Retirement Benefits
Within a few days of your retirement date you will receive information regarding your options for each coverage type. Below is a brief outline of the coverage options and costs.
COBRA coverage
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Must be elected within 60 days of your coverage termination date
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Coverage is retroactive and premium due from the coverage termination date
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Is available for dental or health coverage
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Maximum length of time to carry COBRA coverage is 18 months for the employee and 36 months for an eligible dependent.
Retiree Coverage
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Retiree election is available for health and dental insurance.
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Must be elected within 12 months from your date of retirement
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Coverage begins the first of the month following the date the request is received (or the first of the month following your loss of coverage if the paperwork is completed while you still have active employee coverage)
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Coverage may continue until you elect to terminate; once terminated you forfeit the right to enroll at a later date
Health Premiums 2012
MEDICAL PLAN
| Retiree Only | $380.00 |
| Retiree/Spouse | $723.00 |
Retiree/ One Child Retiree/ Two Children |
$635.50 $665.00 |
| Family | $827.00 |
Dental Premiums
| BASIC PLAN | ADVANCED PLAN | |||
| Retiree Only | $14.37 | Retiree Only | $26.06 | |
| Retiree/Spouse | $28.41 | Retiree/Spouse | $51.49 | |
| Retiree/Child | $39.23 | Retiree/Child | $61.84 | |
| Family | $52.38 | Family | $87.27 |
Life
Life are available directly from UnumProvident and are priced as an individual policy after you have retired from SPS. You must apply for and pay the first quarter premium within 31 days of your insurance termination date under the SPS plan. The benefits and rates may differ from those under the SPS plan. The life rates below are approximate and subject to change at any time. For more information call 800-343-5406. Your current group number is 503176.
| AGE | Non Tobacco user per $1,000 | Tobacco user per $1,000 | SPOUSE per $1,000 |
|---|---|---|---|
| 50-54 | .43 | 1.02 | .73 |
| 55-59 | .65 | 1.43 | 1.05 |
| 60-64 | .88 | 1.76 | 1.62 |
| 65-69 | 1.73 | 3.11 | 2.98 |
| 70-74 | 3.23 | 5.17 | 5.19 |
| 75+ | 6.40 | 8.33 | 9.97 |
