retirees between 62 and 65 will not notice any significant changes in health-related benefit coverages.  The coverages and any changes are listed below:

Medical

  • Coverage is the same
  • Contributions (which are now paid on an after-tax basis) remain the same as an active faculty and staff member. 

Dental and Vision

  • Coverage is the same
  • Contributions (which are now paid on an after-tax basis) remain the same as an active faculty and staff member 

Disability Benefits/Salary Continuance

  • Coverage is discontinued upon retirement.  There are some exceptions to this for long-term disability coverage

Life Insurance

  • Basic Life: Eligible retirees receive $1500 for each year of service up to a maximum of $15,000
  • Optional Life:  It is “portable” which means you have the ability to continue optional life insurance at group rates.  No medical underwriting is required.

Long-term Care Insurance

  • Coverage may continue as long as you continue to pay the premium directly to Unum

Retirement Savings

  • You may leave any assets in your retirement account.