Retiree Health Account
Retiree Health Account
Eligibility Requirements-
Upon retirement from Loyola University Chicago, if you are at least sixty (60) years old and have a minimum of ten (10) years of continuous full-time University service, immediately prior to retirement, you are eligible to participate in Loyola University’s Retiree Health Account.About the Account-
The money that accumulates in this account while you are working full-time between the ages of fifty and sixty-five is the University’s contribution toward payment of your retiree healthcare expenses. Upon retirement, you will be asked to choose if you would prefer to have your Retiree Health Account funded similar to an annuity, which is referred to as Option B1, or to have immediate access to the balance in your account for reimbursement of eligible medical/dental expenses, which is referred to as Option B2. Whichever decision you make will be an irrevocable decision.
Please note that one option is not always better than another for all individuals. Each individual contemplating retirement should read the Frequently Asked Questions- Retiree Health Account linked below and apply the information obtained to their specific situation. Please review the Side-by-Side Comparison Chart below to determine which funding option best meets your needs.
If you would like to receive additional assistance weighing out your options, please contact the HR Benefits Department at 312-915-6175, to schedule a one-on-one appointment with one of our Retiree Benefits Specialists.