Preparing to Retire - Benefits and Other Considerations

Retirees are invited to join The Ohio State University Retirees Association (OSURA), a volunteer organization providing educational, informational, cultural, social, travel, and volunteer opportunities. Retirees stay connected to the university through monthly newsletters, interest groups and sponsored events.

If you are a university retiree, HR Connection will send information to your home address on file in Workday on how to enroll in life insurance. You will also receive a Workday notification with similar information.

Group Term Life Insurance (GTLI)

If you retire before age 70, you may continue your GTLI coverage (up to $200,000 maximum) after retirement at your expense. To continue retiree coverage, you pay a quarterly premium to the university. This benefit may be continued until age 70. (See Life Insurance Benefits for additional information)

If you become re-employed with Ohio State in a benefits-eligible position, you will automatically be enrolled in GTLI as an active employee. Check your benefits eligibility. Contact HR Connection to stop retiree coverage and your premiums upon re-employment and again when you cease to be an employee in order to reinstate your retiree coverage if you meet eligibility criteria.

If you retire before age 70 and choose not to continue your GTLI coverage, or you retire after age 70, you may convert coverage to an individual life insurance policy.

You must apply for and make your first premium payment within 31 days of the termination of coverage. Contact Minnesota Life for information on conversion and premium amounts.

Post-Retirement Life Insurance (PRLI)

A university-provided life insurance benefit is available to university retirees after retirement. This benefit is available to individuals who do not continue Retiree Group Term Life Insurance at retirement or reach age 70 (when Retiree Group Term Life Insurance coverage ends). (See Life Insurance Benefits)

The benefit amount is based on your years of continuous employment in an eligible appointment at the time of retirement from the university. It is payable to your designated beneficiary(-ies) as follows:

• 10-14 years of service: $2,000
• 15-19 years of service: $3,000
• 20-24 years of service: $4,000
• 25 years of service or more: $5,000

Your dependents may be eligible for tuition assistance. Refer to Dependent Tuition Assistance for a description of the benefit and eligibility requirements. Check your benefits eligibility.

OPERS and STRS currently provide health care benefits for retirees who meet eligibility requirements. OPERS and STRS health coverage is completely separate from the university’s employee health benefits.

Retiree health care benefits are not available under the ARP. You may want to consider Medicare. More information about Medicare basics, enrollment deadlines, costs and options for additional coverage can be found on the Medicare website. Also see When to sign up for Medicare for a additional information regarding enrollment periods.

You may obtain a Medicare Verification Letter (CMS-L564) for health care coverage and separation of employment are available by contacting HR Connection.

Medicare is a federal program that offers health insurance to individuals aged 65 or older. Eligibility for Medicare Part A, which covers hospital insurance, begins at age 65 and is typically free. You can apply for this benefit even while continuing to work, which may be advantageous even if you have medical insurance through The Ohio State University. It’s advisable to seek guidance from Medicare or The Ohio Senior Health Insurance Information Program (OSHIIP) to understand your specific circumstances. OSHIIP, a free service provided by the Ohio Department of Insurance, offers impartial information about Medicare. For assistance, you can speak with a Medicare expert at OSHIIP by calling 800-686-1578.

If you are retiring from The Ohio State University at age 65 or older, it’s important to apply for Medicare benefits during your Initial Enrollment Period (IEP) if retiring at 65, or during a Special Enrollment Period (SEP) if retiring later, to avoid penalties when enrolling in Medicare Part B. Your Initial Enrollment Period (IEP) is the first opportunity to sign up for Medicare, spanning three months before your 65th birthday month, your birth month, and three months after your 65th birthday month.

Many employees continue working past age 65. If this applies to you, enroll in Medicare during a Special Enrollment Period (SEP). Contact Medicare a few months before retiring to prevent late penalties for Medicare Part B. Additionally, if retiring after age 65, obtain a Medicare Verification Letter from The Ohio State University to avoid late enrollment penalties in Medicare Part B. You can request this letter by emailing HR Connection a few months before your retirement.

If you held employment that paid into Social Security prior to coming to Ohio State, you will want to consider your Social Security benefits and have an account established by visiting ssa.gov. Use this tool to estimate potential future benefits. You may wish to do this one to two years prior to retirement.

Learn more about the Windfall Elimination Provision and the Government Pension Offset that may impact your eligible Social Security benefits.