Retirees

You are eligible for retiree medical and life insurance coverage from NYU if:

• your age plus years of continuous, full-time service equals 70 or more, and
• you are at least age 55 with at least ten years of service; or
• you have 10 or more years (codes 100, 102, 103) or 15 or more years (codes 104, 106, 107) of continuous, full-time service and you are found eligible for Long-Term Disability

NYU has selected retiree health plans that match as closely as possible the benefits available to active employees. However, differences do exist. Eligible retirees are offered plans that cover both Medicare-eligible and non-Medicare eligible participants.

All of the plans offered at retirement cover medically necessary services, such as: Emergency room visits; hospital stays; surgeon's fees; X-ray and laboratory fees; doctors' office visits; and prescription drugs (Creditable Coverage). In addition, all plans provide some wellness and preventive services.

Yes. All of the NYU health plans include prescription drug coverage. Under the NYU plans, you pay one monthly premium that includes your medical and prescription drug coverage. There is no additional monthly premium for prescription drugs. The Caremark prescription drug benefit is "Creditable Coverage," which means that it is at least as good as that which would be available to you if you were Medicare-eligible and enrolled in the Medicare Part D prescription drug coverage.

(Current Retirees & Employees Age 50 & Over as of 9/1/11) Creditable Coverage means that you are enrolled in a plan that offers, on average, coverage that is at least as good as the prescription drug coverage offered under a Medicare Part D plan. NYU's prescription drug coverage through Caremark satisfies this requirement, which means you can enroll in a Medicare Part D plan at any point in the future without penalty (as long as you have maintained your NYU retiree medical plan coverage during that time).

(Current Retirees & Employees Age 50 & Over as of 9/1/11) You may choose to enroll in a Medicare Part D prescription drug plan, however, the NYU prescription drug plan will be your primary coverage. You should closely evaluate the value of the benefits you would receive from the selected Medicare Part D prescription drug plan as a secondary insurer. If you choose to enroll in a Medicare Part D prescription drug plan, you will still be eligible to receive all of your current health and prescription drug benefits through your NYU Retiree Medical Plan, provided you continue to pay your premiums.

(Current Retirees & Employees Age 50 & Over as of 9/1/11) For the vast majority of NYU Retiree Medical Plan participants who are automatically enrolled in NYU's prescription drug plan with Caremark, it does not make economic sense to pay an additional premium for Medicare Part D coverage. NYU's prescription drug plan offers superior coverage to most Medicare Part D plans.

However, for certain Medicare-eligible individuals with limited income and resources—for 2010, single individuals with an annual income below $16,245 and total resources of $12,510 or less; or married couples with no other dependents, who have a combined annual income limit below $21,855 and total resources of $25,010 or less—Medicare Part D will provide prescription drug coverage at little or no cost.

Individuals who qualify for Supplemental Security Income (SSI) or get help from Medicaid automatically qualify for help with their prescription drug costs. If you think you are eligible for this extra benefit, you can contact the Social Security Administration for an application for the special limited income and resources benefit. We encourage you to complete the application and return it as instructed.

Dental coverage, long-term disability coverage, commutation expense reimbursement accounts (WageWorks), employee spending accounts (Health Care FSA and Dependent Care FSA), and accidental death and dismemberment (AD&D) coverage end when you retire.

You may continue your dental coverage for up to 18 months after retirement under COBRA.