Benefits for Retirees
Information about the Eligibility for Retirement can be found in the Retirement Eligibility & Benefits policy.
Drexel University will pay for Medicare Eligible employees (age 65 and older), up to $400 per month (if retired prior to 9/1/2014), and up to an additional $400 for the spouse of record at the time that the employee retires. For those who retire on or after 9/1/2014, the University will pay up to $300 for the retiree and $300 for their spouse of record at the time of retirement. For those not Medicare eligible at the time of retirement, Drexel University will pay 50% of the premium for the retiree and spouse of record at the time that the employee retirees, up to $400 (or $300). Drexel's cost is limited to the premium amount, if that amount is less than $400 (or $300).
If the retiree is under 65 years of age, the plan elected must be the plan that the retiree was enrolled in during the calendar year in which the termination date falls. If the retiree is not enrolled as of the date of retirement, enrollment is available at open enrollment or if the retiree loses coverage with another plan, if enrollment paperwork is completed within 30 days of the loss of coverage.
The retiree and his/her spouse of record have the right to change their election during Open Enrollment, subject to health plan rules and the following limits. The Retiree and spouse of record may enroll or unenroll at other times due to certain life events, subject to the limitation in the above paragraph. If a retiree and/or spouse of record does not enroll, or chooses to unenroll at any time, enrollment/reenrollment will be available only if the retiree and/or spouse of record have been continuously covered in another health plan (other than Medicare) in the interim. This rule also applies to enrollment/reenrollment during the Open Enrollment period. Proof will be required.
Retiree Under Age 65 - Medical and Prescription Coverage
Drexel University offers three medical coverage options, allowing Retirees under age 65 to pick the best plan for them:
The same prescription drug coverage is included in each option regardless of which medical option you select.
Drexel's medical and prescription coverage providers both offer online benefit management:
- Independence Blue Cross' website allows members to view benefits, account information, completed claims, and area physicians
- Medco's website allows members to order prescriptions to be delivered by mail, price and compare drugs, and access health and medication information
Drexel Preferred Provider Listings
Retiree Over Age 65 - Medical and Prescription Coverage
Drexel University offers the Aetna Medicare Plan (PPO). This is an Aetna Medicare Advantage preferred provider organization plan (PPO) available for Retirees over age 65. It offers benefits beyond Original Medicare and includes benefits only available to Aetna Medicare Advantage plan members. To qualify for this plan, you must be entitled to Medicare Part A and enrolled in Part B, and continue to pay your Part B premium:
- Aetna Medicare Plan (PPO) Summary [PDF]
The Aetna Medicare Rx (PDP) plan offers you prescription drug benefits integrated into your Medicare Advantage plan. It provides Medicare Part D coverage that helps you pay the cost of prescription drugs and is included with your medical plan.
- The Aetna Medicare website allows members to look up network doctors and view up-to-date formulary information. If you do not have Internet access, you may contact Member Services at the toll-free number on your ID card to find out how a specific drug is covered.
Dental and Vision coverage
This coverage is available to retirees at their own cost.
Drexel University offers employees two dental options, a Base and a Preferred plan, both through CIGNA. These plans operate as fee-for-service dental plans and provide a solid base of preventive and restorative services. The Preferred plan, however, provides higher reimbursement percentages for most dental services.
Drexel's vision plan is offered through EyeMed. The plan offers coverage for such services as eye exams, frames and lenses, contact lenses, as well as discounts on select eye care supplies. EyeMed provides a schedule of both in-network and out-of-network vision care services, and employees can search for preferred vendors in the "Select" network on EyeMed's website.