Loyola University Chicago

In order to be eligible for University Retiree medical benefits, you must be at least sixty (60) years of age and have completed at least ten years of continuous full-time service within the University, immediately prior to your date of retirement.

Retirement Procedures for employees age 65 and older:

If you have reached age 65 or older and are contemplating retirement, the following items should be considered:

• Research Your Insurance Options- At least 2 months prior to expected retirement date, University Lakeside employees must contact the Human Resources office at the Water Tower campus (x56175), and Stritch School of Medicine employees must contact the HR office at LUMC (x66383), to receive all information on the Loyola University Retiree Health Insurance Plan, and advise HR, in writing, of your decision to retire.  You and your dependents are eligible to participate in the Loyola plan if you are at least sixty years of age and you have completed at least ten years of continuous full-time service within the University, immediately prior to the date of your retirement.  For more information please click here.  You’ll need to review this plan and decide if it is the best plan for you and/or your family. The Loyola University Retiree Health Insurance plan is not a “supplement” to Medicare or a “Medigap” policy. It is a “carve-out” plan, which would be secondary to your Medicare coverage.

• Enrollment in Medicare- If you and/or your spouse have not already enrolled in Medicare Part A and Part B, you’ll need to contact your local Social Security Administration office (SSA) as soon as possible, to begin the enrollment process. You may be entitled to a “Special Enrollment Period” through Medicare, however you must contact your local SSA office to receive details on enrollment. You may also want to consider enrolling in Medicare Part D for which enrollment is handled through private insurance companies.  More information on Part D coverage can be found at www.medicare.gov. If you plan to enroll in Loyola’s Retiree Health plan you must enroll in Medicare Part D thru the Loyola plan.  Contact your Human Resources Dept. for the appropriate Part D enrollment application.  

• Understand which insurance is primary- As of your retirement date, Medicare will become your primary insurance coverage.  If you choose to participate in the Loyola University Retiree Health Insurance plan, it would be “secondary” to your Medicare insurance plan.  You must complete the Loyola Retiree Health insurance enrollment forms at least 60 days prior to your retirement date.  In doing so you would eliminate the possibility of any lapse in health coverage.

• Research Medicare Supplements- You also have the option to purchase a “Medicare Supplement” or a “Medigap” policy on your own, instead of participating in Loyola University Chicago’s Retiree insurance plan.  A Medigap plan is a Medicare Supplemental insurance policy which is sold by private insurance companies to “fill the gaps” in the Original Medicare coverage. There are 10 standardized plans labeled Plan “A” through Plan “J” (except in Massachusetts, Minnesota and Wisconsin.) These policies are regulated by the government, and must follow Federal and State laws for your protection.  Each Plan “A” through Plan “J” has different coverage levels and costs associated with the plan, which is issued through the state in which the retiree lives. The benefits offered through one private insurer’s “Plan F” must be the same as the benefits offered through another private insurer’s “Plan F” benefits. What could differ though from one insurer to another would be the price that you’ll pay and the customer service you’ll receive.  As an example, in 2005, one large private insurer’s rates ranged from $60 per month to $300 per month. More detailed information can be obtained at www.medicare.gov when you select the “Medicare Personal Plan Finder”.  You may also receive assistance by calling the Illinois Dept on Aging at 1-800-252-8966.

• Contact the Medicare Helpline- Aside from the Original Medicare Plan, Medicare also offers several different Medicare Advantage Plans that you may choose from.  Please contact Medicare’s Helpline for more information on the Medicare Advantage plans and the Medicare Supplements that are available to you, by calling #1-800-MEDICARE.

Retirement Procedures for employees Under age 65: 

If you have not reached age 65 yet and are contemplating retirement, the following items should be considered…

• Research Your Insurance Options- University employees must contact the Human Resources office at Loyola University (x 56175), and the Stritch School of Medicine employees must contact the HR office at LUMC (x 66383), to receive all information on the Loyola University Retiree Health Insurance plan, and advise HR, in writing, of your decision to retire. You and your dependents are eligible for the Loyola Retiree Health Insurance Plan if you are at least sixty years of age and you have completed at least ten years of continuous full-time service within the University, immediately prior to the date of your retirement.  For more detailed information please click here.  You’ll need to review the plan to decide if it is the best plan for you and your family.  The Loyola University Retiree Health Insurance plan is not a “supplement” to Medicare or a “Medigap” policy. It is a “carve-out” plan, which would become secondary to your Medicare coverage, once you become Medicare eligible. 

• Enroll in a Retiree Health Insurance Plan- If you decide to enroll in Loyola University’s Retiree Health Insurance Plan, the retiree insurance plan should become effective the first day of the month following your retirement date. You must complete the Loyola Retiree Health insurance enrollment forms at least 60 days prior to your retirement date.  In doing so you would eliminate the possibility of any lapse in health coverage. Please contact your Human Resources Department to obtain the necessary enrollment forms.

• Understand which insurance is primary- If the Loyola University Retiree Health Insurance plan is your only health insurance plan after retirement, it would be your primary insurance plan until you become eligible for Medicare.  If you have coverage thru another source ( ie spouse’s employer, former employer, etc.) you must review the “Coordination of Benefits” section of both plans in order to determine which plan will be primary, or contact BC/BS Customer Service for assistance. 

• Medicare Eligibility- You must remember that most people (except those with certain disabilities) will not be come eligible for insurance coverage through Medicare until they turn 65 years old. As a result your premiums in Loyola University’s Retiree Health Insurance Plan will be higher, while you and/or your spouse are under age 65.  When you and/or your spouse turn 65, your premiums will decrease, because Medicare then becomes your “primary” insurance carrier.  To view the 2006 Retiree Medical Rate Sheet please click here . Please note there are two different columns of rates, based on your retirement date. If you retire prior to 07/01/2006 the University will contribute up to 2/3 of the retiree-only cost for the Loyola University Retiree Plan.  If you retire 07/01/2006 or later; you will be responsible for 100% of the premiums, however, you may use the funds in your Retiree Health Account to receive reimbursement of your paid premiums or other eligible medical and dental expenses as defined in the IRS Publication 502. 

• Contact the Medicare Helpline- If you have any questions regarding your eligibility for Medicare, please call Medicare’s Toll-Free Helpline at #1-800-MEDICARE.

• Contact Human Resources Department- If you have any questions regarding Loyola University Chicago’s Retiree Medical Plan you should contact the Human Resources Benefits Department at 312-915-6175.

If you continue working at Loyola on a full-time basis, past the age of 65, the following items should be considered 

• Continue using current health plan-You should continue to use your current Loyola health insurance plan (or your group health insurance plan that you may have through your spouse’s employer).  You will most likely automatically become enrolled in Medicare Part A if eligible, when you turn 65 years old. Medicare Part A would be “secondary” to your Loyola health insurance plan. PLEASE NOTE- While you continue to work on a full-time basis, your current Loyola insurance plan will be your Primary insurance plan, regardless of your age.

• Enrollment in Medicare- You have the option to enroll in Medicare Part B, while working full-time.  If you enroll in Part B, it becomes effective the first day of the month in which you turn 65 years of age. (If you enroll at a later date, Medicare will advise you of your Part B effective date.) If you are currently working on a full-time basis, Medicare Part B would be secondary to your current Loyola health insurance plan (or your group health insurance plan through a spouse’s employer). If you do not sign up for Medicare Part B or Part D when you first become eligible, you may pay an additional fee, except in special cases.  At whatever time you decide to “retire” from the University, Medicare will then become your “primary” insurance coverage.

• Medicare Special Enrollment Period-You may postpone enrolling in Medicare Part B and Part D until you retire, at which time you are given a “Special Enrollment Period”.  You must contact your local Social Security Administration office for complete details on the “Special Enrollment Period” and obtain the necessary paperwork.  Most people who are allowed to sign up for Medicare during the “Special Enrollment Period” do not have to pay the higher premiums.  Enrollment in any of the Medicare plans, must be done through your local Social Security Administration (SSA) office.  To obtain the location of your nearest SSA office, call #1-800-772-1213.

PLEASE NOTE- The above examples do not apply to individuals who may be eligible for Medicare due to a disability.  If your situation differs from those listed above, please contact the Medicare Helpline at #1-800-MEDICARE or your local Social Security Administration office for more information.