Retiree Medical Plan (BC/BS)
Upon retirement from Loyola University Chicago, if an employee is at least sixty (60) years old and has a minimum of ten (10) years of continuous full-time University service, immediately prior to retirement, he or she is eligible to participate in Loyola’s Retiree Medical Plan.
About the Medical Plan
The retiree medical plan is administered by Blue Cross/Blue Shield. On this plan employees will have the flexibility of choosing their own doctors and hospitals. However, the highest level of payment will be for services rendered at the Loyola University Health System (LUHS) and/or physicians rendering services through Loyola University Physician’s Foundation. For a detailed description of the plan, outlining deductibles and co-insurance amounts, out-of-pocket, etc. click on the link below.
Cost of Insurance
All members enrolled must pay the full cost of coverage for everyone in the plan. Click on the link to obtain the current retiree monthly rates.
About the Prescription Drug (Rx) Plan
Prescription drugs are also covered under this plan, although the benefits differ based on whether or not the individual is Medicare Eligible. Each individual that is Medicare Eligible must complete a separate Blue Medicare Rx Group Enrollment Form in order to become enrolled in our Medicare Part D prescription drug plan. Employees may only enroll in our drug plan if they enroll in Loyola’s Retiree Medical plan, as they are both components of one plan. For a detailed description of the prescription drug benefits available under Loyola’s retiree plan, click on the link below:
If you are Medicare Eligible
(Generally age 65 or older) In most cases, Medicare will be your primary insurance carrier, and the Loyola Retiree Medical Plan will coordinate with Medicare using a “Carve-out” method. The Loyola University Chicago Retiree Medical Plan is not a Medicare Supplement plan. In order to participate in Loyola’s Retiree Medical plan, you must enroll in both Parts A & B of Medicare, if eligible. All Medicare eligible members must also enroll in Medicare Part D through Loyola’s plan as described in the Rx section above. Please review the FAQ?s-Retiree Medical Plan section for more details on the carve-out method of payment, and the plans coordination with Medicare.
If you are Non-Medicare Eligible
(Generally under age 65) The Loyola Retiree Medical Plan would be your primary insurance coverage, unless you have also obtained another insurance policy elsewhere. There may be instances when someone under the age of 65 years may be eligible for Medicare due to a disability. Please contact Medicare for more information at 800.MEDICARE.
Research Insurance Options
When considering retirement, employees should thoroughly research their insurance options several months before making this important decision. If any of an employee's family members are eligible for Medicare, that employee must also understand how Medicare will interact with the specific insurance plan that he or she chose. Choosing the best medical plan after retirement is a very personal decision based on many factors such as age and/or spouse’s age at retirement, the plan’s flexibility or access to specific providers, cost of plan, etc.
There is not one specific plan that is better than another for all individuals. For some individuals, enrolling in the Loyola University Retiree Medical Plan may be the best decision for that particular situation. Others may find that it is in the best interest of their families to purchase a Medicare Supplement plan, enroll in their spouse’s employer plan, or temporarily purchase COBRA. Medicare Supplements or “Medi-gap” plans are sold by private insurance companies and are intended to “fill the gaps” in the Original Medicare Program. You may find additional information and learn more about the particular Medicare supplement plans that are sold in your area at Medicare’s website at www.medicare.gov.
Certificate of Creditable Coverage
If you choose to enroll in a medical and prescription drug plan other than Loyola’s plan and need to provide proof of previous insurance coverage, click on the link below.