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Post Retirement Health Insurance

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POLICY

Aurora University allows individuals retiring from the university the opportunity to continue health insurance coverage, subject to certain stipulations and guidelines.

DEFINITIONS AND GUIDELINES

Eligible Retiree: Individual aged 59½ or older who works for Aurora University in a benefit eligible position and who was hired to work at the Aurora campus prior to 22 April 1996. The individual must have carried medical insurance on the day prior to the retirement day.

All Other Retirees: Individuals hired at the Aurora campus on or after April 22, 1996, or who were employees at George Williams College campus prior to that date, who are in benefited positions with at least 10 continuous calendar years of employment with Aurora University.

Retirement:

• Early Retirement is available upon an employee's attainment of age 59 ½ and completion of at least 10 years continuous employment with Aurora University.
• Full Retirement is available upon an employee's attainment of age 65 and completion of at least 10 years continuous employment with Aurora University.

Insurance continuation:

• Eligible Retirees:
  • An Eligible Retiree, their legal spouse, domestic partner, and eligible dependents may continue health coverage if the eligible retiree, spouse, domestic partner and eligible dependents were covered on the Plan on the day prior to the retirement date. Individuals may only be added or dropped from the Plan after Retirement in accordance with the Plan Guidelines.
  • An Eligible Retiree may continue medical insurance upon retirement by paying cost of the benefit less the university contribution. The current cost is on file in Human Resources. Costs are typically reviewed on an annual basis, individuals will be notified during the Open Enrollment Period of upcoming changes. Employees and their covered spouse/domestic partner are eligible to continue insurance throughout their lifetimes.
  • University contribution levels for eligible retirees
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    Retiree under 65	$138.00 per month
    Retiree/Spouse under 65	$192.00 per month
    Retiree/Family under 65	$232.00 per month
    Retiree over 65	$133.00 per month
    Retiree/Spouse over 65	$183.00 per month
    Retiree under 65/Spouse over 65	$188.00 per month
    Retiree over 65/Spouse under 65	$185.00 per month
    Spouse over 65	$ 50.00 per month

  • Eligible retirees pay for their coverage in advance. Each retiree may choose whether to pay for two, three or six months at a time. Retirees are billed at the start of each calendar year and may select their payment option at that time. Nonpayment will terminate coverage.
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• Individuals in the "All Other Retirees" group may continue insurance under the COBRA guidelines. No coverage beyond that provided under COBRA is extended to this group. A Retiree may continue medical insurance upon retirement by paying the full monthly cost of the benefit as outlined under COBRA. The current cost is on file in Human Resources. Costs are reviewed on an annual basis, individuals will be notified during the Open Enrollment Period of upcoming changes.

Questions regarding this policy should be directed to Human Resources.