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Loyola University Chicago

Human Resources

FAQs: Retiree Health Account

 

Frequently Asked Questions
  • What is the Retiree Health Account and how is the dollar amount in my account determined?
  • Why is there a cap placed on the years of service (15 years) for which an employee is credited with the $2,750?
  • Does the funding option I choose affect whether I'll have access to Loyola University's Retiree Medical Insurance Plan when I retire?
  • Who has a choice between the two funding options?
  • Why is the University giving me a choice between two funding options?
  • Can you provide some more details on the differences between Option B1 and Option B2?
  • Will all employees have to make a choice between Option B1 and Option B2?
  • What “qualified health care expenses” can be covered by the account if I choose to have access to the whole amount immediately (Option B2)?
  • May I use the money in my Retiree Health Account to purchase medical coverage through another source, such as a spouse’s insurance plan, or a Medicare Supplement plan?
  • May I use the account to pay for long-term care coverage?
  • How and when will I start to get reimbursed for qualified medical/dental care expenses from the funds in my Retiree Health Account?
  • Can my spouse/LDA continue to use the funds in my Retiree Health Account after my death?
  • What if my spouse remarries after I die?
  • Once I make my choice about how to use the account, may I change my mind later?
  • Does participation in the Faculty Phased-Retirement Program affect my choice?
  • What should I consider when making my decision?
  • What resources will Loyola provide to help me make this decision?



Loyola

Office of Human Resources
820 N. Michigan Ave., Chicago, IL 60611
312.915.6175 ยท hr-wtc@luc.edu

Notice of Non-discriminatory Policy