Medical Benefits For Official Retirees

Medical Options For All Retirees

Prescription Option For Official Retirees

Dental

Vision

Health Savings Account

Flexible Spending Account

Base Life Insurance

Supplemental Life Insurance

Retirement Accounts

Other Benefits For Official Retirees

Contact Information

Medical Benefits For Official Retirees

For Official Retirees Under The Age of 65

If you are an Official Retiree under the age of 65 your may enroll in the GVSU Retiree Medical Plan at any time between your date of retirement and your 65th birthday. Spouses and household members are also eligible for this program. Premium amounts are based on your years of service at GVSU. After completing and submitting an enrollment form you are billed monthly for this coverage.

If you obtain other employment after leaving GVSU and are covered by your new employer's medical plan the new employer's medical plan will be primary for the payment of medical claims. The GVSU Retiree Medical Plan will be the secondary payer.

Prescription drugs are not a covered benefit in this medical plan. However, a separate prescription discount program is available.

For additional information refer to the Summary Plan Description.

For Official Retirees Over The Age of 65

If your are an Official Retiree over the age of 65 Medicare will be your primary insurance provider. You may also want to consider purchasing a Medicare Supplement Policy from the insurance vendor of your choice. GVSU will help to pay for this coverage prospectively. Checks are issued in January for the period of January 1 through June 30 and in July for the period of July 1 through December 31. Your spouse/household member is eligible for a monthly reimbursement $25 less than yours.

Reimbursement amounts are based on your current age and years of service at GVSU.

Proof of purchase is required in order to receive reimbursement. A copy of a receipt or face page of your current policy are all acceptable forms of proof. The proof of purchase should be mailed to Human Resources annually in December. The amount of the reimbursement will be the actual cost of your policy or the reimbursement amount based on your years of service and age whichever is less.

For additional information, including the premium rates for the Retiree Medical Plan and the Reimbursement Schedule for Medicare Supplement coverage, please consult the 2024 Summary of Benefits for Official GVSU Retirees.

Medical Benefit Options For All Retirees

COBRA Medical Coverage For Retirees Under 65:

• You will receive information from our COBRA administrator, iSolved Benefit Services, approximately 15 business days following your retirement date.
• COBRA coverage is the same group coverage you had while employed.
• Coverage can be elected for yourself and any dependents that were covered on your GVSU plan.
• You have 60 days from the date on the COBRA notice that you receive from iSolved Benefit Services to make your elections.
• If COBRA is elected, the coverage will be retroactive back to the date you lost coverage.
• You are responsible for paying the COBRA premiums directly to iSolved Benefit Services.
  • 2024 COBRA Premium Rates
• Generally, you can be enrolled in COBRA for up to 18 months or until entitled to Medicare, whichever is less.

Individual Plans For Retirees Under 65:

• Available through a number of carriers including Priority Health, Blue Cross Blue Shield, and United Healthcare
• Cost varies based on health status, age, zip code, and plan design

Health Insurance Marketplace For Retirees Under 65:

• More affordable options may be available through the Health Insurance Marketplace.
• You could be eligible for a tax credit that will lower your premiums immediately.
• You have the ability to see what your premium, deductibles, and out-of-pocket costs will be before you decide to enroll.
• Visit www.healthcare.gov or call 1-800-318-2596 to learn more.

Medicare For Retirees 65 and Older:

Retirees over the age of 65 that are not enrolled in another employers health plan should research and enroll in Medicare.

Prescription Option For Official Retirees

Prescription drug coverage is not included in the GVSU Retiree Medical Plan or most Medicare supplements. Regardless of age, Official Retirees of GVSU have the opportunity to participate in a prescription discount program. This discount program is coordinated with CVS Caremark, GVSU's current group prescription provider. You will pay the lesser of the pharmacy's everyday retail price or the discounted actual wholesale price. This discount varies according to the pharmacies pricing schedules and the wholesale price.

Retirees over the age of 65 should enroll in Medicare Part D prescription drug coverage.

Dental

Dental coverage ends on your retirement date. Approximately 10 to 15 business days after your retirement date you will receive COBRA continuation coverage information from iSolved Benefit Services, our COBRA administrator. You can continue COBRA dental coverage for up to 18 months by paying the appropriate COBRA premium.

Vision

Official Retirees that will be enrolling in the GVSU Retiree Medical Plan will automatically be enrolled in the PriorityVision plan. The benefit entitles you to a free routine eye exam and Glaucoma test once every two years. A network provider must be used.

If you had EyeMed Vision coverage at the time of your retirement you will have the option of continuing coverage for up to 18 months by paying the appropriate COBRA premium.

Health Savings Account

Your Health Savings Account is your personal bank account. When leaving GVSU, you take the money with you, and use the money tax-free for medical expenses. When you enroll in Medicare, you can use your account to pay Medicare premiums, deductibles, copays, and coinsurance under any part of Medicare. One expense you cannot use your account for is to purchase a Medicare supplemental insurance or “Medigap” policy.

Because the GVSU Retiree Medical Plan and Medicare are not High Deductible Health Plans you will not be able to make contributions to your HSA.

For specific questions regarding your HSA please contact HealthEquity.

Flexible Spending Account

Coverage under the Health Care and Dependent Care Flexible Spending Accounts will end on your retirement date.

Participants in the Health FSA may submit claims for reimbursement for Eligible Medical Expenses arising during the plan year and before the retirement date. The claims must be made within 90 days of the retirement date. Unless a COBRA election is made to continue your FSA participants are not entitled to receive reimbursement for expenses incurred after the last day of employment. If you do choose to continue coverage through COBRA the contributions to your FSA will be after-tax dollars. You should seek professional tax assistance on the tax status of these contributions.

Participants in the Dependent Care FSA may continue to submit claims for eligible dependent care expenses incurred through the remainder of the plan year in which they retire as long as there are still funds remaining in the account.

Base Life Insurance

Coverage under the University's base life insurance policy terminates on the last day of employment. You have the option to convert all or part of the amount of coverage to an individual life insurance policy on the date of termination without Evidence of Insurability. Conversion election must be made within 31 days of your date of termination. To find out what your conversion premium would be call Lincoln Financial Group at 1-800-423-2765 to request a quote. If you decide to convert your GVSU Provided Base Life Insurance please use the Application For Conversion of Group Life Insurance form that will be sent to you by the Benefits Office. This form must be completed and sent to Lincoln Financial within 31 days of your termination if you wish to convert the policy.

For additional information consult the Lincoln Financial Group Life Insurance Certificate.

Supplemental Life Insurance

Conversion: If you have a supplemental life insurance policy through Lincoln Financial Group your coverage will end on your last day of employment. You have the option to convert all or part of the amount of coverage  to an individual life policy on the date of termination without Evidence of Insurability. Conversion election must be made within 31 days of your date of termination. To find out what your conversion premium would be call Lincoln Financial Group at 1-800-423-2765 to request a quote. If you decide to convert your supplemental life insurance please use the Application For Conversion of Group Life Insurance form that will be sent to you by the Benefits Office. This form must be completed and sent to Lincoln Financial within 31 days

Portability: If coverage has been in force for at least 12 months, you may continue coverage for a specified period of time after your employment by paying the required premium. Portability is available if you cease employment for a reason other than total disability or retirement at Social Security Normal Retirement Age. A written application must be made within 31 days of your termination.

For additional information consult the Lincoln Financial Group Supplemental Life Insurance Certificate.

Retirement Accounts

If you have 403(b) or 457(b) retirement accounts with Fidelity Investments or TIAA  you should contact them to review your distribution options. You are not required to start taking distributions from your account until April 1 of the calendar year following the calendar year you reach age 70 ½ and have retired. For more information your should consult with your tax advisor. You can also contact Fidelity Investments at 1-800-343-3548 or TIAA at 1-800-842-2776.

If you are a participant in the MGS or PSS Retirement Plan A (Pension) you will receive your pension check on the first day of every month, you can also elect to receive direct deposit.

• Faculty/Staff Assistance Program (Encompass)
• Recreation Center
• Official Retirees retain their library access and privileges

• Academic Participation
• Tuition Reduction 
• Free campus parking

• May maintain e-mail access
• Receive GVSU publications
• Relocation Assistance Program