FAQs - Retiree

Q. How can I learn more about planning for my retirement?
A. The Columbia University Benefits department sponsors retirement planning workshops several times a year. Workshops are designed to give participants an overview of the retirement planning process and provide education on topics including taxation, income requirements and estate planning.

In addition to the workshops, the University’s investment carriers provide one-on-one counseling with participants to assist with decision making on investments and personal planning for retirement. You can register at the appropriate vendor websites:

• The Vanguard Group: 800-662-0106, ext. 14500
• TIAA: 800-732-8353

Q. I am thinking of retiring. What do I need to do?  
A. Contact the Benefits Service Center at [email protected] or call 212-851-7000 to discuss your options or to schedule a meeting with a benefits specialist. Faculty should also contact The Office of Faculty Retirement for information on transitioning to retirement
 
Q. Can I choose to remain in Columbia University's sponsored retiree medical coverage?
A. No. Columbia University's traditional retiree medical coverage for Medicare-eligible retirees and Medicare-eligible covered spouses concluded on December 31, 2022. You must select a new medical plan for continued coverage; contact Via Benefits to explore your options.

Q. I am turning age 65 and still working at Columbia University. Do I need to apply for Medicare?
A. No. You do not need to apply for Medicare if you are still employed by the University and eligible for benefits. If you are 65 or older and decide to retire, contact Medicare at medicare.gov or call 877-267-2323 60-90 days ahead of your retirement date to discuss your options.

Q. I am turning age 65 and am about to retire. Do I need to apply for Medicare to enroll in Via Benefits?
A. Yes. You must have Medicare Parts A and B coverage to enroll in medical coverage through the Medicare marketplace. If you're not currently enrolled, visit medicare.gov, call 1-800-772-1213 or visit your local Social Security office.

Q: If I am under age 65 and eligible to retire, can I enroll in medical coverage through COBRA instead of a retiree medical plan?

A: Yes, you can enroll in medical coverage through COBRA or in another medical plan instead of a pre-65 retiree medical plan, provided that:

1. You and your spouse are enrolled as a dependent in your CU active plan prior to your retirement, and
2. You waive coverage under the pre-65 retiree medical plans.

Important Considerations
Before choosing COBRA or enrolling in another medical plan, keep in mind these rules:

• Permanent Forfeiture: If you choose COBRA or other medical coverage and waive the pre-65 retiree medical plan, you and your dependents permanently lose eligibility to enroll in a pre-65 retiree medical plan in the future.
• Loss of Age-65 HRA subsidy : Waiving pre-65 retiree coverage when you retire means you and your dependents will not be eligible to receive the Health Reimbursement Arrangement (HRA) subsidy at age 65.
• Spousal HRA subsidy t: If your spouse is 65 or older and was enrolled as a dependent in your active plan prior to your retirement, they will not be eligible to receive the HRA subsidy if you choose COBRA or other medical coverage.

Next Steps to Complete Your Election

To make your official choice, please submit your election form:

• Action Required: Complete the Medical Retiree Election Form and email it to [email protected].
• Important Note: If we do not receive your completed form, your pre-65 retiree medical coverage will automatically be treated as waived for you and your dependents.

Q: If I am under age 65 and enroll in a pre-65 retiree plan at retirement, can my spouse who is 65 and older enroll in a supplemental plan through VIA Benefits and receive the HRA subsidy? 

A: No, your spouse will not receive the Health Reimbursement Arrangement (HRA) subsidy right away.

Here is how it works:

Key Rules for Your Spouse's Coverage & HRA subsidy

• Your spouse must be enrolled as a dependent on your active medical plan prior to your retirement.
• Supplemental Plan Enrollment: Your spouse can enroll in a Medicare supplemental plan through VIA immediately when you retire.
• HRA subsidy Delayed: Your spouse will not start receiving the HRA subsidy until you (the retiree) reach age 65 and become eligible to enroll in a VIA supplemental plan and receive the HRA subsidy yourself.

If you are under 65, your spouse gets access to VIA for supplemental coverage right away, but the HRA subsidy is tied to your age. Both you and your spouse will begin receiving the HRA subsidy once you reach age 65.

Q: Will the HRA subsidy I receive be prorated if I retire after July 1?

A: Yes, it will be prorated.

Q: If my spouse who is under age 65 is enrolled in a supplemental plan and turns 65 after July 1, will the HRA subsidy be prorated? 

A: Yes, it will be prorated.

Q. What is the Medicare marketplace?
A. The Medicare marketplace refers to all the individual insurance coverage choices insurance companies across the country make available to Medicare-eligible retirees. The Medicare marketplace is separate from state marketplaces connected with the Affordable Care Act. The marketplace can offer expanded choices at affordable prices by leveraging the buying power of millions of retirees who enroll for coverage.

Q. Can I continue to see my current doctors?
A. If you want to continue to see your current doctor(s), before you call to enroll in Via Benefits, ask your doctor(s) which insurance plans they accept. And, when you enroll, have each doctor's name and address to share with the Via Benefits advisor.

Q. What options do I have as a retiree for dental coverage?
A. If you are enrolled in the Aetna Dental Plan, you may continue this coverage for up to 18 months under COBRA. You will receive a COBRA packet in the mail.

You may instead enroll in the Columbia Dental Plan for Retirees, a reduced fee, dental preferred provider organization (PPO). Each member enrolled in the Retiree Plan is eligible for one free exam and cleaning, and 25% off all other oral healthcare services when visiting a participating office. There are no out-of-network benefits.

You must elect the option you prefer at the time of retirement. If coverage is declined, you will not have an opportunity to enroll in the future.

Q. Can I use my life insurance after I leave Columbia University?
A. You can convert your life insurance coverage to an individual policy by contacting New York Life Group Benefit Solutions at 800-732-1603. Rates will be based on your current age. Evidence of insurability will not be required as long as you apply within 31 days after retirement.