How Do I Retire?
Drexel Human Resources is here to help you as you prepare for retirement. We encourage you to familiarize yourself with the Retirement Eligibility & Benefits Policy (HR-21) and schedule a benefits consultation at least two months prior to your retirement date to discuss your retirement eligibility, the retirement process and benefits you are eligible for upon retirement. Contact the Human Resources Service Center at email@example.com or 215.895.2850 to schedule an appointment.
What Are My Benefits?
Faculty and professional staff have the option of electing to receive medical benefits through the University after retirement. If the retiree is under 65 years of age, the plan elected must be the plan the retiree was enrolled in during the calendar year in which they retired. If over the age of 65 and/or Medicare Part B eligible, a retiree will have the option to enroll in the Independence Blue Cross Personal Choice 65 plan upon retirement.
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. Loss of coverage is a qualifying life event and must be reported within 31 days of the event date.
The retiree and spouse/domestic partner of record have the right to change their election during annual Open Enrollment, subject to health plan rules and the following limits. The retiree and spouse/domestic partner may enroll or unenroll mid-year with a qualifying life event. If a retiree and/or spouse/domestic partner experiences a qualifying life event, enrollment will be available only if the participant(s) have been continuously covered in another health plan (other than Medicare only) in the interim, such as employer based group coverage or Medicare plus a supplemental plan. This rule also applies to medical election changes during the Open Enrollment period. Documentation will be required.
Retiree Benefit Plan Rates
Faculty and Professional staff members who retire on or after September 1, 2017, are responsible for 100 percent of the plan premium. Select the rate sheet that corresponds with your date of your retirement.
Understanding Healthcare Options From Medicare to the Marketplace
View training presentation [PDF]
Drexel University offers four medical coverage options (PPO Basic, PPO High, Consumer Directed Health Plan, Keystone Point of Service), allowing retirees under age 65 to pick the best plan for them. The same prescription drug coverage, provided by IBX, is included in each plan regardless of which medical option you select. A summary document of each of these plans can be found below.
Under 65 Medical Plans Offered
Drexel's medical and prescription coverage providers both offer online benefit management:
- Medical: The Independence Blue Cross website allows members to search for participating providers, print out temporary ID cards, request new ID cards, and view processed claims.
- Prescription: The Independence Blue Cross website allows members to order prescriptions to be delivered by mail, price and compare drugs, and access health and medication information.
Drexel University offers the Independence Blue Cross Personal Choice 65 (PPO) plan. This is a Blue Cross 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 Blue Cross Medicare Advantage plan members. To qualify for this plan, you must be enrolled in both Medicare parts A & B. You are responsible for payment of the monthly Medicare Part B premium in addition to the monthly cost of the plan offered by Drexel, if applicable. For details on the cost for Medicare Part B, please visit Medicare.gov.
Dental and Vision coverage is available to retirees at their own cost. Retirees are responsible for 100 percent of the plan premium.
Dental Coverage: Drexel University offers employees three dental options, a Base, a Preferred and a DHMO plan, through CIGNA. These plans provide a solid base of preventive and restorative services.
Dental Plans Offered
Vision Coverage: Drexel's vision plan is offered through Davis Vision, administered through Independence Blue Cross. The plan offers coverage for such services as eye exams, frames and lenses, contact lenses, as well as discounts on select eye care supplies. Davis Vision provides a schedule of both in-network and out-of-network vision care services, and employees can search for preferred vendors under the Find a Doctor section of the Independent Blue Cross website. A summary document of this plan can be found on the Health Coverage page.
Davis Vision Plan Offered
To report a life event or ask questions about enrollment, contact the Drexel University Benefits Center, powered by WEX:
- By phone: Call 1.844.690.3992 and speak with a representative
- Online: Follow the instruction below to access the online benefits enrollment portal:
Log in to mydrexelbenefits.com
- Username: Your username is your 8-digit Drexel University ID Number.
Example: If your Drexel ID is 02345678, then your username would be 02345678 (no dashes or slashes).
- Password: If you logged into the system during the last Open Enrollment, you should have updated your password. If not, please see below:
- Your initial password is the uppercase 1st letter of First Name + lower case 1st letter of Last Name + 5-digit home zip code + last two digits of year of birth (YY). Please note that Passwords are case sensitive.
- Example: if your name is John Public, your home zip code is 98765 and you were born in 1975 your initial password is Jp9876575.
- Click on the LOGIN button to log in and follow the prompts to select your benefits.
Employees participating in Drexel's medical plans have access to Telemedicine, TeleBehaviorial and TeleDermotology through MDLive. This is a convenient way to get care – anytime, anywhere – when you can't get to your doctor. MDLive provides secure, 24/7 access via secure video chat, telephone or mobile application to board-certified physicians who can treat non-emergency conditions such as: colds and flu, allergies, asthma, sinus problems, ear infections and more.
Participants in the Point-of-Service and Personal Choice PPO plans will have no co-pay. Those enrolled in the Consumer Directed Health Plan (CDHP) will have a $40 Consultation Fee.
For more details, visit mdlive.com/ibx or call 877.764.6605.
Retiring from Drexel does not mean you lose the benefits of being part of the Drexel family. Listed below are programs and services that can make life in retirement easier for you and your family.
Granted to all faculty and professional staff retirees:
- SupportLinc 24/7 confidential counseling for retiree, family, and household members
- Tuition Remission for retiree, spouse and dependent children
- Courtesy University ID card (please note, there is a $20 fee for replacement/lost cards)
- Drexel email account and the ability to opt-in to continue receiving Drexel mass emails. To opt in, email firstname.lastname@example.org and ask to be included on the University’s central mailing lists. Once you have opted in, you can opt out at any time by contacting email@example.com.
- Discounted Recreation Center memberships
- Annual Retiree Reunion luncheon
- Procurement-negotiated organizational discounts
- Retiree job board
- On-campus consultations with TIAA
- On-campus library access
Granted to all faculty who receive Emeritus/a status:
- Lifetime listing including the rank of Professor Emeritus/a in University catalogues and directories
- Regular and online library privileges
- Lifetime email address and support including listing in Drexel directories and continued receipt of University mass mailings (to opt out of these mailings, email firstname.lastname@example.org with your request)
- One year continuation of phone number and voicemail
- Lifetime eligibility for membership to the Daskalakis Athletic Center; membership fees will be assessed at the faculty rate.
- Participation in University public ceremonies
- Based on availability and the recommendation of the Dean, and with the concurrence of the Provost, use of office and/or lab space, equipment, and other campus facilities to support scholarly work and/or educational activities
- With permission of the Dean of the College, authorization to serve on thesis and dissertation committees, and to engage in other research or educational activities within the University
Visit the Emeriti Faculty Policy for more information.
Retiring doesn't mean you're no longer part of the Drexel family. Your service continues to be invaluable to our students and university even after retirement. Below are some of the options available to help you stay involved as a Dragon.
We'd love to still see you regularly! Take a look at the many ways you can stay involved on campus, from attending plays and exhibits to participating in workshops and seminars. Review the University Events Calendar for upcoming events and instructions to RSVP. Retirees are also welcome to take advantage of individual financial counseling sessions with our 403(b) vendors or financial fitness workshops. Please review the Events Calendar for upcoming sessions and how to register.