Wednesday, April 3
It's never too early to start planning for retirement. Join this Retire Well session for advice, experiences, and ideas to help you feel supported on your retirement journey.
Wednesday, April 10
Learn about strategies for claiming your Social Security benefit and how it fits with other income sources to create your retirement paycheck.
The Benefits Extension Plan, commonly referred to as the BEP, is the university's benefits program for faculty and staff members who are eligible to retire from the University (age 55 or older). Here are some key highlights:
- BEP participants can continue their existing medical and/or dental coverage for the duration of their life.
- BEP participants can also continue coverage for their spouse or domestic partner and/or dependent children.
- If the retiree pre-deceases their spouse/partner and/or covered dependent children, then the spouse/partner would be eligible to continue their coverage under the BEP for the remainder of their life, and the covered dependent children would be eligible to continue their coverage under the BEP up to the plan's dependent child eligibility age limit.
- If BEP coverage is discontinued by the participant, it cannot be reinstated at a later time.
To be eligible for the BEP coverage, participants must be actively enrolled in medical and/or dental coverage through American University just prior to retirement.
Health and Prescription Drug coverage are offered to retirees and their spouses/partners who are Medicare-eligible, exclusively through a private Medicare exchange provided by Mercer Marketplace 365+ Retiree. For more information, call Mercer Marketplace 365+ Retiree at 855-871-0436.
Supplemental Health and Prescription Drug coverage through AARP/United Healthcare is also available for retirees and their spouses/partners who are Medicare-eligible.
You should consult directly with insurance carrier representatives, the Social Security Administration and Medicare, as applicable, for more comprehensive information regarding your benefits.
Retirees meeting certain age and service requirements are also eligible for educational benefits for themselves and their dependents.
General information on signing up for Medicare can be found at the medicare.gov site.
Medicare While Still Working / Special Circumstances (Special Enrollment Periods)
Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period. If you're covered under a group health plan based on current employment, you have a Special Enrollment Period to sign up for Part A and/or Part B any time as long as you or your spouse (or family member if you're disabled) is working, and you're covered by a group health plan through the employer or union based on that work. You also have an 8-month Special Enrollment Period to sign up for Part A and/or Part B that starts the month after the employment ends or the group health plan insurance based on current employment ends, whichever happens first. Usually, you don't pay a late enrollment penalty if you sign up during a Special Enrollment Period. For more information, visit Medicare's Getting Started with Medicare.
You should also consult directly with insurance carrier representatives, the Social Security Administration and Medicare, as applicable, for more comprehensive information regarding your benefits.
Centers for Medicare & Medicaid Services
7500 Security Boulevard
Baltimore, MD 21244-1850
800-MEDICARE (1-800-633-4227) TY users can call 1-877-486-2048
Social Security Administration