Retiree Health Premiums and Coverage (HR31)

SUBJECT:
Retiree Health Premiums and Coverage

PURPOSE:
Establish Eligibility and Premium Costs for Retiree Health Insurance

POLICY:
Graceland University benefits-eligible retirees (worked 1560 hours in the year prior to retirement) will be eligible for health insurance according the following criteria:

Employee must be at least age 55 and less than age 65.

Employees will pay health premiums based on the following schedule:

Less than 7 years of service:	Retiree pays full cost of coverage.
7 years to 14 years of service:	Retiree pays 75% of the cost of coverage.
15 years or greater	Retiree pays the current employee cost of coverage

Upon attainment of age 65 (Medicare eligibility age) the employee and/or spouse will transition off the Graceland plan and on to Medicare.

PROCEDURE:
Employee requests continuation of health coverage by contacting Human Resources prior to retirement.

Retiree continues coverage by sending in a check by the 15th of each month for the upcoming months coverage.