Planning for Retirement : Health Insurance

Overview

Retirees of the state can purchase the same medical and dental insurance as active state employees. Retirees are able to insure eligible family members under the same rules as active employees, and are able to change plans during the normal open enrollment period.

Cost
Maintaining insurance during retirement is far more expensive than during employment, when the university pays the majority of the premiums. The rates for retirees vary depending on the plan (i.e. Group Health or Uniform Medical) and whether the retiree and/or spouse have reached age 65. Those who are under age 65 pay higher premiums because they are not yet eligible for Medicare.

Retirees and/or their spouses who have reached age 65 must enroll in Medicare parts A and B. There is no cost for part A. The cost for part B is deducted from your Social Security check. For rates, see the Medicare overview. For more information about Medicare, visit their website at: www.medicare.gov.

NOTE: The University and the Benefits Office staff cannot provide investment advice to employees.