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.
| INDEX: Retiree Health Coverage | Human Resources 31 (HR31) |
| Approved by University Council 2002 ? | |
| See also: |
