Retiree Medical Options Clause Samples
The Retiree Medical Options clause outlines the healthcare benefits available to employees after they retire from an organization. Typically, this clause details the types of medical plans offered, eligibility requirements based on years of service or age, and the extent of coverage or cost-sharing between the retiree and the employer. By clearly specifying post-retirement medical benefits, this clause helps retirees plan for their healthcare needs and provides transparency regarding the continuation or modification of benefits after employment ends.
Retiree Medical Options. 1. Medical coverage for Retirees Age 62 through 65.
16.8.1.1. Bargaining Unit Members who meet the qualifications of the USNH definition of a retiree, and wish to retire, may continue coverage in the same medical plan as offered to active employees until he/she is eligible for Medicare coverage the first of the month of the retiree’s 65th birthday as described below. Bargaining Unit Members will pay the same cost-share rate as active Bargaining Unit Members to continue coverage.
Retiree Medical Options. 17.6.1 Faculty hired on or before 6/30/95 had a one-time choice among three options described in the 95-98 AAUP/UNH contract. Those choices made at the time of the 95-98 contract are still in effect.
17.6.2 Faculty hired after 6/30/95 and those who chose “ARC” as part of the 6/30/95 options shall continue to be eligible for ARC as described in Article 17.6.3.
Retiree Medical Options. 17.6. 1 Faculty hired on or before 6/30/95 shall have a one-time choice among the following options: • receive the 1% contribution described as ARC in 17.6.4 regardless of enrollment in a USNH retirement plan; or • receive a $15,000 lump sum payment at retirement; or • elect to retain the right to the current benefit described as the USNH Medicare Complementary Plan.