Retiree Medical Benefit Plan (Lifetime Benefit)
Eligibility
- The employee must have been hired on or before December 31, 1994;
- The employee must have completed ten consecutive years of full-time employment after age 50.
- The employee must be enrolled in the College health insurance plan as of their date of retirement.
To participate in the Retiree Medical Benefit Plan the employee must notify the Benefits Services Manager by the first day of the month after the employee’s retirement date. If the retired employee chooses not to enroll or cancels their participation after enrolling in the plan, reenrollment is not allowed. In case of death of the retiree, dependent coverage will continue until the spouse dies, remarries, or has other group medical benefits available to them (excluding Medicare). Employees retiring after June 30, 1989 will be responsible for sharing in the cost of medical coverage through medical benefit premium payments.
Early Retiree Medical Benefit Plan (Under Age 65 Benefit)
Eligibility
- The employee must have been hired after December 31, 1994;
- The employee must have attained age 55 prior to June 30, 2026;
- At retirement, the employee must be at least 60 years old;
- At retirement, the sum of the employee’s age plus their years of full-time employment must be equal to or greater than 90;
- The employee must be enrolled in the College health insurance plan as of their date of retirement.
If an eligible employee who was enrolled in the Rhodes College Health Insurance Plan at the time of their retirement elects to retire under the pre-65 Retiree Health Insurance early retirement option, they will receive Rhodes health insurance benefits until the age of 65 on the same basis as if they had continued service as an active employee, at the same premium rates as active employees.
When an employee who has elected to retire early under the Plan reaches the age of 65, they will cease participation in the health insurance plan for active employees at the end of the month before turning 65.
The health insurance benefit will be administered in accordance with applicable health insurance plan documents.
Spouse/Dependent Children
If the employee's spouse and/or dependent children are covered under the Rhodes health insurance plan at the time the employee retires and the retiree is under age 65 and remains on the active plan, the retired employee has the option to continue coverage for eligible dependents in the Rhodes health insurance plan:
- When the retired employee reaches age 65 the dependents will terminate from the Rhodes health insurance plan and be offered COBRA.
- Children are eligible for coverage until the end of the calendar month in which the child turns 26 or when the retiree is no longer eligible for the active plan, whichever is earlier.
If, after the employee retires, the retiree’s spouse/dependent child(ren) terminate their COBRA coverage (including non-payment), they will no longer be eligible to re-enroll in the Rhodes Health Insurance Plan. Should the retiree predecease their dependent(s), the eligible spouse and child(ren) will be offered COBRA for up to thirty-six (36) months.
COBRA
These retiree plans do not apply to the College’s voluntary dental and/or vision insurance. Employees will be offered continuation of those benefits through COBRA. COBRA medical benefit continuation is also offered to retirees. A retiree may elect either the COBRA coverage or the Retiree Medical Benefit Plan (refer to the “COBRA” policy).