Retiree Insurance Details
Medical Insurance
The university partners with Via Benefits to provide guidance to retirees to choose a Marketplace Medical Plan or Medicare Medical Supplement/Prescription Plan. As an eligible retiree (Retiree I/Grandfathered Retiree I), you will receive funding sponsored by Baylor University and administered by Via Benefits to help reimburse you for eligible premiums or out-of-pocket expenses.
Baylor University funds a Health Reimbursement Account (HRA).
Health Reimbursement Account (HRA)
For pre-age 65 retirees, the Baylor funding will be based on your coverage tier:
| Defined Contribution | Monthly Equivalent | Annual Amount |
|---|---|---|
| Retiree Only | $220 | $2,640 |
| Retiree + Spouse | $440 | $5,280 |
| Retiree, Spouse, and Child(ren) | $660 | $7,920 |
The HRA will be fully funded in January of each year. Pre-age 65 Retirees may request reimbursement for any eligible expense. Example: Insurance premiums and qualified medical, dental and vision expenses.
When the retiree reaches age 65, the following benefit will apply.
For post-age 65 retirees:
| Defined Contribution | Monthly Equivalent | Annual Amount |
|---|---|---|
| Retiree I | $220 | $2,640 |
| *Grandfathered Retiree I | $325 | $3,900 |
*Grandfathered retirees receive additional funding to offset the cost of Medicare Part B. This additional funding is $1,260 for a total of $3,900 each year.
The HRA will be fully funded in January of each year. Post-age 65 Retirees may request reimbursement for any eligible expense. Example: Medicare supplement or advantage plan premiums and qualified medical, dental and vision expenses.
Dental Insurance
Baylor University offers a Cigna DPPO plan through 12/31/2023. Beginning 1/1/2024, the dental plan will be administered through UnitedHealthcare Dental PPO. Active enrollment in the dental plan as an employee prior to the retirement date is required. Eligible retirees and their dependents may continue to be covered under their dental plan at retirement. Retirees do not have an open enrollment period.
If you as the retiree choose to cancel your retiree dental plan, this is a permanent decision without an option to re-enroll at a future date.
For details on coverage use the button below.
Retiree Dental Insurance Option
Vision Insurance
Baylor University offers a EyeMed plan. Active enrollment in the vision plan as an employee prior to the retirement date is required. Eligible retirees and their dependents may continue to be covered under their vision plan at retirement. Retirees do not have an open enrollment period.
If you as the retiree choose to cancel your retiree vision plan, this is a permanent decision without an option to re-enroll at a future date.
For details on coverage use the button below.
Retiree Vision Insurance Option
Term Life Insurance
The university and the life insurance vendor offer opportunities for retirees to continue some form of life insurance.
All retirees may convert your current employee term life policy or supplemental term life policy to a whole life policy on an individual basis with the carrier, Blue Cross Blue Shield. All Grandfathered retirees and Retiree I classifications have the option to purchase a $5,000 or $10,000 supplemental retiree term life insurance plan with a monthly cost of $10 or $20 respectively. Dependent Life insurance coverage terminates upon retirement for all retirees.
NOTE: Beneficiaries will report a life insurance claim directly to Baylor University Human Resources by calling 254.710.2000 or emailing askHR@baylor.edu.
DISCLOSURE: Death Benefits will be reduced if an Accelerated Benefit is paid. The Accelerated Benefit offered under this certificate-booklet is intended to qualify for favorable tax treatment under the Internal Revenue Code of 1986. If the Accelerated Benefit qualifies for such favorable tax treatment, the benefits will be excludable from your income and not subject to federal taxation. Tax laws relating to Accelerated Benefits are complex. You are advised to consult with a qualified tax advisor about circumstances under which you could receive the Accelerated Benefit excludable from income under federal law. Receipt of an Accelerated Benefit may affect your, your spouse, or your family’s eligibility for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary Social Security Income (SSI), and drug assistance programs. You are advised to consult with a qualified tax advisor and with social service agencies concerning how receipt of such a payment will affect your, your spouse, and your family’s eligibility for public assistance.
Continuation of Coverage
Honorary Retirees (5 to 10 years of full-time service) who had insurance as employees and their dependents who have been covered by medical/dental plans may apply for continued coverage for up to 18 months, subject to certain conditions. Dependents, spouse/children, who no longer meet eligibility requirements due to divorce, limiting age 26, etc., may continue as an individual on the medical/dental plans for up to 36 months, subject to certain conditions.
Termination of Coverage
RETIREE
Coverage for dental and supplemental life insurance* benefits will terminate upon the earliest of the following dates:
- The period for which the retiree fails to make any required Plan contribution.
- Retiree requests to cancel Plan.
- Death of Retiree.
- The date this Plan is terminated by Baylor University.
- *Grandfathered Retirees will continue to receive the employer provided life insurance benefit at the reduced retiree level.
DEPENDENT (Spouse and Children)
Dental insurance benefits shall immediately terminate upon the earliest of the following dates:
- The period for which the Retiree fails to make any required Plan contribution on behalf of the Dependent.
- The last day of the month in which the Dependent ceases to be an eligible Dependent as defined in the Plan.
- Until the last day of the month in which the dependent child reaches age 26.
- The date this Plan is terminated by Baylor University. Coverage terminates at the end of the month in which the coverage is cancelled.
Coverage for partial months is not available through Baylor's insurance plans.
