Frequently Asked Benefits Questions for Retired Employees
Frequently Asked Benefits Questions for Retired Employees
Active, benefit-eligible faculty and staff members age 50 or older with 5 or more years of continuous, benefit-eligible service.
An eligible retiree may choose to continue group medical coverage and group term life insurance through the Loyola University medical & life insurance plans, provided coverage was in effect immediately prior to retirement.
Retiree Benefits begin immediately after active employee benefits end. There is no break in coverage. An eligible retiree will have 30 days from the date of retirement to elect retiree benefits.
For example, a staff or faculty member, enrolled in the Basic medical plan, will retire at the end of the academic year in mid-May. Their active, employee medical coverage and University life insurance will end on May 31. Their retiree coverage, if elected, would begin on June 1.
A retiree may continue their coverage and coverage for their eligible dependents who are covered on their date of retirement.
A retiree may continue up to $25,000 of their coverage and up to $5,000 of their eligible spouse's coverage, if their spouse was covered on the retiree's date of retirement. Age reductions will apply.
Retirees pay 100% of the premium for medical and life insurance. A cost summary for retiree benefits may be found in the annual Benefits Guide on the Benefits webpage and in the annual Separation Summary posted at the bottom of the Benefits Forms and Links webpage.
Changes can be made each year during Open Enrollment, normally held in November. A notice is sent out to all participating retirees detailing any changes in coverage and premiums for the upcoming calendar year.
Generally, retiree benefits may continue for as long as the retiree continues to pay the premium for the coverage. Once coverage ends, either by cancellation or failure to pay the premium, coverage cannot be reinstated.
Although Loyola University expects to continue these benefits indefinitely, the benefits may be terminated, suspended, withdrawn or modified at any time relative to the coverage provision or premium arrangement applicable to retiree benefits.
Post-65 retirees continuing coverage after becoming Medicare eligible, please call Retiree First at 504.370.9403 (TTY 711) or 855.781.9846 (TTY 711) to reach your Dedicated Loyola University Medicare Advocate team from the hours of 8:00am to 5:00pm CST to enroll.
For information regarding Medicare coverage and cost, you may visit the Social Security Administration website, http://www.ssa.gov/ or call 800-772-1213 or the Medicare website, http://medicare.gov/ or call 800-633-4227.
United HealthCare
Group No. 0903297
Customer Service: (855) 293-8546
Call Retiree First at 504.370.9403 (TTY 711) or 855.781.9846 (TTY 711) to reach your Dedicated Loyola University Medicare Advocate team from the hours of 8:00 a.m. to 5:00 p.m. CST.
Loyola University New Orleans, Human Resources: 504-864-7757, ask to speak with a Benefits Representative.