Did you know that when you retire from UAMS, you may be eligible to continue your medical coverage, dental coverage and a $10,000 life insurance policy?

The definition of a “retiree” for insurance purposes is someone who at the time they leave the University’s employment:  1) has been covered under the insurance plan for the past ten consecutive years, (2) has worked for the University of Arkansas for ten consecutive years; and (3) has a combined age and continuous years of U of A service equal to 70 or more.     For example, if you are age 48 and have worked at UAMS for 25 years, and have been covered under the benefits plans for at least the last ten years prior to retirement, you would be able to continue those three plans as a retiree.   

Here are the current retiree insurance rates.    Please be aware that these rates are subject to change and may be different when you retire.  If you currently work full-time, your department is paying at least 65% of your medical premium and 50% of your dental premium.   As a retiree you would pay 100% of the total premium to maintain coverage.  

You can pick and choose from the three retiree plans.   For example, if you want to elect the $10,000 life policy but not the medical or dental coverage, you may do so.   You have 31 days from your retirement date to elect the plan(s) you’d like to continue.    There are three forms that you would need to fill out to elect retiree coverage – Retiree Benefits Election Form, Authorization Agreement for Direct Debit for Retirees, and Notice of Change of Beneficiary. 

If you do not meet the “retiree” criteria, you may still be eligible to continue your medical, dental and vision coverage for up to 18 months under COBRA.     You’ll find information about this in What happens to my benefits if I leave UAMS.

If you are covered under Medicare at the time you retire, your medical coverage would change to “supplemental” and be secondary to Medicare.    To help you understand what Medicare Parts A, B and D are about and if you need to sign up for them, how your U of A medical coverage coordinates with Medicare, and tips on applying for Social Security, please refer to Medicare & Your UA Medical Benefits, Medicare  Primary Payor, Now that I’m retired, on Medicare and Important Notice from the UA About Your Prescription Drug Coverage and Medicare (Creditable Coverage).

Please refer to the Medical Plans Comparison that describes the coverage differences between the Classic and Point of Service plans.   As a retiree, you will have the option to change between these two plans at the end of each year, same as you have now.    If you are moving out of state without access to QualChoice providers and are not yet on Medicare, you should consider changing to the Alternative Point of Service medical plan.    

As you get closer to your retirement date, we recommend you set up an appointment with one of our Human Resources Senior Consultants.   They will assist you with your retiree benefit elections.    We also recommend you schedule an individual appointment with a TIAA-CREF or Fidelity representative at least three months prior to making withdrawals from your retirement plan.   Please contact our office at 686-5650 for assistance. 

Happy Retirement!