For medical insurance, you have one of two options.
First option: You may choose to continue in your current Baylor Group Medical Plan. If you have reached age 65+, your enrollment in Medicare Part A (hospitalization) and Medicare Part B (medical services) is required to continue with the group medical plan. We suggest that you contact the Social Security Administration one to two months prior to your retirement date to enroll in Medicare Part A (if you are not currently enrolled) and Medicare Part B.
If you have a spouse who will continue on the group medical plan and is eligible for Medicare, your spouse would also contact the Social Security Administration for enrollment in Medicare Part A and Medicare Part B. Please provide a copy of your and your spouse’s Medicare ID card.
Medicare will become your primary medical insurance plan upon retirement. If you choose this option, we suggest that you do not enroll in Medicare Part D (prescription). If you decline enrollment in the Baylor Group Health Plan, this option will not be available at a future date. The monthly cost is listed on the Retirement Insurance Application form or;
Second Option: You may choose to enroll in a Blue Cross/Blue Shield Medicare supplement, Plan N, for a nominal fee. The 2012 rate is $36.00 per month, (subject to change January 1). This plan is for retirees only (no spouse coverage). The retiree must be age 65 and reside in Texas. Human Resources will provide a packet of information and an application for this benefit upon request. If you choose this option, we suggest that you do enroll in Medicare Part D (prescription).
May continue on the group dental insurance plan at the full cost of monthly premiums for retiree only, retiree-spouse or retiree-family coverage for as long as the benefit is needed. This option must be chosen within 30 days of retirement. Upon opting out of the dental benefit or if premiums are not kept current, termination from dental benefit is permanent.
Life insurance is automatically canceled at retirement.
Dependent Life Insurance
Life insurance coverage for dependents is canceled upon the member’s retirement.
Long Term Disability Insurance
Long-term disability coverage is automatically canceled at retirement.
For any other payroll-deducted insurance, i.e., cancer, intensive care, the payroll office will contact the insurance company to request that they begin billing you at your home address. The Accidental Death/Dismemberment coverage (AD&D) provided through Blue Cross is available only for active employees and could not be continued upon retirement.
If you choose to stay with the group, you will be billed by the Payroll Department each month for premiums payable by the 10th of each month. You do have the option to prepay your insurance premiums from your last payroll check for the remainder of the year; therefore, saving tax dollars on premiums.
Surviving Spouse (current)
Will have the same option of continuation in the Baylor group medical plan by paying Baylor University the retiree’s portion of the monthly premium as long as premiums are kept current or until the surviving spouse opts out of the Baylor group plan or otherwise becomes covered by another comparable medical insurance plan. If the surviving spouse opts out of the group medical plan, the same option provided to the retirees for the Medicare Supplement will be extended to the surviving spouse unless a comparable Medicare Supplement is provided by another entity.
Retirement Income Plan Funds
At retirement the retiree will receive retirement income based on the accumulation of Baylor’s contributions, the retiree’s prior contributions (tax deferred annuities) and the earnings and appreciation of such contributions in the retirement fund according to the terms of the Baylor University Retirement Income Plan.
No tuition remission benefits are provided to retirees.
Spouses and Children
1. Current students are able to complete academic degree/certification program in which they are enrolled.
2. Future students may receive one year of tuition remission for each year of service earned by the official retiree (aggregate of such students’ years of tuition remission not to exceed years of service by retiree).
Retiree and spouse ID card, SLC/recreation facilities, library checkout, dining discount (McMullen-Connally Faculty Center– faculty/executive staff or SUB - staff), 10% bookstore discount, access to free athletic events, season (discount) tickets for football/basketball games, check cashing, parking permit, and electronic mail system with active Bear ID.