Welcome to a new chapter!
Thank you for your years of service to the Vermont State Colleges community. As you are entering a new chapter of your life we want to ensure that you are equipped with what you need for a smooth transition.
Vermont State Colleges offers a retirement plan through TIAA-CREF, which provides employees with a lifetime income after retirement. Some VSCS retirees have remained in the Vermont State Employees Retirement System, which VSCS used prior to 1978.
The amount of income an employee receives after retirement is determined by a number of factors, including: the amount of money accumulated in the plan; the age of the employee upon retirement; and the method of payment selected at the time of retirement.
A retiree must contact TIAA-CREF directly for information relating to their policy and investments. Information is available online at www.tiaa-cref.org or by calling 1-800-842-2252.
Vermont State Employees Retirement System information can be obtained from the State of Vermont, Retirement and Social Security Division at (802) 828-2305.
Please make sure to update your beneficiary(s) through TIAA-CREF directly as neither the college nor system office is able to update this for you.
Medical: Over Age 65
You are now retired and have successfully signed up through Social Security for Medicare parts A and B. You may be collecting Social Security and therefore your monthly premium for Part B is most likely deducted from your monthly income through Social Security.
You are on a Medicare Primary CIGNA PPO plan. This means you can go to any provider who accepts Medicare and CIGNA. Your provider will submit the claim to Medicare first; once Medicare processes the claim they will send the explanation of benefits (EOB) to CIGNA. You may notice CIGNA does not always pay more than what Medicare paid; this does not mean you owe the balance. It means the Medicare reimbursement rates that are considered reasonable and customary are similar or equal to those of CIGNA.
You will have a $250 annual deductible on the Medicare Primary CIGNA PPO Plan, and a $100 maximum out of pocket expense. What does this mean for you? If you are on the plan by yourself or if you have a spouse on the same plan you will either pay for the $250 individually, or you will share the $250 with your spouse. Once the $250 annual deductible has been met, the plan will start charging you 10% of services used until you reach the $100 maximum out of pocket expense. Reaching this amount could take a few trips to the doctor, or one large bill at a facility or provider. You individually or you and your spouse will each have a $100 maximum out of pocket expense. If you are on the plan as an individual, you will only pay $350 and then the plan will pay at 100%. If you have a spouse the most your household will pay is $450 and then the plan will pay at 100%.
In order to meet your deductible and maximum out of pocket expense you will most likely see larger amounts owed in the beginning of the calendar year. The deductible and maximums run on a calendar year. Please remember to show both your Medicare card and your CIGNA card to each provider you visit.
Please note there are a few differences from your plan (PPO or OAP) as an active employee:
- Diabetic supplies are now billed partially under medical and partially under pharmacy.
- You no longer have a routine eye exam unless it is related to glaucoma, diabetes, or is otherwise medically related.
If you have not done so yet, you may want to consider creating an account at www.mycigna.com where you can track your explanations of benefits (EOBs), find doctors or providers, track expenses, and more.
Your provider must accept Medicare and CIGNA in order for the service to be covered.
There is a $250 deductible that is shared with your medical deductible. Both medical and mental health claims count towards the $250. Once this has been met you will be responsible for paying 10% of the service for mental health until the $100 maximum out of pocket expense has been reached. Once the $100 maximum out of pocket expense and the annual $250 deductible have been met, your plan will pay at 100%.
There is no limit on counseling services for retirees from the Vermont State Colleges. If you are retired you are covered under the Medicare Primary CIGNA PPO Plan.
Employee Assistance Program (EAP) is not available to retirees.
Premiums for Medical and Dental
You may need to contribute towards the cost of your medical and dental benefits by paying premiums for your coverage. The amount of your premium is calculated using the percentage based on salary at the time of separation from employment.
You can choose to pay for 1, 2, 6, or even 12 months of coverage at a time. Your premium payments are tracked by the Chancellor’s Office, and you can expect a notification of any increase in May. The premium year runs from July 1 to June 30. We do not have an automated system at this time so you will need to send in a check for your premiums. Refer to the policy on the collection of premiums for more information.
Contact Ashley Kellett at Ashley.Kellett@vsc.edu or (802) 224-3017 for more information or with questions.
Your prescription coverage is equal to or better than the standard Medicare Part D coverage (Creditable Coverage Notice). Your co-pays will remain the same as when you were on an active insurance plan. You will receive a prescription card from CIGNA Healthspring in the mail. Please make sure to show your card to the local pharmacy when getting your prescriptions. You may also continue to use TelDrug.
If you are non-faculty you are paying $10 for generic or $20 for brand name drugs. If you are faculty you are paying $10 for generic, $25 for brand name drugs, and $50 for preferred brand name drugs. The difference between a preferred brand name drug and a non-preferred brand name drug is that one drug company has entered into an agreement with CIGNA and TelDrug to provide the drug at a lower cost. A non-preferred brand name drug is one where such an agreement does not exist and therefore, the cost will be higher. You can find the names of preferred and non-preferred drugs at www.mycigna.com.
CIGNA HealthSpring members can refill prescriptions (RX) at www.teldrug.com or contact CIGNA at 1-800-558-9562.
Dental: Non-Bargaining Unit, PAT, SUP, Faculty
You have a $750 maximum benefit amount per person. You have a $50 individual deductible, $100 couple, or $150 for a family of three or more. Preventative services are covered at 100%, major and basic restorative services are covered at 50%.
Dentures are covered under major and restorative and are covered at 50% up to the $750 maximum allowance.<
As of September 1, 2015 your life insurance is held with The Standard and remains at $10,000. However, if you do not have a beneficiary on file at the colleges we strongly urge you to complete a new beneficiary form. If you don’t recall whether you have the most up to date beneficiary on file, please fill out a new beneficiary form and mail back to us at the address at the bottom of the page.
While this site is intended to help you prepare for all situations, we also strongly recommend you inform your family (executor, trust or family, friend) to contact the system office or the college you retired from upon your death. There will be some paperwork that will need to be filled and sent to the insurance company.
Retirees qualify for certain tuition benefits. You can learn more by reading the Tuition FAQs.
As of October 1, 2012, any new employees hired will not be eligible for any post-retirement medical and/or dental benefits for themselves, spouse or dependents.