Good News: Medical Benefits Upgraded
University officials have announced three new medical plan enhancements for employees.
Arranging medical insurance always is a concern for individuals who wish to retire early. Planning for early retirement has just gotten easier with new rules that make medical benefits in retirement available at an earlier age. The University Primary and Primary Plus programs now may be continued at personal expense when retirement occurs on or after age 60 with a minimum service requirement of seven years. Previously the requirement was age 62 and 10 years of service.
"The compensation committee of the Faculty Senate deserves credit for initiating the review leading to this important change," said John Kysar, director of benefits.
A medical condition that begins before participating in an indemnity medical plan typically is not covered for a period of up to one year after enrollment.
"I am pleased to report that Saint Louis University is now among the first employers to make available full coverage for pre-existing conditions in all medical plans offered," Kysar said.
Coverage limitations for pre-existing conditions have been eliminated from the University Primary and Primary Plus programs when enrollment is timely (within 31 days of first becoming eligible or during the annual open enrollment period).
A special enrollment opportunity now is available when a spouse loses coverage arranged through another employer. Dependents who have a "loss of eligibility" under another employer's plan may be added to the plan of the University employee without delay. Enrollment must be completed within 31 days of the date eligibility was lost under the previous plan. Terminating employment would trigger a loss of eligibility, as would a reduction of hours in some instances. Simply dropping coverage while remaining able to otherwise continue participation would not be a "loss of eligibility". Of course, dependents still may be enrolled for any reason during the annual open enrollment period.
For more information, call 977-2304 or 577-8580 and ask to speak to a benefits specialist.
"While the University intends for these new rules to be in effect indefinitely, please understand that the University must reserve the right to modify or terminate any benefit arrangement at any time," Kysar said. "I am pleased to be able to announce these enhancements, and with your continued support, I feel sure we will be able to continue to make benefit improvements."
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