BOSTON COLLEGE BENEFITS OFFICE
BENEFIT INFORMATION
FOR Retiree Medical Savings Account (RMSA)
ELIGIBLE 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 need to be enrolled in Medicare A or B for the first
time (certain forms need to be filed with Medicare and the process can take some
time).
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Retiree Medical Savings Account
Non-Grandfathered Employees
Effective January 1, 2012, Boston College implemented a new type of retiree medical program, a
Retiree Medical Savings Account (RMSA.) 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” (which was communicated via personal letter in March of 2005). Please feel
free to contact the Benefits Office (2-3329) if there are any questions regarding points or
“grandfathered” coverage.
RMSA
The Boston College Retiree Medical Savings Account (RMSA) Plan is designed to help eligible
employees pay for qualified medical expenses incurred in retirement. Under this Plan Boston
College makes monthly RMSA credits of $215.00 for each eligible employee. An eligible
employee is a full-time benefits-eligible employee over the age of 50 who is regularly scheduled
to work 35 or more hours per week.
A credit is not an actual cash contribution to an account. No actual dollars are held in your name;
rather, a credit is made to a “notional” account that provides a “bookkeeping” method for you and
Boston College to track amounts you may be able to use for eligible expenses in retirement.
Employees must also meet initial and ongoing eligibility requirements. Although there are no
actual dollars held in your name, you can track the credit balance that you may be eligible to use
in the future by visiting Fidelity Net Benefits at www.fidelity.com/atwork and clicking on your
BC RMSA Plan.
You may access credits after leaving Boston College employment if you are age 65 or older and
have been credited with at least 12 years of post-age 50 service. If you have 12 years of eligible
service (i.e., at least age 62) when you leave Boston College but are not age 65, you can access
credits once you turn age 65. When eligible you can seek reimbursements for eligible medical
expenses such as:
• Deductibles
• Copayments
• Out-of-pocket medical expenses not covered or partially covered by
medical, dental or other group plans
• Medicare premiums, including Part B, Part C (Medicare Advantage plans),
and Part D prescription drug premiums for individuals over age 65
• Medicare Supplement plan premiums
For more detailed information regarding Boston College’s RMSA plan please refer to the “Plan
Highlights” document which may be found in the Benefits section of the Employee Handbook.
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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.
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. 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).
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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.
Medicare Supplement Plans
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.
There are many types of Medicare Supplement Plans available in the marketplace. The premium
costs for these plans vary widely depending on the design and coverage provided by the plans.
There are national plans available from, for instance, AARP, and many regional options from
local insurance companies, such as, Harvard Pilgrim Health plan, Tufts Health plan and Blue
Cross-Blue Shield. You also have the option of enrolling in of one of the two retiree medical
plans that Boston College offers, the Tufts Medicare Preferred HMO plan (a Medicare Advantage
plan) and the Tufts Medicare Preferred Supplement PDP plan. You would be responsible for
paying the full cost of the monthly premium. The full premium for the Tufts Supplement plan in
2024 is $506.00 and the full premium for the Tufts HMO plan in 2024 is $465.00.
Medical Benefits for the Retiree between Age 62 and 65
If you participate in the RMSA plan, have 12 or more years of eligible service, and retire between
age 62 and 65, you may remain in a Boston College active employee plan until you reach age 65.
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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 offered by Boston College (at 100% of the monthly
premium cost) or in another offered through the marketplace.
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 (the coverage is
limited only to the active group coverage and only available up to the month of the spouse’s 65
th
birthday). 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 a Medicare supplement plan of his or her choosing (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 whatever Boston College Medicare
option is available and will be responsible for paying 100% of the premium, or the spouse may
enroll in any option available in the marketplace.
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, nor will the spouse be eligible for medical cost
reimbursements under the RMSA plan.
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
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Medical Benefits for the Retiree at Age 65
As explained previously an eligible employee with a RMSA account will be able to access his/her
accumulation for reimbursement for qualified medical expenses incurred after age 65. You will
make your requests for reimbursements through viaBenefits Acclaris, the third-party administrator
for the plan during the reimbursement stage.
Once your RMSA funds have been transferred from Fidelity to viaBenefits Acclaris, you will
receive communication from viaBenefits Acclaris in the mail. You’ll also receive a debit card in
the mail to use for eligible expenses. If you don’t use the debit card, the most efficient way to be
reimbursed for eligible expenses is to set up an on-line account with viaBenefits Acclaris and
submit claims and supporting documentation electronically. A reimbursement check will be
mailed to you or you may have the funds directly deposited to your bank account, provided that
you have sufficient available credits. It’s recommended that you retain all receipts for which you
submit claims for reimbursement. Per IRS regulations, viaBenefits Acclaris may require that you
provide itemized receipts to verify the expense is an “eligible expense.”
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 / vision plans for up to 18 months after your
termination 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.
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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). Dental coverage may also
be available through the Massachusetts Health Connector at www.mahealthconnector.org.
COBRA Delta Premier dental 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
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 Dependent 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 Dependent 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.
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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 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 full or a
reduced 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
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.
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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.
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/Retirement Infor-Grand-RMSA/RETMEDBenefit RMSA post VOYA 2024
