BOSTON COLLEGE BENEFITS OFFICE
BENEFIT INFORMATION
FOR “GRANDFATHERED” EMPLOYEES
AT RETIREMENT
[Note: The following information describes benefit policies, coverages, and costs in effect at the
time of printing (January 2024). Boston College reserves the right to change or terminate these
benefits at any time.]
Retirement Planning
In planning for retirement there are many issues to be considered such as timing, financial,
medical, personal, etc. You should start gathering information well in advance of your
expected retirement date, in order to be fully prepared for a successful retirement.
Having a sound financial plan is the cornerstone of a good retirement. One way to achieve
that goal is to meet on a regular basis with a TIAA or Fidelity representative. Representatives
come to the campus monthly and will meet with you on a confidential one-to-one basis to
assist you with your investment decisions. When you are close to retirement they can help to
prepare a plan to create income from your accumulated savings.
You can use the following information to schedule a counseling session:
Fidelity 1-800-642-7131 or www.fidelity.com/schedule
TIAA 1-800-732-8353 or www.TIAA.org/ScheduleNow
Both TIAA and Fidelity also offer more advanced retirement planning services for
participants who meet certain criteria. Ask the counselor if those services would make sense
for you.
You should normally contact the Benefits Office at least three months before your
retirement date in order to ensure a smooth transition. This is especially important if
you are age 65 or older and will be enrolling in the University’s retiree medical plan
(certain forms need to be filed with Medicare and the process can take some time).
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Retiree Medical Plan Eligibility
Grandfathered Employees
Effective January 1, 2006, a “grandfathering” formula was developed to determine the actual
contribution percent that Boston College employees would pay for retiree medical coverage in the
future. Under this formula, an employee’s “points” were determined as of January 1, 2006. The
“points” were derived by adding the employee’s age to the years of eligible service as of January 1,
2006. The total “points” determine the percent of the post-65 medical premium to be paid by the
retiree (see Medical Benefits for the Retiree at Age 65” on page 6).
As of January 1, 2012, those “grandfathered” employees who had 55 or more “points” on 1/1/2006
were deemed to be eligible for the medical benefit described in this document. “Grandfathered”
employees will generally be eligible for the retiree medical benefit upon completion of 15 years of
continuous full-time service after age 47 (i.e., at age 62 or older). There is no benefit available for
part-time employment, regardless of length of service.
For “grandfathered” retirees whose spouse also works at Boston College and has a Retiree Medical
Savings Account (RMSA), upon retirement, the spouse may choose either the “grandfathered”
spouse benefit or the RMSA benefit but not both. Additionally, the decision is irrevocable.
Non-Grandfathered Employees
Effective January 1, 2012, Boston College implemented a new type of retiree medical program, a
Retiree Medical Savings Account. This new plan will apply to full-time Boston College employees
who were hired on or after January 1, 2006. It will also apply to full-time employees who were
already employed on January 1, 2006, but whose age plus service on that date totaled less than 55
“points” (as described above).
Please be aware that there is no “either/or” option. If you qualify for grandfathered benefits,
you are not eligible for a Retiree Medical Savings Account.
Note: The retiree medical information in this document applies only to those employees who
qualify as “grandfathered” as indicated above.
Medicare Program
Medicare is a government program that provides medical coverage to qualified people, 65 years of
age or older. Medicare now has three parts. Part A is Hospital Insurance; Part B is Supplementary
Medical Insurance; and Part D is Prescription Drug Coverage. Part A pays some of the costs of
hospitalization and limited nursing-home care. Part B primarily covers doctors’ fees, most
outpatient hospital services, and certain related services. Parts A and B also cover many home
health services. Part D pays some prescription costs.
Part A is free for eligible participants.
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You pay a Part B premium each month. Most people will pay the standard premium amount.
However, if your modified adjusted gross income as reported on your IRS tax return from 2 years
prior to your Medicare Part B enrollment date is above a certain amount, you may pay more.
The 2024 Medicare Part B Rates are as follows if your
Yearly Income in 2022 was:
Individual Return Joint Return
You Pay Each Month for
Medicare Part B
$103,000 or less
$206,000 or less
$174.70
above $103,000 up to
$129,000
above $206,000 up to
$258,000
$244.60
above $129,000 up to
$161,000
above $258,000 up to
$322,000
$349.40
above $161,000 up to
$193,000
above $322,000 up to
$386,000
$454.20
above $193,000 & less than
$500,000
above $386,000 & less than
$750,000
$559.00
$500,000 & above
$750,000 & above
$594.00
Part D (prescription program) needs to be purchased from a private insurance vendor. Programs
and costs vary by vendor. Normally, due to the design of Boston College’s Medicare supplement
plans, retirees do not need to purchase a separate Part D product, because Part D
prescription coverage is incorporated into our plans. As is the case with the Part B premium, if
your modified adjusted gross income, as reported on your IRS tax return from 2 years prior to your
Medicare Part B enrollment date, is above a certain level amount, Social Security may also charge
you an additional amount due to the Part D prescription component in your plan. Social Security
will notify you if this is the case (please see above for the relevant income amounts).
Part A has a deductible of $1,632 for each benefit period in 2024 and, once the deductible is met,
generally pays 80% to 100% for covered services, leaving a patient co-payment of up to 20%. Part
B has a $240.00 deductible in 2024 and then pays 80% for covered services.
If at retirement (age 65 or older) you were only enrolled in Medicare A and B, you would not have
the same level of comprehensive insurance that you enjoyed as an active employee at Boston
College. In order to have more comprehensive insurance coverage at retirement, a person needs a
Medicare supplement insurance policy. These types of policies generally cover one or more of the
applicable deductibles, as well as the 20% co-insurance costs, and they often have a comprehensive
prescription benefit. While Medicare now offers prescription coverage, it is limited.
More detailed information about the Medicare program can be obtained by calling Social Security
at 1-800-772-1213 or going on-line at www.ssa.gov.
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Medicare Supplement Plans Available to Retirees through Boston College
Before you can be enrolled in a Medicare Supplement Plan you must be enrolled in Medicare Part
A and Part B. Most employees over the age of 65 are enrolled in Part A while still working but
most are not enrolled in Part B. Since it takes Social Security approximately 4 to 6 weeks to
process a Part B application, it is imperative that you submit certain forms to Social Security in a
timely manner. You can obtain these forms from Social Security, either in person, on-line or via
telephone, or request them from the Benefits Office. You will need to submit to Social Security
two completed forms, an “Application for Enrollment in Medicare” and a “Request for Employment
Information.” The Benefits Office will need to complete the “Request for Employment
Information” form for you. You need this form to be eligible for a “Special Enrollment Period
(SEP)” enrollment. This enrollment will allow you to enroll at a time other than a Social Security
open enrollment window and without the penalties exacted when you don’t enroll in Part B at age
65. Please feel free to call the Benefits Office at 2-3329 for details or questions.
As of January 1, 2012, Boston College offers two Medicare supplement plans to eligible retirees,
age 65 or older. Again, in order to participate, you must be enrolled in both Parts A and B of the
Medicare program.
Tufts Medicare Preferred Supplement PDP Plus Plan
Participants may go to any Medicare-approved hospital or any doctor who accepts Medicare
anywhere in the United States. Patients are not restricted by any network limitations (although an
individual provider could decide not to accept the plan). With Medicare and this plan, participants
have comprehensive coverage and the freedom to choose their providers, Tufts does all the
paperwork, and participants pay set co-payments for services and prescriptions. The plan includes a
Medicare Part D 3-tier prescription drug plan. Please refer to the Tufts Medicare Preferred
Supplement PDP Plus summary of benefits for coverage specifics.
Tufts Medicare Preferred HMO
This is a Medicare Advantage plan provided by Tufts Health Plan with a network of providers
including the Harvard Vanguard health centers. Services are not available outside of the network
unless approved by a plan provider, and you will need referrals from your primary care physician to
utilize specialists. You must also live within a specific service area in Massachusetts. Please see
Tufts Medicare Preferred HMO’s summary of benefits for plan coverage specifics.
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Medical Benefits for the Retiree between Age 62 and 65
If you are an eligible retiree and retire between age 62 and 65, you may remain in a Boston College
active employee plan until you reach age 65. You will be responsible for paying the employee rate
(see below) for your coverage each month. You cannot enroll in a Medicare supplement plan,
because you are not yet eligible for Medicare. When you reach age 65, your active employee
coverage will end, and you will have the option to enroll in a Medicare supplement plan available
to employees at that time.
Employee Cost, Effective January 1, 2024 through December 31, 2024
Individual Family
Harvard Pilgrim HMO $185.76 $504.68
Harvard Pilgrim PPO $262.76 $713.44
Medical Benefits for a Retiree’s Spouse prior to age 65
At retirement an eligible employee’s spouse, who is under age 65, but at least age 55, will be
eligible for up to 3 years of medical coverage with University contributions. If the retiree is also
under age 65, the spouse will stay on the retiree’s family membership, and they will pay the normal
family deduction rate for up to 3 years, or until either party turns 65. At that point the under-65
party will switch to an individual membership and the over-65 party will enroll in one of the retiree
medical plans (there is no option for active plan coverage over age 65). If the retiree is over 65 at
retirement, or turns 65 during the initial 3-year period, the spouse will pay 50% of an individual
premium until the end of the 3-year period or until the spouse turns 65, if earlier.
After 3 years, the spouse will be eligible for coverage to age 65 by paying 100% of the individual
premium. At age 65, the spouse will be eligible to enroll in one of the retiree medical plans and will
be responsible for paying 50% of the premium.
A retiree’s spouse who is under age 55 at retirement will be eligible only for the 3 years of
coverage with University contributions as outlined above. He/she will not be eligible for post-65
coverage in the Boston College retiree medical plans, nor be eligible for COBRA continuation.
The 3 year period of subsidized premiums runs concurrently with the COBRA eligibility period.
If a retiree is not married at the time of retirement, any future spouse will not be eligible for
coverage under a Boston College group plan.
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Effective January 1, 2024 through December 31, 2024
50% Cost 100% Cost
Harvard Pilgrim HMO $464.34 $928.68
Harvard Pilgrim PPO $525.50 $1,051.00
Medical Benefits for the Retiree at Age 65
As an eligible “grandfathered” employee, when you retire at age 65 or older, you may choose
coverage in either Tufts Medicare Preferred Supplement PDP Plus plan or the Tufts Medicare
Preferred HMO plan. You must be enrolled in Parts A and B of Medicare for the coverage to be
in effect, but you should not be enrolled in Part D (see page 2).
Under the “grandfathering” formula (described on Page 2), an eligible employee’s “points” were
determined as of January 1, 2006. In March 2005 employees were sent individualized letters
indicating their personal “points.” The “points” were derived by adding the employee’s age to the
years of eligible service as of January 1, 2006. The total “points” determine the percent of the post-
65 medical premium to be paid by the retiree according to the sliding scale listed below. The
percent will apply to the cost of the Tufts Medicare Preferred Supplement PDP Plus plan or the
Tufts Medicare Preferred HMO plan. (Note: This policy is always subject to change in the future.)
If you were full-time and actively employed prior to January 2006, you can call the Benefits Office
at 2-3329 to obtain the “points” that were assigned to you at that time. Please be aware, however,
that the points were calculated based on raw data from the HR/Payroll system. The dates used were
assumed to reflect full-time years of employment. At retirement, if it is found that there was a
miscalculation (e.g., if some of the years used in the calculation were part-time years), a new
corrected calculation will take precedence. Please call the Benefits Office prior to retirement, if
some of your service was part-time, to verify your correct number of “points.”
The “grandfathering” formula will apply to employees with 55 or more “points,” and their
contribution will range from 10% to 45%. [Note: The percent determined as of 1/01/06 will apply
regardless of when the employee actually retires.]
Tufts Health Plan’s Premiums
No. of Points as of Percent Paid Supplement HMO
January 1, 2006 By Retiree Premiums____
90 + 10% $50.60 $46.50
85 – 89 15% 75.90 69.75
80 – 84 20% 101.20 93.00
75 – 79 25% 126.50 116.25
70 – 74 30% 151.80 139.50
65 – 69 35% 177.10 162.75
60 – 64 40% 202.40 186.00
55 – 59 45% 227.70 209.25
Spouses pay 50% 253.00 232.50
100% (effective 1/1/2024) $506.00 $465.00
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Medical Benefits for a Retiree’s Spouse at Age 65
Your eligible spouse may also enroll in one of the retiree supplement plans available to employees
when he/she reaches age 65 and enrolls in Medicare, as long as your spouse was at least age 55
when you retired. For spouses of retirees who retired after September 1, 1996, the University will
pay 50% of the cost of the retiree medical plan.
Effective January 1, 2024
Full Cost Spouse Cost (50%)
Tufts Medicare Preferred Supplement $506.00 $253.00
Tufts Medicare Preferred HMO $465.00 $232.50
Dental / Vision Benefits at Retirement
When you retire from Boston College, under provisions of the federal law known as “COBRA,”
you may remain in the Boston College group dental and/or vision plan for up to 18 months after
your retirement date. The first month after you retire, you will be responsible for paying the
“employee portion” of the premium cost. For the next 17 months, you will be responsible for
paying the “total cost” of the coverage. If you have a family plan covering only you and your
spouse, you may enroll in two individual plans at retirement, which will lessen the cost of the
premium. You may cancel either plan during the 18 months, but once you cancel you cannot re-
enroll.
VOYA Financial administers the COBRA enrollment and monthly premium billing for Boston
College. Typically 10-14 days after your retirement date you will receive COBRA enrollment
information from VOYA. You MUST enroll in the COBRA dental and/or vision plan directly
though VOYA if you wish to continue your coverage. Once enrolled, you’ll make the monthly
COBRA premium payments to VOYA. If you opt to enroll in two separate “Individual” COBRA
plans, you will EACH have to enroll separately with VOYA and will make separate payments
directly to VOYA.
Non-group dental coverage is also available through Delta Dental when the COBRA period ends.
You should contact Delta Dental directly for details (1-800-872-0500). The COBRA Delta Premier
dental and rates are as follows:
January 1, 2024 through December 31, 2024
Employee Cost Full COBRA Cost
(1st Month)
Individual $15.76 $39.37
Individual (2 plans) $31.52 $78.74
Family $53.44 $133.54
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The EyeMed Vision premium is 100% paid by the employee. Boston College does not subsidize
the EyeMed vision plan. Therefore, the first month of COBRA for the vision plan is not offered at
a reduced rate. The full premium applies for all 18 months. The COBRA EyeMed Vision rates are
as follows:
January 1, 2024 through December 31, 2024
Full Monthly Premium
Individual $ 8.85
Individual (2 plans) $17.70
Family $22.56
Life Insurance Benefits at Retirement
As an employee, you are enrolled in a Basic Group Life Insurance plan paid for by Boston College.
You may also have Supplemental and/or Dependents life insurance coverage for which you pay
through payroll deductions. All of these insurance programs are term insurance plans, which
means there is no cash reserve or surrender value in the policies. The coverage stops on your
termination date. You can apply during the next 60 days to “port” (if you are under 99 years of
age) your Basic, Supplemental and/or Dependents group term life insurance into an individual term
policy with pooled term rates.* The portable coverage amount is limited to a minimum of $10,000
and a maximum of the lesser of your current coverage or $500,000 (including Basic and
Supplemental life coverage).
If you are retiring due to illness or injury, or if you prefer “whole-life” insurance, you have the
opportunity, within 60 days of your termination date, to “convert” your Basic and/or Supplemental
Life to an individual “whole-life” insurance policy. Please note that “whole-life” insurance is
usually expensive, especially at retirement age.
After your termination / retirement action is processed through payroll, you will receive from The
Standard Insurance Company instructions about contacting them at 1-800-378-4668 to discuss the
portability and conversion options.
*(The portability option is not available if you are disabled at the time of retirement.)
Financial Planning Subsidy
Prior to retirement, Boston College provides a partial subsidy for certain financial planning
services. The primary purpose of this policy is to encourage staff to seek professional assistance
with retirement and estate planning decisions. Full-time staff members age thirty and over, with at
least one year of full-time service at Boston College, are eligible to participate in this program. The
University will subsidize eighty percent of the cost of eligible financial planning services, up to a
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maximum contribution of $650 per person. If you have not utilized this benefit, or if you have and
it has been at least five years since your reimbursement, you may be eligible for the Financial
Planning Subsidy benefit. However, the services must have been provided and the benefit must
be paid-out prior to your retirement date.
To be eligible for the subsidy, you must utilize recognized professionals in the financial planning
field, including but not limited to Certified Financial Planners, Chartered Financial Consultants,
Certified Public Accountants, and attorneys specializing in financial and/or estate planning.
In order to participate, you must complete, in advance, a Financial Planning Subsidy request form,
indicating the person or persons whose services are to be used, and furnishing appropriate
information about the planner’s financial planning credentials. It is the University’s intent to allow
participants as much flexibility as possible in selecting a financial planning advisor. Nevertheless,
the University reserves the right to seek additional information about the planner’s credentials and,
when deemed appropriate, to decline to subsidize the planner’s services. For additional guidelines
about the subsidy and to obtain an application form, go to www.bc.edu/benefits and scroll down to
Retirement & Finance / Financial Planning Subsidy or contact the Benefits Office.
Automobile and Homeowners Insurance (MetPay)
Retirees continue to be eligible for discounts through the Farmers Group Select automobile and
homeowners insurance program. For information or to arrange to continue the insurance on a
direct-bill basis, participants should call Farmers directly at 1-888-327-6335 or contact Boston
College’s representative, Stacey Taylor at 978-433-7821 (cell). You must inform Farmers of your
“retiree” status in order to keep the Boston College group discounts.
Metro Credit Union
If you are a member of the Metro Credit Union you can maintain your membership after retirement.
Since you will no longer have payroll deductions, arrangements will have to be made with the
Credit Union regarding any loan repayments.
Parking
If interested, you should call the Transportation and Parking Office at 617-552-0151 to discuss
parking options after retirement. Options may include purchasing a “G” parking permit directly
through the Transportation Office, or paying as a visitor in the garages.
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Maintaining Your E-Mail Address
If you are a faculty or staff member and would like to keep your e-mail address, please contact Jim
McGrath or Anabelle Murphy in the Benefits Office (2-3329) at the time of your retirement.
Mailing Checks / On-line Payments
If you will be paying for any portion of your medical and/or COBRA dental/vision coverage, you
will receive a monthly premium statement(s) from VOYA Financial The most efficient way to pay
your medical and/or dental/vision premium is by setting up recurring payments with VOYA. Once
recurring payments are set up, you’ll have the convenience of the monthly premium(s) being
automatically deducted from your checking or savings account.
You will receive communication from VOYA Financial AFTER your retirement date with
instructions to set up an on-line account. You’ll receive a “unique registration code” which will be
needed to set up the on-line account. If your spouse will also be paying monthly premiums, the
spouse will receive his/her own “unique registration code” for on-line account access. There are
separate registration codes for the Retiree Medical account and the COBRA dental/vision account.
Retiree medical premiums must be paid separately from COBRA dental/vision premiums.
If you prefer to send checks to VOYA, please make checks payable to VOYA Financial and mail
to the following address:
VOYA Financial
PO Box 23983
New York, NY 10087-3938
For questions concerning your premium payment or setting up your on-line VOYA accounts, please
contact VOYA customer service at 833-232-4673.
Shared/RETIREES/RetirementInfo-Grand-RMSA/RetMedBenefit GRAND post VOYA 2024
